Tuesday, February 12, 2008

Daily Summary


There were great moves today but I did not trade well. I had a 200 shares of PBR in the morning at 116.00. As it was moving up I added 200 shares at 116.20. That brought my average price up. When the stock did not move up and retraced back to the 116 I got nervous and offered out 300 shares at 116.08. I was able to ride my remaining 100 shares to 117.75. I got to work on building my positions and finding the right spots to add.

I was up around $250 at 10:30. Then I get this crazy idea to short the agriculture stocks because most of them made a reversal. AGU was very weak and it sold back down to the lows of the day. I tried shorting TRA and got squeezed. After getting squeezed I changed my stance and bought 300 AG at 62.30. The stock spiked down fast and clipped me for 30 cents. After those two trades and a few other losers I gave up most of my gains.

I made some money back in AG when it moved up again and some money in TAP when it broke out to new highs in the afternoon. I was right on my views in many of my trades but my timing and position size was wrong. If I can get my timing and position size right then I can have good days.

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About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.