My day can be described as a big churn. I was up over $150 then lost it all. I made my $150 back again only to give it away. After that my losses just increased steadily and I was down over $150 for the day. I managed to make a come back at around 3pm. I had trade in DF near the end of the day. My average price of my 300 share position was 25.36 and the stock went up to 25.60. I thought it would go to 25.75 so I held on. The stock reversed and I lost 36 bucks instead. The problem with this trade was my strong conviction that the stock would reach my target of 25.75 so I was blinded by greed.
- 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.