The day played out just like yesterday. I was up a little over $140 in my first two trades and quickly lost all my gains. The market was just chopping around from 9:30-12pm. At noon, I took an hour break to refresh when I was down $80. My confidence was low and I could not get a feel for the direction. I should have stopped trading and shut down for the day.
I traded again after my break and traded like crap. Every trade I took went against me. I would buy near highs and short near lows. My instincts told me to shut down, but I ignored it. The urge to make my money back was stronger. I tried to play a bounce in TEX and the thing cut right through and I ended up losing 45 cents. I got pretty ticked off. I was thinking of taking some 1000 share positions for 10-30 cent so I can make a come back quickly. I took some gambles with 200-300 shares on MON and MOS, and those trades hardly ever work so I got deeper in red.
- 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.