I did better today but my trading is still erratic. I had good gains in WST but ended up making a lot less when the stock reversed on me. I really thought it had the potential to break 42 and test the 200 day moving avg, for a another 50-60 cents. Then I let some good gains in OII and HOS get away from me because I wanted to make a few more cents. When the time comes for me to hold longer I get out too soon. There's one trade in OII which could have given me 70 cents on 200 shares but I only made a lot less. My pnl was swinging back and forth the whole day. I was up over 150 and then I slowly gave all my gains back. There were 2 times when I was up 80 only to lose it right back. I finally managed to catch some moves in the last hour to get my net up to $150 again.
Sometimes I feel a bit superstitious. Since I had 2 down days in a row my trading seems to be plagued by mistakes. I had many opportunities today but no matter how I pushed I can't seem to get some momentum going. I think I need to break this losing pattern before I can build some positive momentum again.
- 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.