I had a bad start today. From 9:30 to 10:00, I had 6 losing trades in a row and lost over $200. I thought I might have a blowup day. A little after 10:05 am I saw the fertilizer stocks breaking down so I shorted AGU, TRA, AG, and MON. Since I had a bad start I did not have much confidence on my shorts. I got shaken out and I had to get in again at lower prices. I also took my profits way early and just sat and watched them continue lower. My MON short did not work out and I got squeezed for $90. After I covered my positions I was up around $200.
At around 11:00 I went long small positions in AG and MON. I had a chance to take 50 cents in MON 3 times but I was greedy and lost 27 bucks instead. I was long AG at 62.81 and the stock went up to 63.40 but I was greedy again. When it came back down I got out at 62.82. I was pretty pissed off after these trades, so I took a break.
I traded after 2:30 and caught a scalp in LTM. I only had 200 shares and I caught a small part of that late day run. I wonder when I can get that confidence to take a 1000 shares and ride the toad, a term borrowed from wincity.
- 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.