There were pretty good action today but I traded light and made a little from the sell off in the morning.
I am new to swing trading and I put on my 2nd swing trade since I opened my IB account. I think I lost 10 bucks in my first trade and that was a while back. I took an overnight in CZZ yesterday at 15.75 because it had a nice breakout in the daily chart. The stock had a reversal today and took out the lows of the previous day. I got out of my swing trade with a loss of 60 cents. This stock is pretty strong but today it was weak relative to the market. I don't trust these failed breakouts in a bearish environment. The stock is still holding above 15, and since it shook me out it might go up without 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.