Tuesday, March 04, 2008

Daily Summary

Day Trades

Swing trade
Daily Net

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.

1 comment:

LiggerPig said...

Excellent work OBAT. This is the mindset of a successful trader. By keeping losses small you are in a much better frame of mind to take advantage when the big winners come along.
We all notice winning trades and like to post "well done", but it's much more than winning trades that drives profits. It's this disciplined trading that will keep you successful in the long run. Keep it up and be careful holding positions overnight.

About 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.