Thursday, March 06, 2008

Daily Summary

19200 shares
-299

I had a very tough time today. It started when I failed to follow my plan. I was flat for awhile and around 10:00am my esignal charts froze and I had to restart. Right before it crashed I saw a dummy setup in LDG. After I get my charts up again LDG broke down over $1. I felt like some bad vibes are blocking my mojo. I was supposed to watch stocks with gap openings, but I ended up trading GS for awhile and lost a little over $130 in the stock. No more GS for me. I will leave him to Ducati. Then I tried to pick tops in the fertilizer stocks. The market was weak but those stocks held up strong and squeezed me good. My instincts told me to stop and take a break because I am not feeling the flow. I was down around $250 bucks and I wanted to make my money back. I kept losing money and was down $600 at my low point. Everything I touched turns to shit and I took bigger hits too because I went in with larger sizes. I took a break for an hour before trading again. While I was gone the fertilizer stocks broke down. I made some money shorting MOS in the afternoon and recovered half of my losses.
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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.