Today will go into the record as one of my worst trading days. I caught the sell off in the morning with small size but I still I made over $750. After that quick windfall probably around 90% of my trades were losers. It was painful to give it all back. The thought of giving up all my gains put me into a rage and I traded like a madman. I put on numerous trades with 2-3 times my usual size and all of those trades end up being losers. I did not see any setups at all. I went through a lot of painful emotions today. I need to do something to prevent myself from being in this kind of situation 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.