I caught some nice moves on the short side this morning. I caught a short in DE with 400 shares and made 339. At 9:35 I shorted 200 at 78.75, added 200 at 78.42. I covered 200 at 78.01, 100 at 77.56 and 100 at 77.37. I shorted 300 AG with ARCA at 55.75 before it opened for trading and placed a bid at 55. I was filled within a minute and made 75 cents on the trade. I also got a quick hit shorting ACI for $98 on 300 shares. I was up over $650 after these trades before 10am.
When the market bounced I started taking trades trying to get some quick action on the long side, but I did not have a firm conviction and had some losers. I lost around $100 before I regained my composure. I still remember the beating I had last week when I was up over $750 after a few trades and proceeded to lose all my gains and and extra $430 when the day was over. I slowed down and just looked for good setups. I caught $110 in HP on the long side. When the market rolled over I made money shorting DE, TRA and BTU. I only had small size but I was able to sit for bigger gains.
- 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.