Before the trading day started I was thinking of taking a day off because I did not get enough sleep. I traded instead and after a few trades I was down over $250. I got squeezed on my 500 share short in TEX. When I saw the fertilizer stocks reverse after the morning bounce I thought TEX would have a quick reversal too. I shorted too early and my position was too big. I lost 30 cents in the trade.
I took a 30 minute break away from my computer to reset my mind. I was feeling angry and I wanted to make my money back. I came back to trade with 100 share positions. Trading small helped me regain some perspective and I was able to make a $100 back.
- 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.