Tuesday, April 15, 2008

Daily Summary

9400 shares
+35

My trading has been way off lately. I feel confused about the market action. Commodities stocks are strong and they keep creeping higher. The market went down last week, but I find it hard to find good shorts. I think I need to narrow down my focus and trade things that are really moving. I might focus on gaps again instead of sectors. I find myself watching too many things lately and having no conviction in anything.

I missed the sell off in the agricultural stocks in the morning. Since I missed such a nice drop, I tried to pick a bottom. I bought 100 shares in TRA and lost 58 cents. I took another whipping by shorting 200 shares of POT, which I thought would make a drop. The stock did not drop and squeezed me for $108. After these two trades I was down over $200 bucks for the day. I battled back the entire day and ended slightly green.

2 comments:

The Average Jay said...

Had the same problems today. I can not find a nice short. Market way down and my picks are going higher. Maybe a day off will help me. Hang in there.
Jay

Anonymous said...

funny- im going thru same trading introspection. having a serious crap month- i started watching way too many things/sectors vs. just gaps/hi rsi beta stocks. back to basics
c

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.