Thursday, April 17, 2008

Daily Summary


I started of slow, but quickly got into trouble. I had a 200 share trade in DHR, and I got squeezed for 50 bucks because I hesitated. The tape was not showing any signs of weakness so I should have gotten out because offers were getting printed and stock wouldn't go down. After that trade I did no make any winning trades. I had losers left and right for 20 bucks a pop. Even though they were small, the commission and losses added up and I was down over $200. I had a trade in AOS and I prayed that it would help me come back. This is one of the worst situations to be in, praying for stocks to move. I was lucky that AOS moved and I held tight. Managed to trim my loss down to around $30. I could not make anything after that and just churned a bit.

1 comment:

PRD trader said...

U r doing great,keeping the red under control.I just want to learn the tape reading if like to teach me that will great help.

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.