I had 2 costly mistakes in the morning which added up to most of my losses today. I did not trade the fertilizer stocks for awhile and today I tried to play them. I spotted TRA going up so I went long MON. Instead of moving up MON continued down lost 46 cents on 100 shares. I thought maybe TRA was going to follow MON and the other fertilizer stocks so I shorted 200 shares of TRA. I got squeezed for 86 bucks as TRA continued up. One good thing is I covered instead of waiting or my loss could have been much greater. I have stopped taking trades like these because they involve to much guess work. I guess my old habits crept back today. I did not catch anything else the for most of the day and lost a bit more.
- 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.