Friday, May 30, 2008

Daily Summary - Where's the light in the tunnel?

Wednesday
6400 shares
-18

Thursday
5400 shares
+88


I am not sure what is happening to my trading. I was doing well the first two weeks of May. I thought I finally saw the light and steady improving gains are along the horizon. Then suddenly the power went out. I have been wading through the darkness this past two weeks and my trading is being crippled by fear. I told myself maybe the market trend has changed and I am looking for the wrong setups. Everyday I feel like I am trading blind and I cannot seem to see a decent setup. I take trades but I did not have the clear conviction. Most of the time I am worried that I will stop out and lose money and that came true.

After some soul searching I have come to the same conclusion. I have to conquer my fear and trade. There are moves in the market everyday. I missed them because I was fearful. I kept telling myself the market would be slow and I am going to lose money everyday. At the end of the day I either lost money or end up flat. I got to keep trading and follow my plan. I am going to cut my size down to 100 shares if that will help me trade without fear. I feel if I can get some positive days I can get my rhythm back again.

The Dinosaur had some breakthrough in his trading yesterday. Can you throw me a flashlight DT?

1 comment:

Dinosaur Trader said...

OBAT,

Hey, I was down on the month, so I don't have any answers just yet. I do feel like I'm improving though... the problem is that I've felt that way for awhile.

If it makes you feel better, it was a tough month for many traders in my office. However, I know that doesn't pay your bills.

-DT

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.