Wednesday, May 21, 2008

Daily Summary

9800 shares
-28

I got hit with a $192 loss in BRC on my 2nd trade. I took 400 shares at 35.05 and 200 shares at 35.29. The stock did not act right and I knew I was trapped. I was also long HOS and that stock helped me recover a chunk of my loss. I was still down for the day and with a little more churning I soon found myself down over $130. I made most of it back around 1pm so I decided to take a break. While I was doing my workout the market sold off and there were some nice moves on the short side. I think even if I was around I would probably have missed the sell off. I am still trying to go long and I am skeptical of shorts. After today's action I might have to lay off going long and start looking for shorts.
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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.