I had a gain of 80 bucks and was happy. Then I tried to play a bounce in MR at around 2:45pm. I got 200 shares at 39.61 and I watched with disbelief as the stock dropped to 38.60s. The stock bounced up and I got out at 39.10 for a loss of $101. This is just another one of those bad trades that keep repeating itself from time to time. Stop trying to pick bottoms or play bounces.
- 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.