I dug a little hole again in the morning. I was down around $60. I noticed that the coal stocks were weak so I was watching them. There was a little spike up at 10:30 and I noticed that CNX and ACI reversed quickly. I thought I can catch a quick reversal so I shorted BTU without thinking. I got a bad price and I covered with a $65 loss. With another couple of scratches I was down $150.
I made a comeback with a long in MAN. I got a great price at at an average of 64.96 on 300 shares. The stock ran to 65.29 and sold back down to 64.04. I think the thought of money is dictating the way I trade. I was in the money for $90 and I watched it disappear. I did not want the stock to reverse on me, since that has been happening quite often these days so I got out. I watched the stock creep up again. I averaged in again and this time my price was 65.50 on 300 shares. I got out of 100 at 65.90 and 200 at 66. I watched the stock go up another 70 cents.
I was flat until I caught a $100 short in TRA near the end of the day. I had to really work for my gains today.
- 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.