The market had a nice sharp move up in the morning and then lost all its gains. I was just up slightly for most of the day. I had a great short in DE near the end of the day but messed up on my trade. I shorted at 78.60 and was letting it ride. Stock drops to 77.90 and makes a bounce. I held on when it pushed up to 78.20. Then I had power surge and lost my cable connection for few minutes. Once I logged back on I saw the stock trading at over 78.23. I did not want to lose all my profits so I covered at 78.28, right at the high of the retracement. If my cable had stayed off a bit longer maybe I would still be in the trade. I had a chance to take profits at 78 but I did not. I experienced both fear and greed in this trade and they gained the upper hand. Next time I will win.
- 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.