My 3 day break from trading was refreshing. I thought about taking the rest of the week off but I am starting to feel guilty for not trading. The FED meeting is out of the way so maybe there would be some good directional moves.
I felt a little lost today. I tried shorting DE at around 10am and lost money. I was down around 80 bucks. I made my money back later. There was two trades that could have been nice winners if I handled them correctly. I got a great short in AKS. I even told myself that the stock would be a big winner if I just hold on to it. Well I got took profits again and missed out on the big move. I had a good short in CRM and I wasn't going to let go of my winner so I held it when it retraced only to watch my 50 cent gain on 300 shares evaporate.
My thinking was right but I need to work on my trade management.
- 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.