I messed up my chance for a good day. FLS was one of the stocks that I plan to short. My esignal crapped out a few minutes after the opening bell. I switched to the generic charts in my trading platform. I did not have the futures up so I did not know what the market was doing. I was trading blindly. I forgot about FLS.
Since I don't have my charting layout up I decided to watch the coals stocks. I tried to bottom fish BTU and lost $1.75 with my 100 share position. That's what I get for not cutting my loss. I probably got out at the lows. I dug myself into a deeper hole as I tried to short FLR using the 1 minute chart and I got squeezed. I was pretty disappointed at my lack of discipline. I wonder why I was even trading when I don't have my charting layout.
I had to uninstall esignal and switch back to the older version. I got up and running again at 11am. I was following FLS at around 11:30 and I got short at 121.65 with 100 shares. I covered at 119. I got short 100 shares again at 118.81 and covered at 116.69. I recovered my losses and made a small gain for the day.
- 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.