Monday, September 22, 2008
I don't know what got into me today. The day started off alright and I was up $200. Then I lost all my gains trading during a chop. After that I just went on tilt and took big 300-600 share positions. My loss kept going higher and I was down over $900. I managed to trim it back down to around $460 during the early afternoon. Then I went on tilt again and took some overly large positions and I was wrong. I think the one that got me was a 45 cent loss on an 1100 share position on BTU. I am down $1100 today. I gave up almost half my months gains today. Funny thing is I am not really upset about today's loss. Maybe the effects would kick in later.
- 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.