Friday, September 05, 2008
I planned on trading cautiously today but failed to follow my plan. I lost money early and made it back. I had 2 profitable shorts which would have given me over $250 in profits for the day if I took profits. I got greedy and shorted 300 OII near the lows and got squeezed. I then messed up my other two trades by covering one too soon and holding one of them too long until I lost all my gains. It was all downhill from there. I could have stopped with a small loss but I kept trading. I tried going long but every time I jump into long trades I get shaken out by pullbacks. I tried shorting but got squeezed each time also. I traded a ton of shares and was gross negative 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.