After yesterday's beating I was going to take it slow with 100 share positions today. I did not think I would lose much so I played around right after the open with APD and PX. After a few trades I was down $130. Things just got worse from then on even though I kept most of my trades at 100-200 shares. I kept getting bad entries in my shorts in JEC and I got squeezed for 35 cents on a 300 share trade. That trade put me near a $300 loss. I had some more losses after that and was down close to $350. Fearing another repeat I kept my size small and kept trading. I got good short entries in JEC and FLR but ended up taking small profits right before they dropped over $1.
I managed to make a comeback from the afternoon bounce. I am close to even for the day. What a relief.
- 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.