Thursday, September 11, 2008
I got the right idea but failed in my executions
The s&p futures were down over 17 points and Lehman losing over 40% of it's value premarket, I was expecting bounce today. Maybe I was trying too hard to make money since my idea was playing out. Some days things just click and trading just flows. Today I put in a lot of effort but I could not find my rhythm. Every time I got long I get this fear and ended up getting out with small losses or small profits. I would get back in again as the stocks goes my way but with even less conviction. My stats show that I made a total $745 but also lost $692. I traded a lot of shares and ended up with a small loss today after commissions.
- 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.