I ended the month of August with some profits. I was going to take the last week of August off, but I decided to trade. I ended the week with small loss. Even though the loss was small my confidence took a blow. I was already on a vacation mentality and the last thing I want to do is take a big loss near the end of the month. Since I was afraid of losing money, my trading got sloppy. When I had a negative pnl, I found myself looking for nickel and dime moves instead of good setups so I can break even.
I am starting this month slowly. I will see if I can build some momentum and end this month strong.
- 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.