Thursday, October 30, 2008
In my previous post I had an $800 loss. That happened 2 weeks ago. It took me 9 trading days to recover from my loss. I usually recover faster but the loss I had made me think about my trading style and I felt there was something missing. During these past 2 weeks I made some tweaks to my rules. I think the major change is the incorporating some chart patterns to my trade selection criteria. I think it helps me see some order in the market and it also helps strengthen my conviction when I put on a trade.
- 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.