I took the rest of September off after my beating. I think I had my biggest losing day and worst week since I started trading. Right now I am taking it slow and trading small. I ended last week green with a small gain.
My attitude changed for the better. Right now I am not upset about missing all these opportunities out there. I got into trouble because I let my mind get clouded by the thought of making big gains. I am reading Trading in the Zone again to refresh my memory. I am focusing on being patient and taking trades when I can accept the risk. I am just going to go at my own pace toward better trading. I want to get the confidence in taking the right setups and managing my trades. Profits will come as I get comfortable with my style.
- 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.