I let my emotions get the better of me and gambled. When my losses started to climb I took some 500-600 share trades and they all failed badly. If I use Attitude Trader's grading system, my AI is a -10 today. I need to make some changes because what I am doing now is not working. I need to take some time off so I can draw up a new trading plan. If I am going to take a 1k hit for the day I should be taking well planned trades with stops and targets. If I follow my plan even though I get stopped out of all my trades I will feel a lot better than blowing my money in bad trades.
- 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.