Tham khảo tài liệu 'techniques of tape reading definition_1', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | This page intentionally left blank. CHAPTER 2 Turnaround Small and Safe The next several months of my trading were devoted to pure scalping. After the ESOL fiasco I was afraid to stay in a trade for too long. I was taking my profits quickly. Considering that with a reduced account size I had to trade small cheap stocks with unsustainable price movements it was not too bad a thing. Besides I was just as fast when I had to cut the loss which forced me to be more disciplined. This was the case when the fear of new losses worked for me it made me cut my losses really quickly. Yet it was not a profitable period overall. I was making insignificant amounts of money and then giving them back. In October 1997 I decided that I couldn t continue to do this kind of trading with an online broker. It was taking too long to fill out the form send in the order and then get the confirmation of the fill. I already had some idea of direct access and Level 2 and I was using the combination of a quote feed with Level 2 and an online broker for order execution. In a short while I found decent brokerage. Its routing software made a big difference to me. My scalping became better and for a while I thought I finally had gotten a handle on this game. My discipline became much stricter. It became obvious to me that I was taking too big a risk playing the bigger lots so I stopped playing 2000 to 3000 shares. I was trading mostly 1000 shares. And again in a few months I had to admit that I did not have real consistency in my trading. I was able to get in and out very fast in many instances I could feel the direction of a stock s movement for the next few ticks by just watching it on Level 2. And yet it was not enough for consistency. The major reason for this was as I realize now that I had no system. I was still trading small stocks that were getting activity on fresh news I was effectively 15 Copyright 2004 by GST Captial Group LLC. Click here for terms of use. 16 PART ONE A Trader s Journey
