Monday, December 19, 2011
Sunday, December 4, 2011
Bought SingTel @ 3.09
Cut loss at 2.99
Quick trade, exit on any reversal candlestick pattern.
Extreme target 3.4
Quick trade, exit on any reversal candlestick pattern.
Extreme target 3.4
Monday, October 3, 2011
Sold CapitaComm at .99
I adhered to my stop and exit the trade. Another of my plentiful small losses. Keep your losses small to preserve capital. Mind your downside and rewards will come eventually as a result of exposure to market trends. Losses are just the cost of that exposure.
Tuesday, September 27, 2011
Bought CapitaComm (CCT) at 1.06
This is a MACD divergence setup. 1 dollar shows support. Stop loss at 0.99. Quick target at 1.13. Meaning if it reaches it in 2 days time, I will take the quick profit. Otherwise I will exit via price action on the daily chart.
Tuesday, August 16, 2011
Excuses to stay out of the stock market
I am looking at the STI and there is a MACD divergence. Secondly, there is a massive flagpole pointing south. The flag is unfurling and it probably will be volatile enough to whipsaw my trades. I am not ruling out shorting some weak stocks with CFDs at this juncture.
I am aware that I may have miss some good setups for shorting earlier this month. However, I am pretty cool about it even though chances like this do not happen much. Why? Because I have about 40 times more trades in Forex than in the stock market per month, plus minus ten.
Anyway I guess I was not ready to jump into the short trade simply because I was not well prepared AND it was one day before the National Day holiday.
I am aware that I may have miss some good setups for shorting earlier this month. However, I am pretty cool about it even though chances like this do not happen much. Why? Because I have about 40 times more trades in Forex than in the stock market per month, plus minus ten.
Anyway I guess I was not ready to jump into the short trade simply because I was not well prepared AND it was one day before the National Day holiday.
Wednesday, August 3, 2011
DBS sold at 15.51
I have sold DBS the day after a bearish hammer hammered the day high of 15.73 down to opening price. So I set an alert for 15.5 below the low for next day's trading. Next day I got hit by the alert and off I close the position.
Well, I did paused for a while to consider looking at the charts before closing it. But then I willed myself from that thought and just DO IT. Anyway I was busy with work, so at the end of the day I see DBS down to 15.29.
Like I said, I have improved in my trade management. In short trade management is how the open trade is managed while open. Trade management involves trailing stops, decisions to take part of the profits off the table, or to let it ride further. Whether you should adjust your stops due to a 'hikake', last bar rule or retest failure rule. All these are rules consistent and proven to manage my trades to let it ride the trend as far as is plausible while not giving up too much profit.
Well, I did paused for a while to consider looking at the charts before closing it. But then I willed myself from that thought and just DO IT. Anyway I was busy with work, so at the end of the day I see DBS down to 15.29.
Like I said, I have improved in my trade management. In short trade management is how the open trade is managed while open. Trade management involves trailing stops, decisions to take part of the profits off the table, or to let it ride further. Whether you should adjust your stops due to a 'hikake', last bar rule or retest failure rule. All these are rules consistent and proven to manage my trades to let it ride the trend as far as is plausible while not giving up too much profit.
Thursday, July 28, 2011
DBS bought 15.05, stop 14.88, target 15.8
The title says it all, STI downtrend line is broken to the upside. DBS happens to be a flag broken, what's more that is the $15 level.
Sunday, July 24, 2011
Maturing as a trader
I am maturing as a trader, part-time but still a trader. What I learnt from the countless trading and investment books I earnestly studied or read have made me realise that the wisdom, knowledge and skills acquired are also applicable to most fields of endeavour in life. Discipline, self-control, emotional awareness, risk management etc. I do not want to sound like a textbook. But learning to trade has been the greatest journey of my life so far.
Thursday, March 3, 2011
Key takeaways from 'Adventures of a Currency Trader'
Thou Shalt Never Lose More Than 25 Percent of Thine Account
Thou Shalt Test Before Trading
Thou Shalt Stand Accountable to Another Person for Thy Trades
Discipline, discipline, discipline
Don't Become Cocky
It is a myth to think that you need to pay 'tuition' fees to learn about anything about trading. Sure you have to accept losses as part and parcel of trading just like you accept your bigger wins.
Discipline is the main reason why traders are able to stay in the game. Note, I did not say successful. The moment you think you are successful, you complete a cycle that goes from Humble to Cocky then Humble again. There were successful traders and institutions who later became failures, remember LTCM (Long Term Capital Management, yea yea) and Nick Leeson. They are terribly smart but got carried away when they chose the slippery path of forgetting their discipline.
Discipline is key to why independent traders can perform better than some hedge funds with their overload of information and hi-tech stuff and multiple screens.
Thou Shalt Test Before Trading
Thou Shalt Stand Accountable to Another Person for Thy Trades
Discipline, discipline, discipline
Don't Become Cocky
It is a myth to think that you need to pay 'tuition' fees to learn about anything about trading. Sure you have to accept losses as part and parcel of trading just like you accept your bigger wins.
Discipline is the main reason why traders are able to stay in the game. Note, I did not say successful. The moment you think you are successful, you complete a cycle that goes from Humble to Cocky then Humble again. There were successful traders and institutions who later became failures, remember LTCM (Long Term Capital Management, yea yea) and Nick Leeson. They are terribly smart but got carried away when they chose the slippery path of forgetting their discipline.
Discipline is key to why independent traders can perform better than some hedge funds with their overload of information and hi-tech stuff and multiple screens.
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