I'm back from my holiday at Genting Highlands! Nice weather, expensive food, long journey and a smoky casino. After checking into the hotel and the surroundings, looks like casino is the only natural place to head to. keke I didn't really have a comfortable time around the casino. I lost during my first hour. haha! Then my trading instincts took over! I began to look for games that gives me a big big win when i am correct, and then a small loss when i'm incorrect. Finally found Roulette! Using my new found system, I manage to recover my losses in the next 30 mins and my profits in 10 mins! That's it, i stood up said thank you to Lady Luck and left the casino with my expenses in Genting fully paid! haha To be specific, excluding hotel and coach fare hor. Something that is important to trading is working as well in the Casino. This is the philisophy I often remind myself of, "It is how much you win when you are correct and how much you lose when you are incorrect that matters" The long bus journey is also perfect for me to review my past trades and what I had learnt along the way. I realised, all these are very valueable! And in the spirit of GrowMoney Blog, IT SHOULD BE SHARED!!! :D I'm going to write e-books and send to you for free! For more information, join my mailing list!
Back to the stock market, in my absense, it was still a pretty mixed market. Even a better than expected NOX data fails to spark a rally. Again, i am fully invested in the market after I cash out of DBS and Chartered recently. Sometimes I wonder if i'm taking too big a risk. With the market directionless, i have actually taken a bullish anticipation. What were my reasons? Why aren't I bearish? It was because I seen buying more than selling during the last few weeks. Is smart money buying before the X'mas rally? Whatever it is, i'm all ready to harvest when my anticipation is right. Also, from my last dinner with an aquaintance from the Marine Sector, I learnt to exercise caution for the sector in late 2006.
Wooo...I missed out my Celestial. Spotted it on Wednesday night and saw it closed up 4 cents by Friday. One by one, these breakouts picks continue to score excellent success. It somehow gives me the confidence for my next breakout buy and my current holding. William J. O'Neil said, "Buying correct solves most of the problem". I happily agree to that.
There are many trading blogs springing up nowadays. It is only good for the general public. We have more options now rather than the usual Forums and Analyst's reports. As a trader, it is important that you find a style that suit you best. Do not just buy on recommendations or what you see in the blogs. Well, i do not know how the other blogs trades, but i can explain mine. My breakout picks are not for contra. It requires patience and I will sell when i detect selling(distribution) in the counter. This kind of trading, requires me to decipher the market daily after market close. The good thing is, I won't need to monitor during trading hours. It fits me perfectly as I am still an employee. With my monthly pay check coming in from my employer, another couple of hundreds from the stock market time to time is sufficient for me at this point. I was silly during my first year when i thought it's easy to live off trading full time. With the thought of no income at the back of the head, i began to build a cannot lose mentality and it affected me psychologically. And when you are very afraid to lose, you often make bad trades and miss out winners. These days, I can trade with confidence and yet focus on my career. The idea is simple. If I can earn 10% per annum from the market, I will be able to live off trading full time by the time I have 500k as capital as it will mean a 50k per annum profits. As i slowly grow my capital to 500k target, i am focussing on perfecting my trading skills. This way, when I have the capital, I am ready to trade full time.
By the way, please vote if you still want my GrowMoney quickpick. Just type "quick pick" in the shoutbox above. I will gather the count. Thanks!
