After losing money in the bull market in 2004, i looked stupid! How can anyone lose money in a bull market? 50% of my small account gone up in smoke.........it was devastating, how to climb back with limited bullets? The date was 17th Jan 2006, it was one of my good runs in the market and I started 2006 brightly. I began to show results after treating trading seriously. Fast forward to 11th Jan 2007, I have won back all my money lost in the market over the years with interest! I am glad that my hard work paid off. Looking back, it was quite a tough journey. Trading was never easy and I got whacked left right center for being egoistic, read a few books and think I know everything. Idiot! I find the most difficult thing in trading is not learning technical analysis, it is the psychology part that needs the most hardwork. How do you like seeing profits going up in smoke? Losing 7 out of 10 trades? Cut loss only to see the stock rebound upwards? All the books i read is abt indicators used in Ang Mo markets.....it is only after observing and listening attentively to an experienced trader then i realise it is not all about indicators.
I am preparing for my big day this year, ironically it is this idea that got me losing 50% of my capital in the first 6 months. I wanted to double my money in the market to fund my wedding but alas it lead to my wedding being delayed instead. It was the ultimate mistake anyone can make! That is to think that the market is an easy place to make money. Everytime I loss, i grew more worried. Soon enough i build the cannot lose mentality and subconciously i began to trade with my emotions. What an idiot!
Stock market is really a good place to grow up. I have since learnt to be humble and respect the market and most important of all to treat the senior traders with respect. They are in the market for so long and the only reason they can survive is because they know the stuffs.
If you are still in the red, do not fret. Be commited to make the change, decide that you have reached bottom and start to get serious about trading and make a comeback. If I can do it, you can too! It is a matter of whether you want to put 100% into it.
I have been dreaming about writting this article since i started this trading dairy. I have finally done it. I have got a system, a group of good mentors and my foot will remain planted firmly on the ground. We chinese has a saying, "when one drink water, always remember the source." I attribute my little success to this group of mentors. : )
I swear not to self sabotage! My next target.....Trading for a Living....
