Guess what are the 2 most difficult things to do in trading? Taking profit and cutting loss. Of course the latter is what caused the fall of many people. I took my shorts profits on FerroChina at 1.28 as it was going to report results the same evening and i thought the result will be fantastic and judging from the way how the support is holding well, I chosen to keep my profits. Friday at opening bell, indeed it gaps up.... but the closing was very very weak and it closed at the low! If only i have the guts to stay put.... yes the big "if" word.. this word will cause alot of complacency in trading if allowed to manifest in the trader. If you ask me, do i feel the pain missing out on FerrorChina? Answer is no. Because i decide what i want to feel. In trading, you got to be decisive and not overly hesistant. This somehow has also slipped into how i lead my life and quite alot of times, i cannot stand people around me. Alas, what i do in trading cannot be applied to handling human beings and this really frustrates me at times as i have to put up with people's nonsense.
I use an interesting perspective to respect this part of the universe. That is, the law of universe states that, everyone is an individual and will think and behave differently.. This is also how the stock market is! There are bound to be losers, people who participated in the stock market just to lose money! Amazing isn't it? Most of the people participated in the market hoping to learn just that one golden method and let them make money from the stock market fuss free! Does it even exist in the first place? These people doesn't like to work hard, thinking, there must be this secret method. Read any books by the gurus, ask anyone whom you know is successful in trading, their successes didn't happen by chance. They worked hard for it. What do Jordan, Beckham, Cantona, Michael Jackson have in common? What about Michael Phelps, Federer, Nadal, Tiger Woods? They are champions in what they are doing because they worked hard for it! Putting hours of practises day after day. Gosh, everytime i look at these champions, and i look at myself, what am i doing? I want to be as successful in trading as i possibly can. But how can i achieve that if i watch the 9pm TV drama? Another ironic thing, i stopped working hard after my wedding! But that is all in the past... i am certainly studying charts every single night after my confessions to being lazy. It's not easy to stay focussed and not think abt bedtime. I countered that by plugging into music and jam it loud! Music is the door to the soul. If you haven't notice, some songs may bring back fond memories or sadness. All you need to do is find those songs which had motivated you when you need it most, plug in to those and condition your mind to stay foccussed!
As we can all see that it has been sell on news recently after results were released, on my watchlist, noble and ferrochina were hit. I re-short Noble after $2 broke, it is a dark cloud pattern at closing which is bearish. Oil price also couldn't sustain the rebound and i saw the dollar keep pushing the limits and an ascending triangle can be seen on the usdjpy pair. If it breaks out, i think oil price will see lower and commodities price may soften more thus noble may be dragged lower. Wilmar is another stock i am watching, the price seems happy to tango around $4... alot of palm oil related stocks already die straight straight, and only this flintstone refuse to bulge.
My Oceanus closed below the breakout level and this has raise alarm in my head. Come Monday, my eyes will be on the movement of this tricky stock.
Yanlord shorts is still on. I know a number of you are wondering, how on earth did Dec managed to short yanlord when most of the brokerage house are out of scrips? I am using Ang mo platform together with a local CFD brokerage. In any case, i prefer to short with ang mo if there are scrips otherwise i go with local. The reason is for ang mo, there is no need to rollover and the comms is cheaper. I could also trade FX and index easier.
DISCLAIMER: The contents in this website are for fun reading and must not be taken as a buy or sell advice. You must do your own analysis on top of my postings. By reading this blog, you agreed that i am not responsible for your trading.
