Guest probably made a very good point on how much one can make if he keeps getting in and out of the market... win only a few bids but when lose, hold until blood ozzles out. That's why i prefer position trading, where trades are done at important technical levels. Then we take profit by huge chunk and cut loss when it's small. This is key to be sucessful in trading. Over the past year, i have tried forex too. This explains why i wasn't around most of the time. However, i must say, i didn't enjoy trading forex as it takes up too much of my time. Stocks though slow which also means more forgiving when one is complacent in trading. If you dare try being complacent when trading forex, prepare for a big hole in your pocket.
Oceanus looks to be in trouble with the weak closing today, only consolation is the volume is not on the high side. Support has been broken and i do not like this stock anymore. Was in a meeting this afternoon and missed the closing, otherwise i would have just dumped. The good news is, noble may be on the way down. The plunge in oil price helped to soften the commodities prices and this seems to be the current trend of the market. Yes, forget earnings.... currently financial woes, oil price and commodities are the drivers of this market. Decipher them wrongly and u may end up at the wrong side of the trade.
It is interesting to note that the market volume over the past few sessions is very light, less than 1 billion shares traded per day. HSI is back above 21k and nikkei is below 13k. STI is slightly above 2700. These are the levels which we may be searching for clues of market bottom. Right now, i still do not see them as yet. At most is only a rebound play which i am not interested in. Then to short? Sure, we can do that when support is broken.
Lastly, pardon me for the English here. I am blasting away on the keyboard to share my thoughts and ideas that being grammatically right or spelling errors free is last thing i bother. Furthermore, if you are like me, looking at the market most of the time, it is a lonely job and most of the time, i am talking to myself inside the head formulating scenarios to trade, i too get tongue tied at times when talking to people.
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.
