Sunday, November 09, 2008

StraitsAsia broke major low

I'm back! It always feel nice to take a break. This time round i was totally cut off from the market plus my handphone was turned off! :D This retreat is badly needed... This is what i have done, i registered myself and wife to a 3 day motivational seminar first before we head for the holidays. It's highly important for the significant other to understand what we are doing. Trading is unlike other profession. Sometimes we thread by the fine line of sanity. So here i am after 14 days of rest, i'm back. This time i came back with an objective. I think some time ago i blogged about how i lose interest in trading and it was a chore. Basically my short term objectives were met and i have no longer term objectives, or at least i wasn't clear. Now i have set myself new targets! I am going to read aloud my objectives in my study room, paste them infront of my 2 monitors! hooooya! Before i sleep, i will keep repeating my objectives until i drift into my dreams.... morning when i wake up, again i am going to read aloud my objective... i am just gonna be so focus in achieving it!

I like a particular post above regarding whether am i still holding on to my Cosco before i leave for my vacation. Nope, i decided not to lug around my laptop and hence square off all trading positions before i left. For the record, i covered cosco at 0.835 for a small profit. Cosco went as low as 0.760. I didn't cover there. To bull shit in this blog, i could have boasted about still owning it. But nope, that's not me. Whatever u read here are true trades and not fiction. This is me, i see it as an important point to be able to face my losses my mistakes and not care about others opinion of me. Yes i look silly in some of my trades, but who cares, so long i learn from my mistake and not make them again. Like weeks ago, I cut Synear for a small loss and Synear went crashing down next day. If i turn back the clock, i would probably still do the same. This is because the concepts and experience has been internalised. Risk management is top in my priority due to massive losses in the younger years. Hence most decisions made will not be regretted. Of course there are times when i broke my trading rules and those were the times i would starve myself from the fine things in life to compensate the losses in the trading account. It's common sense, how can i spend when i make a loss in the market? I ought to punish myself.

Lai, today's market volume wasn't too great. A quick screen with XPertTrader shows that the heavy sell-off only occurs in some stocks. Many experts are calling a bottom. Well, let us see how the previous low is tested. Fundamentally, i'm still trying to absorb all the news... a bit slow and retarded at the moment...

StraitsAsia is my top study tonight. The way it broke the previous low, oooooh... bad news! However it may be too late to short now... let us wait for a re-test of the support turn resistance.

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