Sunday, April 05, 2009

Start believing in myself

Last week's business treat offer me a great chance to step away from the busy Singapore and of course the market. With a string of losses, it's always a welcome to step outside of my shell and analyse from the outside. I happen to stumbled onto a very very good DVD in our apartment in KL... "Fly with me" - a documentary on his airness Air Jordan! Fwah... awe inspiring! After watching the DVD and a good swim.... i think i left the depressing thoughts about recent losses in the pool.. time to focus on the future!

From KL then finally to the sunny island of Penang.. lots of time spent travelling and getting stuck in the jams, which gives me a lot of chances to reflect what have i done wrong. Most importantly, how to avoid it in future... i have enough of the boom and bust... alot of trading ideas came to my mind and i am gonna test them out. One of the interesting one would be Livermore Key. I tested it over the weekend... but doesn't seem to get it right.. maybe it's not applicable in modern market?

The strong market on Thursday saw me squaring off all the short positions for yet another nett loss. It hit my mental circuit breaker. I don't like the way market breaks above 1780 with just a slight pull back.. this is evidence of a strong bull. Also, better econs numbers and how the market has been ignoring the bad news are also signs that this is not the time to short as yet. The most obvious sign is, i began to lose control and at times "hope" the market may pull back.. the moment i realised i am hoping, i know i have to get the hell out of my positions. The market is always there.... leave the green forest, no scare no wood to burn. Really, confidence is very important in trading... no matter what we do... this is something we cannot lose. For those of you who showered me with kind words... i thank you. For those who critises me, no problem.. i will learn from my mistakes. Mastery comes from doing... i won't stop and sulk... that's not me....i have learnt how to take losses in my stride and keep moving forward. huat arh!

I diligently looked at all the charts and realise most of the stocks are right at resistance. This mean i should not buy as yet. I shall wait for the breakout and then the Pull back before i trade. Since i do not have much profit left to risk, i have to trade defensive... once i have the profits back.. hoot ah! One very important thing to note is, we are very close to breaking 6 mths high... this is a key indication to me. Anyway, should the pull back be fast and quick, then let us use the shout box to share stock lobangs. For me, very simple... banks, props or commodities... the rest pah si i also mai.

Just to set the record right. I am not comparing myself to Livermore not Jordan... incase anyone get the wrong idea again... i always like to sekk inspirations from legends. Role models! Power man, if you read Livermore's book... the way he trades... Inspiring! And Jordan? He is not born to shoot basket... he TRAINED hard... how simple is that logic?? Hence if i want to make big money... i just got to keep trying!

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.