Thursday, January 04, 2018

Happy New Year!

Happy New Year to everyone reading this.  I did a trade review over the New Year weekend and it was great.  I always wanted to do this ala a Livermore style...who would lock himself on the last day of the year to review his past trades and count his millions in cash.  Ok the last part is not do-able... firstly i do not have millions, maybe in coins still possible.  But my wife will kill me if i do not spend time with her and kids on holidays.  But this year is special, the kids have a playdate and i am always excused from playdates since all the mummies will chit chat, so it is uncool for daddies to be there. By reviewing the trade history, stupid trades stood out and repeatable trade setups make me exciting. All i have to do is repeat winning trade setups and avoid stupid trades.  It is human to err. So being a human, i am also tempted by greed... once in a while i will stray from the trade plan. But sanity and money rules rescue me from the abyss.  So after i am done with the Singapore equity trades review, i went to do the same to my CFD account. I clicked the consolidated P&L for the year, i sian half.  So many trades... some were intra-day, some were hedged positions... i dread going through them.  So i passed on them.  In essence, this CFD account grew 20% in 2017 from a base of 20k.  This 4k should be good for CNY, ang pows la, CNY groceries la, etc...   I do not have serious plans for this account yet.  Core trading profits still come from Singapore equities where as the leader of Tradersclub, it is more aligned to be trading that.  For now, each trade is about 2% risk, so $400. Thus it is still a decent position to put on. Perhaps just take it trade by trade and grow this account.

On the market front, bed of roses. I got Chip Eng Seng right where i think it is gonna be.  Market strength index climbed so are those stocks in my portfolio.  Even the declining USD added cheer to our FX robot. The gold bearish setup i been waiting for did not materialise so i was not in trade and i dare not lie to you that i long Gold. No i did not turn long. It was festive season, i didn't want to be busy and miss the moments with my kids. So i have to reassess my Gold, pick a direction and wait for the trade setup.

Trade setup for Singapore equities and Gold is different for my case.  With stocks, volume plays a big part in my analysis.  For Gold, the volume though nice to have but i rely alot on supply and demand zone. How the price is testing support or resistance...etc.. i think people call that price action.

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