Wednesday, May 6, 2009

Action 20090506: Short CPO July 2009 Contract At 2653

(I am recording my trading. The followings are my trading actions and records. As good traders, we should keep a good records of all the details like points of entries, reasons of the actioin;long and short, stop loss levels, profits and loss and commands etc. )

Date: 06 May 2009 (Open Trade)
Action: Short CPO July 2009 Future Contract
Shorted Price: 2653 (at the morning close)
Volume: 1 contract
Stop loss: 2685 ( 9 points above the 2676 High )
Reason To Short:
1) The Daily Stochastic (daily trend) is down even though stochastic 30 minutes chart is still up
2) The price hit the moving average high from the low, there is high chance that the price will fall
I will trade in very short term, so I put stop loss based on 30 minutes chart

Date: 06 May 2009 (Close Trade)
Action: Long to close at 2674
Longed Price: 2674
Volume: 1 Contract
Loss: RM575 [ (2653-2674-2) x RM25 ]
Reason To Long (close):
1) All the markets including stocks and shares, currencies and index futures are pointing up. Since I am in short term - intraday, I just closed my short position and I loss RM575 including charges.

1. One points of CPO Future = RM25
2. Commission needed for buy and sell is RM25 so we need 1 point to break even
2. Margin (Minimum Deposit for holding overnight) = RM8000
3. I have RM33,375 as deposit and now RM 32,800 after the loss of RM575

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