Action 20090709: Short FKLI July 2009 Contract At 1056

(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: 9 July 2009 (Day 1: Open Trade)
Action: Short FKLI July 2009 Contract
Long Price: 1056
Volume: 1 contract
Initial Stop loss: 1067.5 ( 5 points above today's high of 1062.5 )
Potential Loss Amount: RM 625 ( 11.5+1=12.5 points above my entry point )
Reason To Short:
1) Daily Stochastic is down
2) Future index stayed well below moving average of high and low
My comment:
I short one contract only as I have no strong reason to short actually. I just want to 'test the water' using one contract. The markets worldwide have been down, so I put tight stop loss which is the high of today 1062.5.

Date: 9 July 2009 (Same Day: Close Trade)
Action: Long To Close FKLI July 2009 Contract
Longed Price: 1067
Volume: 1 contract
Loss: RM 600 ( 1056-1067-1 = 12 points )
Reason Of Long To Close Position:
The price hit pre determined stop loss of 1067. I had no choice but to follow my rule.
Note:
1. One points of FKLI Futures = RM 50
2. Commission needed for buy and sell is RM50 so we need 1 points to break even
3. Margin (Minimum Deposit for holding overnight) = RM 3500
4. I have RM 35,650 as deposit and now RM 35,050 after the loss of RM 600