Wednesday, July 22, 2009

Action 20090722 Should Not Trade When Busy

(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: 22 July 2009 (Day 1: Open Trade)
Action: Short CPO Future Oct 2009
Shorted Price: 2095
Volume: 1 contract
Date: 22 July 2009 (Same Day: Close Trade)
Action: Long at 2110 to close position
Long Price: 2110
Volume: 1 contract
Loss: RM 400 ( 2095-2110-1 = 16 points
I have RM 35,950 as deposit and now RM 35,550 after the loss of RM 400
Reason Of Long To Close Position:
I took up the short position of CPO Future Oct 2009 Contract this afternoon when I was trying to finish my other job and I ended up my trade with a loss (RM400). This loss is really unnecessary. I lost because I did not pay enough attention into the trade. That is wrong. I will remind myself again and again in the future that I should NEVER TRADE WHEN BUSY.
And also, when i think I am wrong, I exit immediately and stay sideline. Anywhere, it turned out to be the price came down after a exit. Honestly, I don't care, what I do care the most is to exit when I think I am wrong and I should never trade when busy.

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