Sunday, September 27, 2009

Action 20090924b: Long CPO Dec 2009 Future Contact

(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: 24 Sept 2009 (Day 1: Open Trade)
Action: Long CPO Future Dec 2009 Contract
Long Price: 2130
Volume: 1 contract
Initial Stop Loss: 2083 (6 points below today's low of 2089)
Reason To Long:
1) The price broke above the earlier's high (today I mean) of 2123+6points.
2) Stochastic of 1 hour chart is turning up from oversold area.
Comment: I had my lossing trade earlier (refer to my action 20090924) yet I went again (reverse my position to long) as the technical anaysis showed me the way. Honestly, it is hard to do that but I have to do it as a good trader.

Date: 28 Sept 2009 (Day 2: Close Trade)
Action: Short to close position
Shorted Price: 2120 (hit my stop loss level at 2121)
Loss: RM 300 (2130 - 2120 + 2= 12points)
Reason to close Position:
1) Price hit my stop loss level of 2121 and ended up at 2120 to close my long position. I will have to follow my trading system, when price reaches my stop loss level, I have to act upon it no matter how I feel.
1. One points of CPO Future = RM 25
2. Commission needed for buy and sell is RM50 so we need 2 points to break even
3. Margin (Minimum Deposit for holding overnight) = RM 8000
4. I have RM 35,275 as deposit and now RM 34,975 after the loss of RM 300

Please refer to 'My Future Trading Account Records' for details.

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