Wednesday, March 31, 2010

Exit All Long Position CPO June 2010


Date of entry: 30 March 2010
I longed CPO June 2010 future contract for 2 contracts. It is a break up.
Date of exit 1: 31 March 2010
I closed 1 contract at 2540 with a loss of 3 points after including 2 points for commission. It has been up but failed to continue based on hourly chart.

Date of exit 2: 31 March 2010
I closed my final 1 contract at 2530 with a loss of 13 points (2541-2530+2=13points).

The balance of my account is RM 27,100 after the loss of RM 400 (RM75 + RM325 = RM400)
(The details of my account is at My Future Trading Account Records 2010 )

Tuesday, March 30, 2010

Short CPO June 2010


Date of entry: 29 March 2010
I shorted CPO June 2010 at 2528 for 2 contracts (the lowest price so far) when the price broke Yesterday's low of 2534. I am not really convinced so I will exit whenever bullish candlestick pattern emerge.

Date of exit: 30 March 2010
I have two exit (long to close position):
Exit 1) at 2504 for 1 contract with a profit of 22 points after deducting 2 points commission (2528-2504+2=22points)
Exit 2) at 2527 for 1 contract with a loss of 1 point after deducting 2 points for commission (2528-2527-2=1point)
The balance of my account is RM 27,500 after the profit of RM 525 (21points x RM25 = RM525 ).
(The details of my account is at My Future Trading Account Records 2010 )

Friday, March 26, 2010

Shorted CPO June 2010


Date of entry: 26 March 2010
I shorted CPO June 2010 future contract when the price broke below yesterday low of 2549. My entry price is 2545 or 2 contracts. I hope I am right this time.
Date of exit: The same day
I am kicked out at 2560 (my stop loss level) with a loss of 16 points (2560-2545+1=16 points).

The balance of my account is RM 26,975 after the loss of RM 800 (16points x 2contracts x RM25 = RM 800).
(The details of my account is at My Future Trading Account Records 2010 )

Long FKLI At 1304.50


Date of entry: 23 March 2010
I longed FKLI (March 2010) at 1304.50 for 2 contracts. It has been quite a while since I traded FKLI. Let's see.

Date of exit: 26 March 2010
I short to close this position to confirm my profit of 9.50 (1315-1304.5-1=9.5).

The balance of my account is RM 27,775 after the profit of RM 950 (9.50points x 2contracts x RM50 = RM 950).
(The details of my account is at My Future Trading Account Records 2010 )

Thursday, March 25, 2010

Exit Short Position CPO At 2578


Date of entry: 24 March 2010
What can I say? The market made a u turn down. I shorted at 2564 for 2 contracts.

Date of exit: 25 March 2010
My stop loss was hit at 2578 with a loss of 16 points per contract.

The balance of my account is RM 26,825 after the loss of RM 800 (16points x 2contracts x RM25 = RM 800).
(The details of my account is at My Future Trading Account Records 2010 )

Wednesday, March 24, 2010

Long CPO At Higher Price


Date of entry: 22 March 2010
I longed at much higher price at 2590 (2 contracts) when the price broke the high of 2584.

There are two concerns:
1) A candlestick shooting star emerged at the end of trading day. The price failed to maintained at the high after the breakup of 2584 indicating the weakness ahead
2) Stochastic turned down from over bought area.
I have get ready to exit the trade tomorrow if the price further going against me.


Date of exit (Partial): 23 March 2010
I shorted to close 1 contract at 2579 with a loss of 13 points (RM325) as the price failed to continue the upside and broke the little trend line. There is 1 contract remained.

Date of exit: 24 March 2010
The price hit where below my stop loss at 2574 (my stop loss was 2576). I lost 18 points (RM450) for this contract.

The balance of my account is RM 27,625 after the loss of RM 775 (RM325 + RM450 = RM775).
(The details of my account is at My Future Trading Account Records 2010 )

Saturday, March 20, 2010

OUR OWN WORST ENEMY

(A very helpful trading article from Mr.Joe Ross. He is a well known trading guru who changed my trading life. www.tradingeducators.com)

OUR OWN WORST ENEMY
As traders, we are often our own worst enemies. Although some people have an unconscious desire to fail, most of us want to succeed. Despite a strong desire for achievement, however, we often underestimate the difficulty of trading. We think it is easier to make profitable trades than it actually is, and we end up making unnecessary trading errors and thwarting our own efforts. But there's a simple solution. You can become aware of how you sabotage your efforts and make sure that you don't fall prey to these common ways of interfering with your own success.

First, try to hold realistic expectations. Many novice traders set expectations that are just too high. They set themselves up for failure by trying to trade beyond their skill level or expecting outcomes that are virtually impossible to achieve. When you push yourself beyond your comfort zone, or beyond your skill level, you tend to become so stressed that you feel anxious, ill at ease, and frustrated. You then start making trading errors that hamper even the best-laid plans.

Second, don't try to be superhuman. Indeed, you are merely human. The human mind and body has limited energy. Trading is physically, intellectually, and emotionally demanding. You wouldn't enter a triathlon without proper mental and physical preparation, so why trade when you are not physically and mentally prepared? You must be rested, relaxed, and ready for action. If you don't get enough sleep, for example, it will be difficult for you to control your emotions and to concentrate. Make sure that you get plenty of sleep, good nutrition, and exercise. In addition, don't overwork. It will eventually catch up with you. By pacing yourself as if you were running a marathon, you can meet the physical and mental challenges of trading.

Third, don't think you are bigger than the markets. Don't fool yourself into thinking that you have complete control of your destiny. Indeed, you are a slave to fate just like everyone else. Work around it. Don't try to control it. You don't need to be in complete control. You can manage risk to cope with uncertainty. If you know that relatively little is on the line, you'll trade more calmly and be ready to accept what the markets have to offer at any particular time. Just as you wouldn't try to fight nature, you must see what the "weather" is like out there and conform to market conditions. Be humble and accept what you can get. You're not as omnipotent as you wish you were.

Finally, don't trade by the seat of your pants.

Friday, March 19, 2010

Exit Short Position CPO June 2010


Date of entry: 18 March 2010
I reversed my position to short CPO June 2010 future contract at 2576 (2 contracts). The bearish pattern breaking down looked convincing for a downward market ahead.

Date of exit (Partial Size): 18 March 2010
I locked my partial profit at 2562 with a gain of 13 points which is RM325 (2576-2562-1=13 points)


Date of exit: 19 March 2010
My stop loss was hit at 2568. I was busy and forgot to lower my stop loss which is supposed to be at 2558; 10 points missing!! A profit of 6 points after deducting 2 points commissions, the profit could have been much more, what a waste!(6 points x RM25 = RM 150)

The balance of my account is RM 28,400 after the profit of RM 475 (RM325 + RM150 = RM475).
(The details of my account is at My Future Trading Account Records 2010 )

Thursday, March 18, 2010

Long CPO June 2010 At The Open


Date of entry: 17 March 2010
I longed CPO June 2010 at 2680 for 2 contracts at the open when price managed to open with a gap up.

Date of exit: 18 March 2010
I closed my position at the open at 2677 for the 2 contracts with a loss of 5 points (3 points loss and 2 points commission).

The balance of my account is RM 27,925 after the loss of RM 250 (Loss: 5 points x RM25 x 2 contracts = RM 250).
(The details of my account is at My Future Trading Account Records 2010 )

Wednesday, March 17, 2010

Site Seeing: CandleSticks Learning Site

My friend introduced me a site which is all about candlesticks. If you believe in candlesticks pattern like me, this site could certainly help.

Check out: Candlestickforum.com

Monday, March 15, 2010

Short CPO May 2010 At The Break Down


Date of entry: 15 March 2010
The price broke down to 2605 and I shorted when the price bounced back to 2612 (2 contracts).

Date of exit: The Same Day
I set the target at 2592 and I was hit with 19 points profit after 1 point for commission.

The balance of my account is RM 28,175 after the profit of RM 950 (Profit: 19 points x RM25 x 2 contracts = RM 950).
(The details of my account is at My Future Trading Account Records 2010 )

Friday, March 12, 2010

Short CPO May 2010


Date of entry: 12 March 2010
CPO Price opened with a gap down and I managed to short at 2638 for 1 contract. It is a solid break down but it did not continue the downwards. Let's see.

Date of exit: 12 March 2010
I exited the trade (long) to close at 2631 with a profit of 6 profits after deducting 1 point commission (same day).

The balance of my account is RM 27,225 after the profit of RM 150 (Profit: 6points x RM25 x 1contract = RM 150).
(The details of my account is at My Future Trading Account Records 2010 )

Wednesday, March 10, 2010

Turned Short CPO May 2010 Immediately


DAte of entry: 9 March 2010
The price broke below 2695 and I shorted 2689 (1 contract).

Date of exit: 10 March 2010
I longed to close the position at 2671 with a little profit of 16 points after deducting 2 points commissions.

The balance of my account is RM 27,075 after the profit of RM 400 (Profit: 16points x RM25 x 1contract = RM 400).
(The details of my account is at My Future Trading Account Records 2010 )

Tuesday, March 9, 2010

Long CPO May 2010 At The Breakup


Date of entry: 8 March 2010
I longed at 2699 for 2 contracts when the price broke up (refer to chart).

Date of exit: 9 March 2010
I shorted to close at 2697 with a total loss of 4 points including 2 points commission.
The balance of my account is RM 26,675 after the loss of RM 200 (Loss: 4points x RM25 x 2contracts = RM 200).
(The details of my account is at My Future Trading Account Records 2010 )

Friday, March 5, 2010

Close My Long Position at 2474


Date of entry: 4 March 2010
Reluctantly, I longed 1 contract at 2649. It is a break up.

Date of exit: 5 March 2010
I placed my stop loss at 2675 and I was filled with 2674 making a profit of 23 points (2674 - 2649 - 2 points = 23points).

The balance of my account is RM 26,875 after the profit of RM 600 (Loss: 23points x RM25 = RM 575).
(The details of my account is at My Future Trading Account Records 2010 )

Thursday, March 4, 2010

Close Long Position For CPO May 2010


Date of entry: 3 March 2010
The price made a break up, I longed at 2636 (2 contracts). Trust me, it is hard to continue taking position after experencing a string of losses. I do what I got to do.

Date of exit: 4 March 2010
I closed my position at 2625 the moment the price opened and run down to the low of 2624. I lost 13 points including 2 points for commission.

My Comment: CPO is obviously in consolidation. Any break up and break down will not continue the direction. I am a trend trader and market like this is really giving me a hard time. I will stick to my method and I will place stop loss for my protection at all time..
The balance of my account is RM 26,300 after the loss of RM 650 (Loss: 13points x 2 contracts z RM25 = RM 650).
(The details of my account is at My Future Trading Account Records 2010 )

Wednesday, March 3, 2010

A Lossing Trade Again. Short at 2600


Date of entry: 2 March 2010
I hope I am right. I shorted CPO May 2010 2 contracts at the close with the price of 2600. CPO price made a sudden u turn down and closed at 2600. This could be caused by news that we still yet to know. Following the price movement is the only way to the facts.

Date of exit: 3 March 2010
I closed my short position at 2625 at the open with a loss of 27 points per contract (2625-2600+2points=27points). I lost RM 1350 (27points x RM25 x 2 contracts = RM 1350)
.
The balance of my account is RM 26,950 after the loss of RM 1,350.
(The details of my account is at My Future Trading Account Records 2010 )

Tuesday, March 2, 2010

Reversed To Long CPO March 2010


Date of entry: 1 March 2010
I reversed my position to long at 2622 (2 contracts) the moment I closed my previous short position.

Date of exit 1: Same Day
I closed 1 contract at the morning session close with the price of 2636. (Profit of 13 points after deducting 1 point for commission).

My comment: The price movement of CPO has been slow, I wanted to profit from 50 to 100 points actually but it is just not happening. So I will take profit at least half whenever there is.
Date of exit 2: 2 March 2010
I closed my position at 2618 (the balance 1 contract) when the price opened high and dropped all the way to 2615. My loss for this contract is 4 points plus 2 points commission, so the total is 6 points.
The balance of my account is RM 28,300 after the profit of RM 175 (Loss:6points x 1 contracts x RM25 = RM 150),(Profit:13points x 1 contracts x RM25 = RM 325)
(The details of my account is at My Future Trading Account Records 2010 )

Monday, March 1, 2010

Closed Short Position For CPO May 2010


Date of entry: 24 Feb 2010
I shorted CPO May 2010 Future Contract at 2612 with 2 contracts. The price broke below recent low (2619 based on 1 hour chart).

Date of exit: 1 March 2010
The price opened with a gap, I closed my short position at 2622 with a loss of 10 points plus 2 points commission.

The balance of my account is RM 28,125 after the loss of RM 600 (Loss:12points x 2 contracts x RM25 = RM 600).
(The details of my account is at My Future Trading Account Records 2010 )