Thursday, May 20, 2010

Close At The Close Yesterday: Short CPO Aug 2010


Date of entry: 19 may 2010
I shorted CPO Aug 2010 Future Contract at 2417 for 2 contracts. I rested for a while. It's see how.

Date of exit: Same Day
I actually closed my short position at 2435 at the close losing 19 points per contract yesterday as it was a bullish engulfing pattern. I was on travelling and not able to post my position. Actually, it is not advisable to trade when travelling. I knew but just I just want to be in the market. I will not do it in the future.

The balance of my account is RM 20,400 after the loss of RM 950 (19points x RM25 x 2contracts = RM 950) (The details of my account is at My Future Trading Account Records 2010 )

11 comments:

  1. hi Abel,
    I know you are using TCPro to do your online trading but just surprisingly why your remisier or dealer never give you advice. My remisier also from Amfutures, if you ask her advice, she will normally give some advice.

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  2. If you ask for advice it shows you have no confidence in your own ability/system.
    Buy honestly Abel, you need to really really really re think your trading system.
    You are now competing with cpotrader for the most consistent loss record.

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  3. i believe Abel has the ability to recoup his losses and make big profits again. it is just a matter of time.

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  4. Hi ZacLim,
    Thank you so much for your encouragement. It means a lot to me.

    Hi Anonymous,
    I do not believe in depending on remisier's advise to trade. This could be risky also. Trading is our own business, we should take our own responsibility.
    I am still adjusting my trading system.
    To protect my wealth, I will reduce my contract size till I am comfortable again.

    Thank you all again for your comments.

    ReplyDelete
  5. Hi Abel,


    I can share my trading record with you for my recent trading. I long at 2515 on 11th May and 2491 at 12th May(July contract). Mkt keep making low, i am panic and cannot sleep at night. I called up my remisier and seek for her advice. She asks me to hold just by pumping more money to hold the margin.
    I listened to her advice. If you willing to learn the good thing, just return me a mail to ahyan77@gmail.com

    ReplyDelete
  6. If you call making margin call good advice, I rather go and play with Magnum,TOTO and 1+3D. Most stupid advice I ever heard and I don't know who more stupid; the remisier or the person following the remisier advice?

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  7. It's already time to be honest with yourself this instance. There's a thin line that separates drawdowns and faulty system.

    Leave the short term play, increase your holding power and don't freak out everytime price goes against you.

    Your loss tolerance is hardly 30 points most of the time, but the average true range is more than that! Maybe you have a timeframe mismatch?

    I hope to see you make a comeback, but not until you understand the factors behind the losses.

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  8. good discussion.can i share my view here?

    ahkuih, i never had a margin call since i started making profits because i trade small. to me,survival is more important than big profits.

    to solve abel's problem, i am not qualified to comment on his trading systems but what i always suggest is since that cpo is not doing well, we can always try to diversify to FKLI. the profits that fkli bring cant be compared to cpo.its not a perfect hedge but still better than nothing.

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  9. Hi Zaclim,
    I totally agreed with you. the advice given by my remisier is not becoz my contract triggered margin call but rather than becoz she saw I am too panic with sudden drop, to her, it is normal. She faced it before.

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  10. Yes, totally agree with All Trading ideas. Something wrong somewhere, perhaps you can look at 60 mins chart in a longer period to catch the big trend? maybe?

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  11. I agree with Zac to trade small unless you have a lot of buffer in your account as insufficient funds will affect your emotion and trade irrationaly. ^^

    ReplyDelete