FKLI - My Long Position Was Stop Out!!

Date of entry: 26 Nov 2010
Long FKLI On Opening Bell
I longed FKLI of Nov 2010 on opening bell at 1505 with 2 contracts. I am not willing to take the shoot actually but this is my trading method. I proceeded. It is a break up and the price is now above moving averages. Close monitoring is much needed in this trade.

Date of exit: The Same Day
My Long Position Was Stopped Out!!
The price opened with a gap down and I managed to exit at 1486.5 with a huge loss of 19.5 points for each contract (Loss of RM1950 in total).

The balance of my account is RM 31,400 after the loss of RM 1,950 (19.5points x RM50 x 2contracts = RM 1,950)
(The details of my account is at My Future Trading Account Records 2010 )

My Comment:
Apparently, my method needs some adjustment. For volatile market like this, what ever I use; tight stop loss or lenient stop loss. They would cost me money. Imaging you place a stop loss far, the losses could be disaster when the stop loss is hit. But if I put the stop loss too close, we would end up busy getting in and out all the time.
For price target, if I only look at 10 or 20 points to exit, I might limit my profit potential. However, if I turn greedy, I would end up not getting any profit at all like my recent FKLI trades.
I am looking into candle stick chart pattern as an indicator for my trading. I will do some back testing over the weekend and see how it goes.