Wednesday, March 2, 2011
Long And Close With A Loss OF 50 Points - FCPO
Date: 2 Feb 2011
I longed FCPO May future contract at the open at 3570 and shorted to close at 3520 which cost me 51 points for 1 contract. I admit that I was nervous and did not act correctly. I should hold on to the long till my stop loss level was hit but I did not. This is the price I am paying for not following my trading rules.
The Loss: RM1,275 (51points x RM50 x 1contract = RM1,275)
The balance of my account is RM18,425 after the loss of RM1,275.
(The details of my account is at My Future Trading Account Records 2011 )
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Me too. I longed yesterday pm at 3554 and stayed until it touched 3512 I chickened out. May I know what was your previous stop?
ReplyDeleteWe all have our moments.. Anyways, I've always wanted to ask you.. what does Bullsa mean?
ReplyDeleteHaha...I'm not quite sure what you mean by that but as far as I can understand CPO, we'll have to take the risk of loosing 60 points before we can gain anything!!! If there is at all...?
ReplyDeleteIt behaves like a roller coaster - goes down hard before it goes up higher !!!
ReplyDeleteHi,
ReplyDeleteThe markets for FKLI & FCPO have been behaving wild. This is part of trading. I honestly have no clue what the next direction for now. This is one of the tough moment that I as a trader have to live with.
Hi ashafiqcapital,
"Bull Sarawak" and play of the word 'Bursa'.
:)
Abel
If trading is volatile, why you have
ReplyDeleteto keep a StopLoss of 60 pts. must well
just close it. Normally a 20 ~ 30 point
is more than enough.
One sen idea .
Hi,
ReplyDeleteThank you for your suggestion. I tested it before, there will be a lot of in and out as 20~30 points for stop is too tight.
Regards,
Abel
be cool abel.. dont prejudge and try to outsmart the market.. 50pts stop for cpo is too near, 20/30pts sap sap sui "kena" stop out, let the market decide for you.. this what i'm doing all this while from 1995, only 1997 crash i'm battered because i thought & judge market too low already at 500 level and i go LONG, as you know market drop to 240+/-.. hahaha
ReplyDeleteAbel sir, what do you think of the FCPO market now? My opinion is the time is ripe to put on some shorts.. 3630-3650 levels seems like a good resistance and there's confluence with the 50% fibonacci from the high of 10 Feb till 24th Feb low.
ReplyDeletewhat was your rule? if you dont mind to share
ReplyDeleteHi Ashafiqcapital,
ReplyDeleteA confirmation is needed for the correction like violation of the previous low. The high of today 3648 seems like a resistant now and your mention of 50% fibonacci level seems logical too.
However, a break above 3648 would mean I new beginning of the surge.
Hi EGS,
Are you talking about trading rules?
Regards,
Abel
yes,
ReplyDeleteshort at 3630 today. still wait to go out
Hi EGS,
ReplyDeleteMarket is at your favor!
Abel