Thursday, April 28, 2011

Exit On The Opening Bell With Loss


Date of entry: 27 April 2011
Changed To Short FCPO
I changed to short FCPO July 2011 Future Contract at 3280. It is the low of today so far.

Date of exit: 28 April 2011
Exit On The Opening Bell With Loss
I exited to close the trade on opening bell at 3306 with a loss of 28 points (26+2=28points). Side way market really can kill!

The Loss: RM700 (28points x RM25 x 1contract = RM700)


The balance of my account is RM22,700 after the loss of RM700.
(The details of my account is at My Future Trading Account Records 2011 )

Wednesday, April 27, 2011

Stop Loss Triggered Again


Date of entry: 26 April 2011
Reversed To Long FCPO
I reversed to long FCPO July 2011 Future Contract for 1 contract. What a day!

Date of exit: 27 April 2011
Stop Loss Triggered Again
My stop loss was hit again at 3280 with a loss of 37 points (added 2 points for commission).

The Loss: RM875 (37points x RM25 x 1contract = RM875)


The balance of my account is RM23,400 after the loss of RM875.
(The details of my account is at My Future Trading Account Records 2011 )

Tuesday, April 26, 2011

FCPO Stop Loss Hit


Date of entry: 26 April 2011
Short FCPO On Moving Average Broke Down
I shorted FCPO July 2011 Future Contract at 3295 for 1 contract. It broke moving average low of 3298 (line in green) with a gap down this morning. This could mean a weakness ahead.

Date of exit: Same Day
FCPO Stop Loss Hit
My stop loss was hit at 3315 with a loss of 21 points added 1 point for commission.

The Loss: RM525 (21points x RM25 x 1contract = RM525)


The balance of my account is RM24,275 after the loss of RM525.
(The details of my account is at My Future Trading Account Records 2011 )

Monday, April 25, 2011

FCPO Stop Loss Hit At 3351


Date of entry: 20 April 2011
Long FCPO At The Afternoon Open
I longed FCPO July 2011 Future Contract afternoon section at the open at 3297 for 1 contract. The price is now above both moving averages.

Date of exit: 25 April 2011
FCPO Stop Loss Hit At 3351
My long position was stopped out at 3351 with a gain of 52 points after deducting 2 points for commissions.

The Profit: RM 1,300 (52points x RM25 x 1contract = RM 1,300)


The balance of my account is RM24,800 after the profit of RM1,300.
(The details of my account is at My Future Trading Account Records 2011 )

Tuesday, April 19, 2011

Stop Loss Hit At 1520.5


Date of entry: 18 April 2011
I Realized That I Actually Shorted FKLI This Evening
I did not realize that I actually shorted FKLI in the evening sometimes at around 1550 for 2 contracts at the price of 1522 when the price hit the low of 1520.5 and rebounded. I placed the order and busy with something else.

Reason To Short 1) FKLI is still below moving average high
Reason To Short 2) Bearish candle stick pattern emerged

Date of exit: 19 April 2011
Stop Loss Hit At 1520.5
My short position was stopped out at 1520.5 with a little gain of 0.5 points after deducting 1 point for commission for each contract.

The Profit: RM50 (0.5point x RM50 x2contracts = RM50)


The balance of my account is RM12,300 after the profit of RM50.
(The details of my account is at My Future Trading Account Records 2011 )

Long To Close At 3235

Date of entry: 19 April 2011
Short FCPO July 2011 Future Contract
I shorted FCPO July 2011 future contract at 3218 for 1 contract. It is break down.

Date of exit: Same Day
Long To Close At 3235
I longed to close my position at 3235 with a loss of 18 points after added 1 point for commission.

The Loss: RM450 (18points x RM25 x 1contract = RM450)


The balance of my account is RM23,500 after the loss of RM450.
(The details of my account is at My Future Trading Account Records 2011 )

Sunday, April 17, 2011

AFRAID OF FAILURE

A great article from my guru Mr. Joe Ross ( www.tradingeducators.com ) I thought it is useful to all of us; fellow traders.

AFRAID OF FAILURE
Are you afraid to fail as a trader? Have you invested a great deal in your desire to trade? Do you have a wall full of books? Have you invested most of your money?

Do you feel that failure is not an option now, but are afraid you will? How do you deal with your fear of failure?

How we think and approach life affects how we approach trading. If we are extremely fearful, we won't be willing to take risks. The end result is that we may be afraid to put on a trade. Our expectations, whether conscious or unconscious, have a powerful influence on our trading performance.
As traders we face many common fears, such as the fear being wrong or of losing money. One of the greatest fears is that of missing a trade. Some of us are afraid we're leaving money on the table. All of these are different sides of the same box ─ the fear of failure.

So how do we handle the fear of failure? We have to recognize the basic assumptions that underlie the fear and counteract them.

Generally, rather than coming face to face with our fears, we avoid dealing with them. We may even deny their existence. However, it can be useful to simply identify our erroneous underlying assumptions and change them. When we change our assumptions, we're really changing ourselves.

We need to know what causes the fear of failure. Some of us feel that we must be thoroughly competent, adequate, and achieving. But the truth is we don't have to be that way. Holding such a belief produces fear and anxiety. And if you are a trader, that fear and anxiety can produce hesitation and self-doubt.

Traders who believe they must be competent spend their time worrying about what they did wrong, what may go wrong, and how they will recover should they fail. They are, in effect, distracted by their own thoughts and have programmed themselves for failure.

We can't afford to allow the fear of failure to interfere with our trading success. We don't have to be perfect. Any professional trader will tell you that you're going to make mistakes from time to time. If you're totally immersed in avoiding them, you'll be so anxious and fearful that you'll make even more mistakes. Tell yourself that it's not practical to believe that you must be thoroughly competent. You don't have to be the greatest achiever. Realize that as a trader, you can't live up to a standard of perfection.

If we strive to be perfect, it may actually lead us to the very failure we are trying to avoid.

Tuesday, April 12, 2011

Exit FCPO Short Position With A Loss


Date of entry: 12 April 2011
Short FCPO At The Open - Gap Down
I shorted FCPO June 2011 Future Contract at 3357 for 1 contract. It is a gap down.

Date of exit: Same Day
Exit FCPO Short Position With A Loss
I longed to close position with a loss of 27 points added 1 point for commission since the price did not continue the downside.

The Loss: RM675 (27points x RM25 x 1contract = RM675)


The balance of my account is RM23,950 after the loss of RM675.
(The details of my account is at My Future Trading Account Records 2011 )

Monday, April 11, 2011

FCPO - Stop Loss Hit


Date of entry: 8 April 2011
FCPO Reversed To Long
I reversed my position to long FCPO April 2011 future contract at 3356 right after I was stopped out.

Date of exit: 11 April 2011
FCPO - Stop Loss Hit
My stop loss was hit at 3417 with a gain of 59 points after 2 points added for commissions.

The Profit: RM1,475 (59points x RM25 x 1contract = RM1,475)


The balance of my account is RM24,625 after the profit of RM1,475.
(The details of my account is at My Future Trading Account Records 2011 )

Friday, April 8, 2011

FCPO Stop Loss Hit At 3356


Date of entry: 7 April 2011
Short FCPO On Break Down
I shorted FCPO June 2011 Future Contract for 1 contract.
Reason To Short 1) Price broke below 2 hourly chart reason low and moving average low
Reason To Short 2) Price touched moving average low and reversed downwards

Date of exit: 8 April 2011
FCPO Stop Loss Hit At 3356
My stop loss was hit at 3356 with a loss of 26 points.

The Loss: RM650 (26points x RN25 x 1contract = RM650)


The balance of my account is RM23,150 after the loss of RM650.
(The details of my account is at My Future Trading Account Records 2011 )

Thursday, April 7, 2011

Close FKLI Long Position


Date of entry: 7 April 2011
Long FKLI For Break Up
I longed FKLI April 2011 Future contract at 1556.5 for 2 contracts. It could be a continuation of trend as the price still stay above moving averages with a break up.
I reduced my contract size to 2 from previous 3.

>Date of exit: 7 April 2011
Close FKLI Long Position
I exited the long position after weakness the up trend failed to continue and formed indecisive bearish candle stick pattern.

The loss of 2.5 points (1556.5-1555-1=2.5) makes it RM250 in value.


The balance of my account is RM12,250 after the loss of RM250.
(The details of my account is at My Future Trading Account Records 2011 )