Opss! FKLI Stop Loss Hit

Date of entry: 30 Nov 2010
Long FKLI Dec 2010 Future Contract
I longed FKLI Dec 2010 future contract at 1493 for 2 contracts.

Date of exit: The Same Day
Opss! FKLI Stop Loss Hit
I could not believe it. My position was stopped out at 1483 with a loss of 11 points for each contract. I have nothing to say.

The balance of my account is RM 32,900 after the loss of RM 1,100 (11points x RM50 x 2contracts = RM 1,100)
(The details of my account is at My Future Trading Account Records 2010 )

No Follow Through - Exit FKLI

Date of entry: 29 Nov 2010
Long FKLI Now
I long FKLI Nov 2010 future contract at 1493.5 for 2 contracts. I can hold the position till tomorrow. It should be ok for me. The price is now above moving averages.

Date of exit: 30 Nov 2010
No Follow Through - Exit FKLI
I shorted to close the trade at 1487 with a loss of 7.5 points for each contract since the price did not continue the upside.

The balance of my account is RM 34,000 after the loss of RM 750 (7.5points x RM50 x 2contracts = RM 750)
(The details of my account is at My Future Trading Account Records 2010 )

Exit FCPO To Feel The Profit

Date of entry: 25 Nov 2010
Immediate Reversed To Long CPO
I reversed to long FCPO at 3243 for 1 contract right after I closed my short position.

Date of exit: 29 Nov 2010
Exit FCPO To Feel The Profit
I shorted to close my position at 3375 with a gain of 130 points. There is not much reason for me to exit except that I want to feel the profit. The price might continue, but 130 gains is good enough.

The balance of my account is RM 34,750 after the profit of RM 3,250 (130points x RM25 x 1contract = RM 3250)
(The details of my account is at My Future Trading Account Records 2010 )

10 Points Profit Target For FKLI

I did lots and lots of back testing over the weekend and I found out that setting a 10 points profit for each trade seems to be a good way.
I initially did not believe it thinking that I should let the profit run. Out of so many trades for the period of 6 months (based on FKLI 2 hourly chart), 20 points and above gains only occur few times; 4 times actual. We are dealing with probability. If the market has a higher chance to hit 10 points rather than 20 points, why must I try to achieve 20 points and at the end, I got even lesser because the market turn around.

At the time of writing this article, the market continue the plunge for another 13.5 points to 1471. I could have exited at 1475.5 with a pretty profit of 10 points and that's it. Sounds Good right?

FKLI - Exit Trade - No Follow Through Selling Down

Date of entry: 26 Nov 2010
Short FKLI At 1486.5 - Do You Dare?
I reversed my position and shorted FKLI Nov 2010 future contract at 1486.5 for 2 contracts. I don't have to tell you the feeling. It really sucks.

Date of exit: 29 Nov 2010
FKLI - Exit Trade - Long Follow Through Selling Down
I exited the trade at 1484.5 for the two contracts with the reason that the price did not open with a gap down following the US market selling down on Friday. Moreover, it has been down for continuing 5 sessions (candles), there is high chance that the market will rebound.

The balance of my account is RM 31,500 after the profit of RM 100 (1point x RM50 x 2contracts = RM 100)
(The details of my account is at My Future Trading Account Records 2010 )

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.

Cut Loss At the Open - FCPO

Date of entry: 23 Nov 2010
Short CPO Feb 2010 Future Contract
I shorted CPO Feb 2010 future contract at 3169 for 1 contract.

Date of exit: 25 Nov 2010
Cut Loss At the Open - FCPO
I longed to close my position at the open with a price of 3243 with a big loss of 76 points!

The balance of my account is RM 33,350 after the loss of RM 1,900 (76points x RM25 x 1contract = RM 1,900)
(The details of my account is at My Future Trading Account Records 2010 )