Time flies. August seems like a fast month for me. There were also a lot of changes going on with my investment capital, focus and brokers.
Let’s talk about brokers first. I have closed my MFGlobal account as the capital was no longer segregated from their operating account. I shift all the capital to POEMS. I also have another forex account with CityIndex which I eventually closed too as I was looking into an account to trade both stocks and forex. T3B recently got in Kinetic Securities from Australia to offer accounts to us. I must say they are offering what we wanted and these are the reasons why I like them:
- Segregated account (a must)
- Nice platform interface that tells you commission, margins, interests etc. Basically the cost of getting into the trade
- Many order types but I mainly use stop orders and if done (not many brokers have if done orders)
- Good range of stocks
- Easy to edit buy and sell orders
- Trade both stocks and forex (commodities too)
- Can assess stocks database without data charges (unlike MFGlobal which you need to pay for live data to even display stocks lists)
- Nice courteous staff
Of course there is a bad thing about Kinetic. They are based in Australia so I have to Telegrahic Transfer my money to Australia. And dear DBS does not allow me to TT SGD to Australia. So I have to suffer 2 exchange rates conversion. It costs me around S$300! The good news is that they will be setting up a Singapore Branch and a Trust bank account here. So it is better to wait for them to come.
As the POEMS CFD does not allow me to place stop orders out of market trading hours, I find it hard to trade. I tend to enter later (at higher price) and sell later (at lower price). Hence, I decided to use the capital to buy stocks with cash. Especially I just attended Dennis’s “Secrets to Making in Stocks“, I would want to allocate some capital to invest in stocks using fundamental analysis. I still have one live counter left with POEMS CFD which would eventually be closed out (not shown in table).
HL Asia is one good example that I could not get out in time because of not being able to place a stop order. It just dropped away from my desired exit price, which could have triggered if I have a stop order in place.
Looks like a bad month huh? Somehow I did not feel sad about the losses. I have gathered alot of confidence to make money over the long run, and this loss is temporary. It seems like I have detached myself from money and it makes my trading decisions easy to execute. So what gave me the confidence? I attended Teacher Keane’s mass gathering in end Jul where one thing struck me – backtesting. I have done some backtesting on the T3B system and I think I have found the problem with my trading. I was “three feet short of gold”. I know you don’t get what I mean, I shall post the summary of the gathering (I owe you 2 as there were 2 gatherings since I posted the first one) and the backtesting results. Stay tune!
There are no forex trades for Aug as I was patiently waiting for EUR/USD to show a buy signal.
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