As we know, the markets had big sell downs. You must be thinking why am I still buying stocks? The uptrend is still intact and this looks like a correction or a big retracement, which means that it still has more upside than downside. I observed that Singapore stocks are still coming down while HK market has already retraced quite a fair bit. In fact, many of the charts have shown the characteristics of what T3B system terms as classic S3 (good potential trades after a retracement). Hence, I chose 2 and placed my stop orders. Little did I know that the market had a big sell down on that day that I got my contract. As I was unable to place a contingent order (to set a stop loss order automatically after I get the contract), my intended stop loss was not triggered. Nonetheless, I set at 8% lower than my entry price as my stop loss for the next day. I was a little uncomfortable knowing that the -8% was within the trading range of the day and I knew I have little chance holding on to the market. This is the disadvantage of HK market over SG, stock prices tend to be volatile and stop orders get triggered frequently. Seems like the correction continues.
Bought 8,000 shares at HK$2.17 on 26 Jan 10.
Sold 8,000 shares at HK$1.97 on 27 Jan 10.
Commission = -HK$350
GST = -HK$12.25
Financing charges = -HK$1.33
Loss = HK$1963.58 (or S$354.35)
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{ 8 comments… read them below or add one }
I don’t know what system you are using. But it seems that you might want to find another system. This doesn’t seem very good based on what I’ve read in your posts, bro.
I don’t know what system you are using. But it seems that you might want to find another system. This doesn’t seem very good based on what I’ve read in your posts, bro.
One shall not blame the system but the person. I should not have made this trade by the way, given the market condition. So the fault lies in me, not the system.
One shall not blame the system but the person. I should not have made this trade by the way, given the market condition. So the fault lies in me, not the system.
I don’t agree with you. The system and the person must be in sync. The system must fit the personality and the individuality of the person, then it will be good. Otherwise, a mix match will result. For example, if you’re a conservative person, you don’t want to buy on breakout. Any system that works based on breakout will result in a conflict between the signal and the inner self.
Find a system that suits you, not adapt yourself to a system.
Gd luck bro!
I don’t agree with you. The system and the person must be in sync. The system must fit the personality and the individuality of the person, then it will be good. Otherwise, a mix match will result. For example, if you’re a conservative person, you don’t want to buy on breakout. Any system that works based on breakout will result in a conflict between the signal and the inner self.
Find a system that suits you, not adapt yourself to a system.
Gd luck bro!
Understand your point. Sometimes it is the psychology of the person that affected the way he uses the system, that resulted in wrong trades and losses. It may not be due to the system that did not compliment the person. Every trader needs to grow his psychology in trading regardless of the system he uses. You may be right that a system that compliments a trader may work better. To me, there are no bad ingredients in the world, but only bad cooks. Most of the time is the person that is at fault.
Nonetheless, I appreciate your concern! Thanks!
Understand your point. Sometimes it is the psychology of the person that affected the way he uses the system, that resulted in wrong trades and losses. It may not be due to the system that did not compliment the person. Every trader needs to grow his psychology in trading regardless of the system he uses. You may be right that a system that compliments a trader may work better. To me, there are no bad ingredients in the world, but only bad cooks. Most of the time is the person that is at fault.
Nonetheless, I appreciate your concern! Thanks!