This month’s trading result is bad and it is time to do some soul searching.
Stock trades
The trend has sort of slowed during the start of April and is not actually a good time to enter. I notice I have the tendency to add positions even when the trend is ending. The best time is the first breakout after the retracement. But as I made more money, I became more aggressive. This is not right. As the market continues to trend, the risk increases as the market can turn down any time. One good signal is that my stocks began to break support. Hence, I must learn to enter at the start of a retracement and stop trading thereafter. Discipline!
As for the trading goals, I am currently thinking whether to scrap it. This is not because I gave up on the goal. I just realised it isn’t right to tell the market how much she is suppose to give me. As traders, we have to follow the strategy and plan, but it is up to the market to determine how much we can be rewarded. Therefore I should just do my best and let the market decide. I think the best way is to use the trading goal as a benchmark to see how well I perform and not as a target to be achieved. I will still keep track on where I stand.
Forex Trades
There is only one forex trade this month. Greedy me traded 5 mini contracts even though my forex trading skills are far from amateur. Now it is back to 1 mini until I can prove myself.
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{ 26 comments… read them below or add one }
one, learn to short the (stock) market, trading only one direction of the market is like playing golf with only one hand.
two, treat trading more of a fishing than sports. you lay the strap and wait for the fish, rather than trying to beat your opponent every time.
three, scrap your goal.
one, learn to short the (stock) market, trading only one direction of the market is like playing golf with only one hand.
two, treat trading more of a fishing than sports. you lay the strap and wait for the fish, rather than trying to beat your opponent every time.
three, scrap your goal.
posting your results openly attract critisisism but it show the humble and honesty nature of you.
through hard work are not sufficient to achieve it, you have to be smart enough to be stupid and not stay smart.
trading is a journey, a journey of self discovery (learn about oneself) and the nature of markets and their connectivity.
if you improve your self awareness through trading, so will your trading results.
posting your results openly attract critisisism but it show the humble and honesty nature of you.
through hard work are not sufficient to achieve it, you have to be smart enough to be stupid and not stay smart.
trading is a journey, a journey of self discovery (learn about oneself) and the nature of markets and their connectivity.
if you improve your self awareness through trading, so will your trading results.
My comments would be:” Learn to be An Investor instead of a Trader. That’s how many of my sifus (Multi-milionaires in Singapore) became Millionaire and that is how I reached my first million dollars in year 2008. I’ve further grown it to about S$1.5 million currently.
My comments would be:” Learn to be An Investor instead of a Trader. That’s how many of my sifus (Multi-milionaires in Singapore) became Millionaire and that is how I reached my first million dollars in year 2008. I’ve further grown it to about S$1.5 million currently.
i agreed,
an investor is definately a trader too, but a trader may not be an investor.
welcome to the million dollar club!
i agreed,
an investor is definately a trader too, but a trader may not be an investor.
welcome to the million dollar club!
Here’s What Day Traders Don’t Understand …
http://createwealth8888.blogspot.com/2010/03/heres-what-day-traders-dont-understand.html
Here’s What Day Traders Don’t Understand …
http://createwealth8888.blogspot.com/2010/03/heres-what-day-traders-dont-understand.html
i’m not against investing, in fact i’m also an investor, but
what some of us can’t profit day trading doesn’t mean others can’t do it.
technically i’m also a day traders (depends on market conditions) and i’m having a lot of fun.
i’m not against investing, in fact i’m also an investor, but
what some of us can’t profit day trading doesn’t mean others can’t do it.
technically i’m also a day traders (depends on market conditions) and i’m having a lot of fun.
in the world of trading, you can create what you want to be,
be it an investor of buy and hold, a day trader, a speculator, a scraper, a hedger, a market marker or even a investment banker doing propreitary trading.
it is only limit by our own immagination.
in the world of trading, you can create what you want to be,
be it an investor of buy and hold, a day trader, a speculator, a scraper, a hedger, a market marker or even a investment banker doing propreitary trading.
it is only limit by our own immagination.
its only in choppy markets that we see the real mantle of great traders. Recollect and continue to trade my friend.
its only in choppy markets that we see the real mantle of great traders. Recollect and continue to trade my friend.
Thanks to all for your valuable comments! It’s the support that counts!
Thanks to all for your valuable comments! It’s the support that counts!
“As for the trading goals, I am currently thinking whether to scrap it…”
trading does not allow you to be indecisive. you don’t think (too much), you act.
only through acting/trading, you will be able to tell you are right in your decision or not. thats the way to trade.
indecisive only brings about more fear and more indecisiveness. be firm in your beliefs and act promptly until proven wrong.
“As for the trading goals, I am currently thinking whether to scrap it…”
trading does not allow you to be indecisive. you don’t think (too much), you act.
only through acting/trading, you will be able to tell you are right in your decision or not. thats the way to trade.
indecisive only brings about more fear and more indecisiveness. be firm in your beliefs and act promptly until proven wrong.
for a trader to make over S$200,000 a year, it is not easy. For an investor to make S$200,000 a year, it is not difficult. One can spend very little time investing. For instance, I own 3 businesses, oversees 10 employees. I also spend alot of time writing for newspapers, being interviewed for Radio, Newspapers and TV….while a trader might need to devote a lot more time than an investor. At the end of the day, it is a personal choice.
for a trader to make over S$200,000 a year, it is not easy. For an investor to make S$200,000 a year, it is not difficult. One can spend very little time investing. For instance, I own 3 businesses, oversees 10 employees. I also spend alot of time writing for newspapers, being interviewed for Radio, Newspapers and TV….while a trader might need to devote a lot more time than an investor. At the end of the day, it is a personal choice.
Thank you Dennis. I appreciate your advice. Trading happened to be something that I want to do now.
Thank you Dennis. I appreciate your advice. Trading happened to be something that I want to do now.
no,
making money through trading is what you wanted to do, thats my opinion.
to succeed in trading, this mind set have to be change, in my opinion.
no,
making money through trading is what you wanted to do, thats my opinion.
to succeed in trading, this mind set have to be change, in my opinion.
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