July 10 was a quiet month of trading for me. I have decided to take a step back and review what I have done wrong. You can see there are no stock trades completed this month. I was mostly trading Forex which also had not much activity, and ended with a small loss.
It was a to step back as I attended Teacher Dennis’s “Secrets to Making Money in Stocks” to gain a perspective in fundamental investing. I did a post earlier to describe the good and bad of fundamental and technical analysis. I have also attended a mass T3B gathering on 30 Jul 10, where Teacher Keane enlightened me on the trading system. I think I found the problem to my stock trading. I was too fixated on individual trades. I should be looking at profitability over the long run and trade the short term. Even though I “knew” about “it’s alright to lose”, I did not realised I was affected. I thought I knew but I wasn’t. To date, I have NEVER enter a trade on the same stock after I cut loss. Many times, it proved that I was early and the next one was the big trend breakout. This proved that I was right on the stock but was wrong not to persist after cutting losses. Doing some backtesting has proved that my account could have ended very much positive if I have persistance with the entries on the same stock. I thought I was a compulsive trader and wanted to slow my trades as much as possible. I was wrong. I was right in the middle – not long enough to reap a big trend, and not short enough to get into every trend. I was totally at the wrong place! The 2 teachers who made alot of money were using these 2 extremes, and there I was, in the middle. It isn’t too late to find out. In fact, I am happy to know now. I have much more confidence in myself now. Never before in trading that I am so clear on what I am going to do.
Anyway, the following table shows the Forex trade results for this month. Maybe I should also review my Forex trades soon too 
You may also like:
- Trading Report Card – May 10
- Trading Report Card – Apr 10
- Trading Report Card – Mar 10
- Trading Report Card – Jun 10
- Trading Report Card – Jan 10
- Trading Report Card – Nov 09
- Trading Report Card – Oct 09
- Trading Report Card – July 09
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{ 2 comments… read them below or add one }
“Even though I “knew” about “it’s alright to lose”, I did not realised I was affected. I thought I knew but I wasn’t…..”
what you (and i) know about are things in the past up until now.
if you are going to trade for another 20 years, that will be 20 years of what you (and i) don’t know!
so facing say another 20 years of unknown how can one trade?
it is precisely one have to learn to trade within the unknown, not to anticipate it but to accept it.
“Even though I “knew” about “it’s alright to lose”, I did not realised I was affected. I thought I knew but I wasn’t…..”
what you (and i) know about are things in the past up until now.
if you are going to trade for another 20 years, that will be 20 years of what you (and i) don’t know!
so facing say another 20 years of unknown how can one trade?
it is precisely one have to learn to trade within the unknown, not to anticipate it but to accept it.