The past 2 months, trades have not been as smooth as I want them to be.
I realised I have exited too soon for some of the trades, for others I have broken my rules & lost $1,700 as a result which set my year profit target considerably.
I also found out I seen to be chasing negligible profit and garnered only 1% return from most trades. I cant seem to hold on to a trade, for fear of it turning (some did turn, others went further & I left considerable money on the table).
Trading has becoming a exciting game for me, almost intoxicating like heroin...
Still I hope I could trade with a clear plan & not forget the plan entirely once I'm in the trade...
STI facing resistance
The last purple oval shaded area, was the area I attempted to short by holding STI Put warrant overnight, and as one could see, the STI gapped up resulting in the $1.7K loss. I was stubborn in my bearish view & only reacted the following day. Had I hold for another day, it would have been worse.
Still one could see that STI failed to break its resistance (around 3275), its not easy to time the market but I think I will stick to the bear side though this time I will wait out the coming fall. Its almost painful not able to trade the coming fall, but the existing instruments to short STI (Put warrants, CFD) are all leveraged with holding costs & I am kinda slow "like a turtle". Thus buy & hold even if fail, at least I could wait out abit & decide what to do.
I shall end here, could feel abit aimless and moody today.
Hope it does not affect you... I am still optimistic to achieve a 10% return this year.
May the trend be with you :)