Action 20090421: Long FKLI April 2009 Contract At 974

(I am recording my trading. The followings are my trading actions and records. As good traders, we should keep a good records of all the details like points of entries, reasons of the actioin;long and short, stop loss levels, profits and loss and commands etc. )

Date: 21 April 2009 (Day1)
Action: Long
Price: 974
Volume: 2 lots
Reason to Long:
1. The price broke the recent high 974 which registered on 16 April 2009 and closed at the high of 975.5. This is a bullish candle stick pattern called bullish engulfing.
2. Daily Stochastic is still up even it is at overbought area.
Stop Loss Level: 945 (5 points below recent low of 950)
Profit Target: No target yet.

Date: 22 April 2009 (Day2)
Action: Holding
Reason: The price held well above stop loss level of 945. Tomorrow, I am going to minimize my loss by limiting the losses to RM1600 (5% of my deposit of RM 32250).
Stop Loss: 959 (975-16)
Profit Target: 1st 980

Date: 23 April 2009 (DAy3)
Action: Short to close my position at 978
Profit: RM100 (975-978-1=2 points)
Reason To Close:
1. It was a sideway market at that time based on 15 minutes chart so I decided to closed its 'pick' 977
2. Stochastic also look short term overbought.
Comment:
1. I should not change my position in the middle of the trade since I had my stop loss level at 959 or below 965 (Yesterday's Low). So it is important to STICK TO MY INITIAL POSITION.

Note:
1. One points of FKLI (KLSE Future Index) = RM50
2. Commission needed for buy and sell is RM50 so we need 1 point to be break even
2. Margin (Minimum Deposit for holding overnight) = RM3000
3. I have RM33,250 as deposit and the balance is RM33,350 after the profit of RM100.