Date of entry: 30 Sept 2010
Turned Long FKLI Oct Future Contract
I reversed to long FKLI Oct Future Contract at 1467 for 2 contracts right after I was stopped out Sept 2010 future contract.
Date of exit1: 4 Sept 2010
Close Half Of Long Position
I closed 1 contract at 1478 with 10 points gain. Since the price seemed slowing down in advancement.
Date of exit2: 4 Sept 2010
Stop Loss Hit & Exit All
I exit the other half of my position at 1473.5 for 1 contract only. My stop loss was hit with a gain of 5.5 points gain.
The balance of my account is RM 28,800 after the profit of RM 775 (10points x RM50 x1contract = RM500) (5.5points x RM50x1contract = RM275)
(The details of my account is at My Future Trading Account Records 2010 )
looks like it would be tough to be a full time trader to cari makan...based on your historical entry/exit, seems like the only one sure bet are the commissions gain by your remisier :)
ReplyDeleteDon't get me wrong, your blog is very much interesting but to find that holy grail and make trading a full time is an upfill challenge.
leng chai6
Hi Leng Chai6,
ReplyDeleteTrading is meant to be difficult. And the commission is part of the game. It is like a rental when doing business and we have no way to escape that.
I seriously started this site last year April 2009 and my money has be "up" and "down" since. During these time, I change my methods here and there till recently (last 2 months), I got a firmer method for my trading.
I would suggest to you to start small but never give up. The patience and passion are utmost important.
Think about it this way, if 99.90% of people losing money, where did the money go? let us cheer up and become the 0.01% people!
Hi Abel,
ReplyDeletewhat SMA line you used to gauge for short or long for FKLI ? Do you mind to share ?
Hi,
ReplyDeleteI am using SMA to decide if I should long or short. In other words, I will long only when the price is above moving average and short when the price drops below moving average.
As to what point to act, it really depends on each individual. You have to make your own back testing to find your own points of action.
I hope I answer your question.
Abel
one tend to get whipsawed when SMA are moving sideways...
ReplyDeletewith firmer trading strategy, do you see improved P/L? compared to previous strategy...
ReplyDeletelengchai6
Hi LengChai6,
ReplyDeleteYes, my trading skills improved over time. My account has been improved since the worse time when my account drawdown as low as to 18K.
When you learn new trading method, it is important to do your own back testing to see if it works. This is what I did.
Honestly, I am still keep an open mind to trading. Continuation of learning is the important part of our trading life. It does not mean that you have to change your trading method just because some one told you so. You have to do you own research and back testing to find out.
Abel
back testing... live or how do you that?
ReplyDeletelengchai6
are you fammiliar with jeff cooper momentum trading? yours method look somewhat similar i.e. small stop loss + go after breakout...
ReplyDeletelengchai6
Hi LengChai6,
ReplyDeleteIt is similar to jeff cooper momentum trading; basically it is based on the price break up. But I don't decide my trading decision according to ADX or Stochastic close over.
I am using price break out method based on price action only.
Back testing could be using the past data (assuming you were at that time) or paper trading from now on.
Have a nice weekend,
Abel
hi Abel,
ReplyDeleteOut of curiosity... improved P/L after reading Joe Ross' book or before?... Good... and explains the intricacies of the market known to selected few...
lengchai6
Hi LengChai6,
ReplyDeleteTo be honest, I read this book 6 years ago. It changed my method since then; Based on price break up, I mean. I did not put much attention into into it till I started this blog last year.
His method is not perfect but good enough for any one who wants to learn trading.
What I am trading now, honestly, is not really Mr. Joe Ross's trading method (the writer) but it helps me to know one important thing; Follow the price action, the breakout.
Abel
Hi Abel,
ReplyDeleteThx for your candid and frank feedback. There are not too many out there who are like your goodself, sharing the ups and downs. Trading as you said is a lifelong journey...
LengChai6