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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Trades 13-Mar-2007

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No dummy trade today since I can’t see any clear trend. Instead, I have made a couple of scalping trades (my BnB strategy). Long ER with -1 R loss, Short ZG with +0.31 R and Short ZG with +0.09 R (break even trade). End the day with -0.6 R loss.
Stocks index futures market still sucks, chop fest. I am focusing in Gold (ZG) market now.

Pretty tired. Chart later, maybe.

Journal note update: ER2 trade was a dumb trade. I was trying to pick oversold bottom during opening. Instead, it was flat till lunch hour and continued selling. DUMB.

Recently, actions in equity futures seems to be delayed until lunch hour. It is pretty tough for me. Well, seems like there is really a need for me to focus more on a couple of commodities. Of course, again, do it one by one. Now, it is Gold time for me. I just love this fellow. So far, March has been a flat month, well, a little bit negative now.

BnB trading 12-Mar-2007: ZG (100oz Gold) short trade closed

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This is the first trade of my scalping strategy. Since it is a rather choppy day for equity futures. I had a negative view of Gold. Short position of ZG was established when Gold was stalled around upper bollinger band. My target was not achieved and I bailed out when it again stalled at middle band.

One trade closed with +0.28 R gain

[photopress:ZG3min12Mar2007II.JPG,full,alignleft]

Dummy day trading #60 12-Mar-2007: NQ Short trade closed

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I made an attempt to short NQ futures when a new downtrend cycle was formed. And I got stopped out by this choppy day. Trailing stopped was triggered with -0.89 R loss. Tough.

[photopress:NQ200ticks12Mar2007.jpg,full,alignleft]

Journal note: This is a bad entry. Trying to dummy trade when everything was still in the range.  Dumb trade.

To young paper trader…

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I LOST $700,000 IN 3 MONTHS

    Student on winning stock market streak, then he loses dad’s life savings
  • OCT LAST YEAR: Just a student in Australia, he makes $80,000 from trading
  • DEC LAST YEAR: Back in S’pore after exams, he role-plays trading & makes an imaginary $100,000 on 1st day & $110,000 on 2nd day
  • DEC-JAN: Convinces dad to give him life savings of $300,000. But he loses it & the $80,000
  • Feb: Girlfriend dumps him. He stops trading for 2 weeks.
  • FEB: He puts money on stocks of 9 companies when market reopens after Chinese New Year

Here is an very interesting story in Singapore. Here is the news

Just some quick updates

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Again, I am facing the same ‘problem’. I have not been trading since starting of March. With my current style of trading which is very much trend-following stuffs, so, I simply did not have any setup to get in. I am not so concerned about this “problem”, basically, I am just not trading, and the most importantly, not losing.

I have a couple of options. First is to expand my trading basket to commodities. Less dependent on equity only. This ain’t easy though, I am still studying to see if my system works. On the other hand, I am working on a new system on ER2, in which I intend to make it a “bread and butter” or “Pay-the-bill” type of system.

Let’s see if I can make some trades next week.

One side note, I guess, I am getting popular. Why? After getting increasing number of spams comment, now I start receiving negative comments. Holy cows. Anyway, I have deleted them, and I ain’t going to entertain these losers.

Quote from Felix Dennis

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Quote from an interesting article If you want to be rich, first stop being so frightened

  • If you are unwilling to fail, sometimes publicly, and even catastrophically, you stand little chance of ever getting rich.
  • If you care what the neighbours think, you will never get rich.
  • If you cannot bear the thought of causing worry to your family, spouse or lover while you plough a lonely, dangerous road rather than taking the safe option of a regular job, you will never get rich.
  • If you have artistic inclinations and fear that the search for wealth will coarsen such talents, you will never get rich. (Because you fear, in this instance, is well justified.)
  • If you are not prepared to work longer hours than almost everyone you know, despite the jibes of colleagues and friends, you are unlikely to get rich.
  • If you cannot convince yourself that you are “good enough” to be rich, you will never get rich.
  • If you cannot treat your quest to get rich as a game, you will never be rich.
  • If you cannot face up to your fear of failure, you will never be rich