No comment. If you have followed the market recently, you should know. We are likely to see a rebound day, in fact, futures markets are in positive now. I am not sure if I am going to trade today. At least, I wanna see the dust to settle first.
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To some people in Asia today seems to be a disaster. In this heavy selling day, I found a couple of interesting events.
Here is the first one, I was watching a couple of stocks, and being kicked out by my trading platform. And now I found this annoucement.
Slowness in SGX Live Prices
28 Feb 2007
According to SGX, the live prices provided are currently slow. For trading matters and executions, please contact your Trading Representative.
Second,
It caught my attention when a local broker in Singapore raises Initial Margin of Asian Futures contract today. My one time favourite MSCI Singapore Index, initial margin has been increased more than 40% today to $4,750 per contract for whatever reason.
You need money to make money, in this kinda of market, you need more money to make money.
When I wake up in the morning in Singapore, I see Straits Time Index dropped -157.74, the biggest one day loss I have ever seen since I started trading (It shows I am still young huh). and I see overnight NQ lost -87, YM lost -482.
World stock markets plunged on Tuesday as fears about an economic slowdown in the United States and the end of the Chinese economic bubble sparked a global wave of selling.
Asia was dragged down by a plummeting Shanghai stock market, Wall Street slumped, and the main European indices showed falls of between 2.0-3.0 percent on average at the close.
The sell down of NQ started around lunch hours, and I had already left my desk. The feeling sucks. I was unable to profit from this kinda day. Ok, I was thinking market had gone down “enough”, what a fool.
Stay safe.
Short position of NQ was established around 1116am. I did not expect too much out of this trade as we have a big gap down which took out yesterday’s low as well as last week’s low. Cash market has been losing more than -40 points. The real profit started from premarket , too bad, I was not ready to trade.
Trailing stop was moved, and was triggered around 1140am. Well, uneventful day. One trade closed with break even. 0 R.
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Michael Marcus mentioned some important rules in Market Wizards: Interviews with Top Traders
Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don’t stay with your winners, you are not going to be able to pay the losers.
You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someine else’s style, you often wind up with the worst of both styles. I’ve done that a lot.
I am back to my trading desk. Here is the latest trend table.
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