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 […]
Rant
Happy Lunar New Year
I am leaving to Malaysia tomorrow. It is time to celebrate Lunar new year with my family and enjoy my mum’s cooking. 🙂 It is a tradition of my family to have reunion dinner on Lunar new year eve. I’ll be back to trading next Thursday. This is year of Boar ? . I wish […]
Quote from Linda Bradford Raschke
Linda Bradford Raschke mentioned some wisdoms of short term trading in The New Market Wizards: Conversations with America’s Top Traders. I put a great deal of effort into getting the best entry price possible. I feel this is probably one of my strongest skills. In day trading, a good entry price is critical because it […]
Another quote from Paul Tudor Jones
Here is another piece of trading rule from Paul Tudor Jones, quoted from Market Wizards: Interviews with Top Traders. The most important rule of trading is to play great defense, not great offense. Every day I assume every position I have is wrong. I know where my stop risk points are going to be. I […]
Month in review January 2007
I start the year with new trading plan and focus on NQ futures (E-mini Nasdaq-100) trading and one setup. In total, only 10 trades were made this month. I closed the month with 5.31 R. Well, more works need to be done.
Postmortem 29-Jan-2007: Lack of patience
Nothing much to write about todays trade. It was the result of being impatient to wait for a good setup. I took an very poor setup. I am not going to think too much over this trade. In the business of trading, you pay for your mistake. I start testing my strategy in E-mini Russell […]
