Sorry guys, haven’t updated for a while. I had this post in my draft for quite a long time, I should have posted earlier.
As said by “e.” in my May option post: [quote]Also, mixing strategies on your portfolio – is not a good idea. It muddies the clarity of your actions. I open a position with a limit-order, and follow up with a trailing stop to close me out, because I, a. know my entry point in-advance, b. know my exit point in advance and c. know my acceptable losses – in advance. I am my own worst enemy – trades I place should be on autopilot – taking my emotions (fear+greed) out of the equation.[/quote]
Excellent point. I had become very emotional with my trading these few months and it’s hurting my account badly… I’m in the red now. About 40% of my original capital is gone. That means I’ve lost all my profits from last year plus 40% of what I had originally put in. I won’t post the trades here coz I haven’t updated for a while and I can’t even remember which stocks are from which system anymore.
I was following Wang’s picks (recommended by a friend) and just kept on losing, but Wang made money. I just want to clarify this though, Wang’s picks is not a stock pick service at that time. He was just displaying his trades like what I’m doing except his is real time. I tried trading one or two of his stocks and got some gains, so I decided to go all in (I don’t mean 100% capital, perhaps 20% each time). Little did I know Wang’s an aggressive trader, sometimes he averages his cost, sometimes he buys options on expiry day and sell it on the same day. With my $3k it just wasn’t enough to trade like him. At one point, my option buying power couldn’t afford to keep up anymore. Another thing was, the market started going downhill and so did my funds.
I am focusing more on my online business that puts money in my pocket every month instead and put my funds in a forex investment fund my friend is starting, he has a good track record and the estimated return is about 5-15% per month. It doesn’t mean I’m giving up no trading though, I just need to re-align my focus. There are sooo many trading strategies out there but I was more interested in reading about online marketing materials than trading ones. Very ironic considering that 90% of my blog is about my trades (It’s easier to publish my trades than write about online business… I’m just lazy to type hehe… maybe I should go video :P). Anyway, my point is… I’ll come back to trading when I’m ready again.
I’d still recommend Masters ‘O’ Equity, I have to admit that I started losing more $ when I drifted away from this trading system. Such a pity but a good lesson about discipline and patience. Moreover, a friend that I introduced to the system became the Master Star Trader of September 2007 (way to go, Bruce!).