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| Monday, October 22, 2007 |
| This is why I can't be an intraday trader |
This is just a reflections post. I remember in the past, lets say February, I cut counters that are still ok, while it helped in that I have capital to buy low, I made unnecssary trades. Forward it to August, I practically did the same thing. And forward it to October, I did similar things too. But one starking similarity is that I made unplanned decisions. This has been a bane for me so far, and it is a tough path to train myself. But currently, I am doing that, and it is a totally different feeling.
I am holding paper losses to most of my counters. I have enough cash to re-enter trades. I don't look at the counters so frequent today. In my mind now, I have scenarios going on in when to take a cost average, when to cut. This is something I have never really put to practise and you know, for the first time, I am feeling damn neutral about the correction. In fact I see a grin on my face when I see the prices fall. I am waiting to use my Opportunity funds to top up current positions or to take advantage of weakness. And all these could be done by following this rule.
DONT MAKE DECISIONS ON INTRADAY BASIS.
This is what I gathered from experience and I know from my ability that I suck at intraday. Maybe this is because too many things can happen at the same time and as I hold more counters, I get confused. Decision making should be done at end day. This is how my system is planned.
Right now, FerroChina is near my cutloss but I did tell myself that I have a "tier 2" fund readied to average it when it shows reversals. Same goes for AsiaEnv, PacAndes, CAO, with some for advSCT, OKP, Rotary and TW. The latter are mostly to capitalise on weakness and I will tread carefully not to fall into the trap again of buying too many counters.
It will be an interesting week I tell you and imagine the repercussions if the FED don't cut their rates. That is something I have to think about. |
posted by Nenix @ 1:33 PM   |
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| NenixDreams Fund |
| Fund launchprice on 1st August 2006= $1
Target for 2007 = Beat STI index
Current price of NDF as of 1st Oct 2007 = $1.58
Current price of STI as of 1st Oct 2007 = $1.54
Difference with STI index is 0.04
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