Sunday, October 25, 2009

Old WIse Word From Jesse Livermore

The speculator's chief enemies are always boring from
within. It is inseparable from human nature to hope and to fear.
In speculation when the market goes against you -- you hope that
every day will be the last day and you lose more than you should
had you not listened to hope -- to the same ally that is so
potent a success-bringer to empire builders and pioneers, big
and little. And when the market goes your way you become fearful
that the next day will take away your profit, and you get out
too soon. Fear keeps you from making as much money as you ought
to. The successful trader has to fight these two deep-seated
instincts. He has to reverse what you might call his natural
impulses. Instead of hoping he must fear; instead of fearing he
must hope. He must fear that his loss may develop into a much
bigger loss, and hope that his profit may become a big profit.
It is absolutely wrong to gamble in stocks the way the average
man does.

Saturday, October 24, 2009

Weekly Review Oct 19-24 2009

Bullish : Break above 1100
Sideways : Between 1080 and 1100
Bearish : Break below 1050

SPX tested 1100 two times on Monday and Wednesday. If SPX can break through 1100 then we may see upside rally.
The interesting part is RUT already made High at Sep 23. Tested new high again on Monday. We may see more downside but not very far until the Bull came again.
My View Remain Sideway.

Support 1 : 600
Support 2 : 580
Resistance : 625

Here's the condition.

Monday make an important role. On Friday Price level touch Trendline and S2. However, there's strong chance the market will test the Thursday Low. Bear Friday can't make the new weekly low so the Bull still had stronger chance.

Bullish condition : Close Above EMA 20 and Break higher on Tuesday.

Friday, October 23, 2009

Friday Chopped to Death

Nett Loss : -$374++

I screwed myself. I knew exactly when housing got out, the market will spiked up and going down for the rest of the day. But what I do? Longing..YES, my brain didn't like go with the trend. I entry about dozen times and the result quite disaster.

Friday was a rough bear. Chopped, Noisy, Whipsawed, you named it and I forgot the big picture.

There is good news and bad news.
Good news is I am disciplined enough to go out, Bad news is if I don't discipine, then at least I will breakeven.

So in sumary, it's a more learning experience for me.

Thursday, October 22, 2009

More than a Bounce

Nett Profit : $310++

What a rally...I saw the rally with blank stare.

Wednesday, October 21, 2009

Expecting A Bounce

Made a nice $300++ profit Wednesday. Expect a bounce from the EMA and Trendline Thursday.

Tuesday, October 20, 2009

TF Future Rocks !!!

It had been 5 days I trade live on TF only. And I quite liked it :)
It's not about 5 consequtive winnings I made, or $500++ I collect from it but it's about the method.

Now my next challenge is to keep a good journal, and record the market. My CAMTASIA Crashed when record too much screen.

The Level II also important to here's the list:
Primary :
1. TF Chart (5min & 15min)
2. IB DOM (I don't know what to call, it's the bid-ask TWS screen)
3. Level II (realized just Tuesday)
4. TICK Chart
5. Market Screen with TICK (IB too)
Consider :
1. ES Chart
2. 8 sector
3. Other chart like NQ, etc

My daily journal setup will consist:
1. Pre Market Analysis ( more to come )
2. What moved the market ( news,earning,etc )
3. Entry to Exit + reason
4. Objective Plan include daily target
5. My Brief Thought

My weekly target consist:
1. All Major Market Charts
2. Weekly Review & Wrap Up

I'll post it on my Blog..Have a great trade.. :)

Monday, October 19, 2009

Challenge with Freedom

On Wednesday to Friday I had a meeting at Bali. Then I want to challenge my future-dream lifestyle that's Trade anywhere, even on holiday.
So I made a debut with TF. 1 contract, setting stop limit, and I had $200 with only 1 trade / day. My Stop Loss less than $100 per trade.

Though it's just a small profit but I was very happy. I simulated and watch TF consistently for the last 2 weeks.

I knew someday I had to cut losses. But when that day came, I am ready. Because Cutting Losses is a part of trading.

I want another vacation and making money while on it at the market again. Dream Come True.

Monday, October 12, 2009

See You Later AMZN

I had a good trade this Sept. But I can't stand with Stocks that won't go with the Market Sentiment. Like Big Losses I had on Monday (-$563++). AMZN go South while market on Bullish Choppy mode. AMZN much behave like RIMM these days. Screwing all by herself.

On the other hand my TF trade looking great. Unfortunately it's a SIM.
Then I will go with TF. Life goes on...