I know the market is not doing good and I know what to look out for. But once a recommendation came from a good friend whom help me made some good money last year. I cannot tahan and go for it. OUCH !!! It burnt me $5K in 2 weeks. And I could have cut it at $2K but my emotion told me to wait for a rebound. And it never comes, the force is strong in the SOUTH POLE. Furthermore, this week I spotted bottom fishing the those lost trade counter and I HELD BACK. Too scared to enter and it went up.
Conclusion, my training is not solid enough. However, I learnt the way of the chart in deep details now. Will try small small when the next signals come. And I found some good tips from this website http://www.sap-basis-abap.com/shares/index.htm. They had a lot of interesting article to keep up in tune if you are burnt, like me, to keep on track.
The following is a series of tips for trader extracted from the same website above.
Tips For Technical Trader:
- Before you enter a trade, determine your CUT-LOSS point, be it 10% or 20% etc.
- Be a TREND FOLLOWER as stock market CANNOT be predicted no matter how sophisticated the software is.
- Take care of the losses and the profits will take care of themselves.
- Capital preservation is the NUMBER ONE rule for Technical Trader.
- Take OUT your emotions and trade mechanically (if you can't do this, then forget about being a technical trader).
- Trading in a bear market means frequent buying and selling, taking advantage of short-term movement.
