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Sunday, August 20, 2006

What hapen when you dont listen to your own advice?

You get burned! Yeah, that what happen to me last week, RM3000 loss! The world of trading is like a fierce monster! If you cant tame it. It will devour you to the last drop of blood, literally! Remember my last post before this one? I wrote about protecting your money. I don’t follow it last week. I did have a stop loss but I hope for a rebound so I don’t stick to it. That’s one of my biggest mistakes. The price keeps pummeling further and further and I end up loosing more. If I use my stop loss figure, my loss would be a measly RM250 but look what happen? I lost more then 10 times the amount!

So, please, please and please don’t make this stupid mistake. You’ll curse yourself at the end of the day. Do have a stop and trailing loss and do stick to it or you’ll end up losing more then you ever thought. And one more thing, do set a target or a sensible and achievable target profit and when the price reaches around that amount, just clear your position. Try it and you’ll be amaze how much you can make with so little risk. Happy trading and always wear your ‘cool’ hat!

6 Comments:

Anonymous Anonymous said...

last week was a bull week, 2.++%, 2.++% and 4.++%. how did u lose? were u short or were you long crude?

7:40 AM  
Blogger Harith the Great said...

ya, i did a long on crude oil.. stupid me!it went from 1640 to 1580 imagine that!

2:59 PM  
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Blogger Sharazad said...

My pleasure reference regarding stock market ;)

Keep directing us mate.

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