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Words of Wisdom
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allantanhc
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01-Sep-2006 10:04
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Good discussions. Yes, a trading plan is a must and next is the execution. Buying is less tricky. Most can follow their plans. It is selling. When it is up, one will hope to gain more but just to see that it goes down subsequently. When it comes down, human psychology is to believe that it will recover. Some time it does, often it does not or will take a long time. So, your limited financial resources are tied down to non-performing stocks. Hence, beside having a plan one also must have the discipline to stick close to your plan. This is my experience. |
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ten4one
Master |
01-Sep-2006 08:16
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We all make mistakes and that make us all human. Try to learn from your own mistakes and never to repeat them and over times, you'll make less mistakes (doesn't mean no mistakes)! We're fear only when things are not certain and thus 'blur' our decisions in things we do. To overcome fear we've to eliminate the uncertainty and decision-making would be clearer. It is noises in the environment that makes ones 'fear' even the decision is correct. Therefore, if you really understand what you're doing you should not be fear of anything you do! There is no Book in the world that could teach you the EXPERIENCES from Mr Market himself. We all learn from the Market everyday...................................I'm still learning ....... |
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singaporegal
Supreme |
31-Aug-2006 20:48
Yells: "Female TA nut" |
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There are several ways to conquer your emotions - (1) Do not put all your eggs in 1 basket so that 1 loss will not wipe out all your money - this also reduces your anxiety level (2) Plan your stop levels before you buy into a stock (3) Follow the trend... keep a close watch on the trend using TA (4) Do not listen to rumours. Trust your own analysis |
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august
Senior |
31-Aug-2006 13:54
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Totally agree Nostradamus, but sometime it's the psychology area that is hard to control. Emotion usually plays the fool ; and I am still trying to gain self control avainst fear and greed,.. it has been very hard. |
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Nostradamus
Supreme |
31-Aug-2006 13:41
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One must have a trading plan before he/she enters the market. Always think of the following before you buy.
Do your research first. FA or TA.
At what price?
What price to sell? What percentage gain do I want? Set a realistic goal based on your time frame and market conditions.
At what price or percentage below buying price? |
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derekchong
Veteran |
31-Aug-2006 12:25
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thanks ong, I am guilty of this many time. Still have not learn the lesson. |
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OngHuiH
Member |
31-Aug-2006 12:22
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Allan hi, Thanks. To discuss Rule 3. Let me use an actual eg today Man Wah. I must declared first am vested today 15 lots. So I have vested interest. The support is 0.42. Once break out, next major resistence is likely to be at 0.61. Gain more than 20 cents more than 30%. What happen if the prediction is wrong? Conventinal wisdom suggest cut-loss at 10%. Hmmmmmmmm, not so good a strategy. Another strategy Use nos of bids down for eg. Depending on your risk taking treshold. 5 bids down, sell everythings. Above is juz a viewpoint. ........... Others may have differing opionion. Welcome to share. Regards. |
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allantanhc
Veteran |
31-Aug-2006 12:01
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Hi, Ong, good post. Of your three rules, 1 and 2 are easier to identify. How do you ascertain rule 3? |
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ten4one
Master |
31-Aug-2006 10:22
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OngHuiH is right! If you must go against the trend make sure your data are better and the trend is just a 'shot in the dark' ! Cheers! |
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singaporegal
Supreme |
31-Aug-2006 10:21
Yells: "Female TA nut" |
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Haha... everyone is guilty of this at some point or another! This still happens to me sometimes when I let my emotions cloud my logic. |
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as963725
Member |
31-Aug-2006 10:15
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Thanks Ong,.. I am guilty as charge. |
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OngHuiH
Member |
31-Aug-2006 10:05
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Words of Wisdom on Trading
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