July 2011 Trade Review

If I were to grade myself, I would give myself 'F' for July 2011. I made a lot of mistakes, but am learning everyday. I have chased stocks and yes, I have held positions overnight to trade on earnings as well. People ask me if LUCK is required for traders and let me tell all of you reading this 'YES' luck is required , if you don't follow your trading plan, which I am guilty of not doing. Hence, my rating of 'F' for July 2011.

Things I am doing  to help myself to trade better.
1. I am making a journal of each and every trade that I took and document the reasoning behind it. (cause I feel  if I can't reason my trade, I shouldn't be in it in the first place)
2. Respect my stoploss and not to wait on 'HOPE' to save me from my stupid mistake. StopLoss is there for a reason and I  will honor it.
3. Need to hold on to my winners as long as possible till the markets tell me to get out.
4. NEVEREVER CHASE STOCKS.

I am sure if I follow the above 4 steps then my August 2011 profits will be better than July 2011 ;). In the end, all I CARE ABOUT IS WINNING.

dchsn6

Invested $7K and in Week 4: July 2011:$1,690 profit, Total profit in 5 weeks: $10,770

Following is a screen shot of my week 4: July 2011 trades. I would say I am still on the learning curve and am still overtrading, need to be more disciplined. The markets have been pretty volatile and for me volatility is like CHRISTMAS SEASON for traders. The need of the hour is sticking to your strategy and have a good risk management, whatever is happening in Washington about debt ceiling, I would care less about it, cause all I care about is WINNING!!

Week 3: July 2011:$930 profit Total: $9,080

Following is a screen shot of my week 3: July 2011 trades. I would say I am still on the learning curve and a, still overtrading,need to curb that instinct, but I still managed to end up green for the week, that's all matters cause I am  all about WINNING!!

Analysis of week 2: July 2011

Even thought I made $1,050 in profit, I would grade myself with a 'BIG F' for the week. A couple of reasons
1. Not sticking to my trading strategy. getting into trades trying to forsee chart patterns, when in trading all you require is patience and wait for the right setups.
2. Questrade backoffice systems went down during trading hours this week, which didn't help the matter, as I got stuck in a few trades and could't close out my positions.
3. I overtraded this week.

P.S. I could have made $1050 easily in about 2-3 trades, but I did way too many trades, I traded on charts patterns which I personally would have said NO to, so what I am trying to do going forward is, whenever, I put in a trade I will be placing an arrow underneath the price I got in it and that brings all my attention to that particular point and helps me focus at that particular time.

I will bounce back no mater how hard it is, cause ALL I care About is WINNING!!

dchsn6

Week 2: July 2011:$1,050 profit Total: $8,150

Following is a screen shot of my week 2: July 2011 trades. Markets moved sideways for most part of the week, but I still managed to end up green for the week, that's all matters cause I am  all about WINNING!!

Importance of Sticking to your Trading Strategy

I am not afraid of losing cause all I care about is WINNING. Today when the markets were getting hammered I made trades: AAPL, SINA, LOCM, SWC and POT. I am usually a trader who likes to close out his positions at the end of the day, however, I went against myself and not only I am holding POT overnight, but also managed took almost $800 in loss with a potential of another $2K in POT.
Today I learnt the importance of sticking to your strategy and stick it to the 'T' the hard way, even though I am up by about $7100 overall since June 2011, one bad day and not managing your losses well, can swipe it away in a flush, just like what happened to the markets today.
Learning not to overtrade is something which I need to learn as well especially when I am not sticking to my gameplan, I think today is the 1st day I did over 4 trades.
I learnt sometimes , its good to go away take a deep breath and learn from your mistakes.

I know I will bounce back from a rough day like today and come out, cause all I Care about is WINNING.

dchsn6

Week 1: July 2011:$4,600 profit Total: $7,100

Following is the screen shot of my week 1 :July 2011 trades. Markets are tough, but with the help of options you can benefit whether the prices go up or down :). To me it doesn't really matter, cause ALL I Care About is WINNING!!

June 2011 - $2,500 profit Boom!!!

Hey Guys,
Following is the screenshot of my June 2011 trades.  After writing my CFA Level 2, I actively traded only for less than last two weeks of June with over $2500 profit. Looking forward to make July even better :).

Welcome Y'all

Hey Guys,
Thanks for visiting my blog. I am an active trader and have traded stocks, options and forex. I have been trading for almost 4 years and have developed a habit of picking investments which make real $$$. I am not a buy and hold investor and would like to have the $$$ in my trading account at the end of the day and not hold it overnight.

Trading Strategy: I only trade PRICE ACTION, for me it is the KING and I am one of its devoted followers.
I trade stocks below $20 and options with premium below $10.

I would be posting my live trades (entry and exit) @dchsn6_picks and subscription cost is $200/month ( I figured if I am sharing my profits and ideas, it would be appropriate if I share my expenses too :)).

I am starting my account with $7K and am looking to make exponential profits :).

You can also follow me at @dchsn6 for my day to day blurbs.( the tweets will be delayed, for realtime entry and exits subscribe to @dchsn6_picks)

My personal LinkedIn Profile:  http://ca.linkedin.com/in/lihsingtsai

Disclaimer: All trades posted are my own personal tradesand thoughts which have no relation to my employer. The trades posted are not recommendation to buy or sell.