Wednesday, January 10, 2007

Painful lesson learnt

Painful day for me..

Cut loss at .049 after hsi opens. Made a loss of 5.3k. My most heavy loss ever!
This lesson must be learnt sooner than later: CUT LOSSES PROMPTLY

Today is a bloody red day worldwide. Almost all the Asia pacific bourses fell. I'm talking about quite a major correction, not those little tiny correction. Has it started already?

Thailand is really screwing everyone in asia. Everytime they do this kind of control in their control, the world's market crashes. First was the asian financial crisis in 1997, then last year dec, then now again.

Another thing I learnt was that if the contra losses are a certain percentage against your limit, you are barred from entering any more buys. I'm at this point now, so until I paid off my contra losses, I can't be trading. Which is good, cos I think i'll take a break for now.

Yellow page final reached it's parabolic blow off point, it fell very sharply by 0.18. Luckily I did not chase this stock otherwise would be in deep shit now. This kind of sharp rise (been rising everyday for past 7 consecutive days) is simply unsustainable. Longcheer fell slightly too, now at support 1.19/1.20. Shouldn't expect it to fall lower.

Total returns as of now: a very disappointing neg. $6.7k

I'll update more tonight of today's bloodshed day.