Started to learn about trading in Polytechnic since 2015 when a module taught me how to create my own profit/loss calculator. Made my first trade on Silverlake Axis and lost $(196.86). My biggest lost was $(8969.11) on China Fishery (Suspended) when I listened to my Remiser's "opinion" and continued to hold it till trading halted and eventually counter suspended. My biggest win was $2003.75 on Ezion (Suspended). Total loss as of 18 Apr 2018 was $(21,306.77) due to many bad contra trades, but the table started to turn since my first trade in 2019...
Learning points from others and my experiences in trading as a newbie:
- Always have a plan before any trade and stick firmly to it, especially when you are losing in the trade. Always cut loss according to your plan.
- Go small (max $4,000?) at the start and be glad with whatever you have left after x number of trades. You would truly learn only when you have skin in the game.
- Practice your entry & exit estimation until you are confident at it, making sure the probability is at your side.
- Contra only when you have the money to lose. Remember, the bigger your contract value, the bigger your loss.
- Longer holding period usually results in better returns when you pick up a counter at near bottom. Be patient as you sell at your target price. Trim the value according to market sentiment during that period.
- Don't follow what people say, follow what people do. Just take a pinch of salt on what others and analysts say and do your own homework. We are responsible for our own trades.
- To make quick profit you got to be decisive and act fast.
Tools / Indicators / Skill(s) I apply on my short window / long trades:
- Technical analysis
- Fundamental analysis
- Market depth
- Market sentiment
- Gut feeling
Always learning, always growing, and always watching.. Enjoy highs and lows of trading :)