Think like a turtle

Good trading is not about being right, it is about trading right. If you want to be successful, you need to think of the long run and ignore the outcomes of individual trades.

(page 47)

... the best and the worts performing Turtles came down to their individual psychological makeup. Some took more readily to the turtle way that did others, proving that although trading can be taught to most people, some are better suited to it than others.

An important aspect of understanding the winning trader is understanding how his or her emotions affect trading.



Note : Got it from CK's blog.
RIGHT MENTALITIES

1. It is not about who's right

2. Forget the past

3. Avoid the future tense

4. Thinking in probabilities

5. Playing Favourites

6. Excuses, excuses

The above are taken from my book "Way of the Turtle". Yes, I called those came to learn from me as 'turtles' and it is based on this favourite book of mine. But, for chinese, calling a person turtle could not be so nice. So, I called my trading-students the 'tratle', which means trading-turtle.

It should be a good trading day today.

Will write later as market is opening.

10.00 am : KLCI up about 10 points.

RA : In red, so I grabbed at 0.125 market price. This is for short-term trade.

SYF-wa : Riding on her as a short-term punt.

UOADev : Grabbed at 1.32 done.

EnVair : Cleared at 0.295 during morning market surged. Yes, I lost last week trade, grabbed back the next day after seeing the momentum and gladly clearing today. It is still very much in play. Not going to chase now, wait.

Proton-ch : Cleared this morning at 0.33 when Proton at 4.20 level, grabbed back during short correction and still riding on it.

Benalec : Sold at 1.41 last week, still checking at 1.34 level now. Chek 1.28, support level.

10.35 am : Markets everywhere is bullish.

Proton : At 4.25 level now ... yes, as investors, we wont like Proton. But as traders, Proton is a good ride. Forget about your UMW ... Proton is the best car.

Proton-ch : Cleared all at 0.34 done. Touched 0.345 so far. Will wait to see if I want to grab back. Thanks Proton, I need to service my car tmr and this is just nice.

11.10 am : Proton at 4.30 now. I hv sold my Proton-ch too early again? Collecting last week at 0.30-0.31, today 0.35 is more than 10%, right? I sold 0.33 in the morning, bought back at 0.315 and sold all at 0.34, at 0.35 now ... teach me, how to punt?




SYF : If you check the chart, you will get scared. It is like DVM kinda trade, punt ... gamble, out ... win or lose? Resisted at 0.73, breaking that, it will fly ....  so, betting that it will break that? Touched 0.725 this morning.

Malton-wb : Back to 0.34 and mommy at 0.71.

BJToto : Hey, why coming back to 4.10 again? Ok, will buy at 4.05 or below.

RA : I remembered an accountant told me that RA is fundamentally good. Is it? If I m not mistaken, it was KZen, something like that. I dont read about the deal and such. But, today I am collecting at 0.125, and will check it 0.12 will be done. He/She is an accountant, so ... should be OK to trust him/her, right?

6.45 pm : KLCI up 7 points.

EnVair : Cleared when it surged in the morning but did not grab back when it closes in red. Well, I have average at 0.27 level, sold at 0.295 and it closed at 0.255. That is how short punting could be. It is not advisable to do such trades.

Proton-ch : This is a good trade today and finally closed my positions before market closes. Well, it meant to be short and since it surged up, sell. Period.

RA : Only done 0.125 portion and 0.12 is not done.

SYF-wa : This is a punt went wrong as it came back down to go below my cost price 0.55 which happily done this morning but failed to sell at 0.60. It touched 0.59 but closed at 0.535, which I grabbed more.

All the above are punting stocks ... which might be just a short-fling with no intention to keep. I was away for lunch at Pyramid and such, and when I came back home, market was closing.

Malton-wb : Not done at 0.315 which I queued since morning.

RSawit : Back to 0.89, which I sold last week at 0.94 levels.

MISC  : Continues to be in red ... well, no more container-business? I dont know ... cant remember the bad news. The cloud is darker now but could consider, if there is any technical rebound.

UEMLand : At 2.24 now ... heard that she will be replacing MISC,Gamuda or Plus instead.

Armada : At RM4 level ... watch.

11.20 pm : Bought myself a smart-phone to look smart. Haha ... Samsung Wonder.

DOW down 150 points ... dont point the fingers to the British.

TEH