Takeaway from SGX seminar - What it takes to be a successful trader

3Ms to successful day trading
Method - Your strategy
Money Management - Risk / Reward Ratio
Mind - Psychology, remember to manage greed and fear. Most importantly, be patient and enter when the setup is in your favour

What differs 5 star trader from 3 star trader
Positioning size - Increase size when trade is in your favour. Remember, only do that when there is perfect setup

2 rules to note if you want to survive longer in trading
Always trade in trend
When your trade is wrong, cut loss and move on - don't be naive to think you are your own stop loss mechanism

25 June 09 Trade small profit in Asia Timing

This trade is a wasted trade. There should be 25-30 profits but has turn into losses because of hoping the market will continue to trend down.

This night trade is bad entry. Even when RSI shows to long, the MACD does not agree.

This is a good trade during Asia Timing. This is because profit is kept within 10pips and slightly more.

24 Jun 09 Proven trade is better at night

Once again proven that trading during Asia Timing should limit the profit target to not more than 20pips. I will scalp 10pips or slight more so that profit does not turn into losses which is shown in the above trades.

This night trade shows potential of profit going beyond 30pips. Unless you can monitor through the night, it is best to take profit off the table before you sleep. Price retracement could have gone beyond entry price and it this case it move with the trend.

Sampe of good trade at night.

23 Jun 09 Good Trades always happens at night

These are bad trades during asia timing. When market ranges, putting profit at 20pips can be risky. Best to put trade profit at 10pips.

This is a good trade at night time. If monitor the open trade, it could go beyond 30pips.

22 Jun 09 Lucky Trades (Asia Timing)

The above are trades during Asia Timing. They are lucky trades to garner more than 20pips. One should note that market is often in a ranging mode during Asia Timing and therefore should not put big profit target to prevent turning profit into losses.

What then should the profit target be?