Trade recap 03-August-2005
In the early morning (GMT+8 830am), I have decided to put in Sell stop order for Corn Dec05 and a Buy stop for MSCI Tawai August contract. Putting on these two trades was based on my system signals. Everything was planned.
Corn market opened slightly higher comparing to yesteday’s close. I believed it is still in short term downtrend. I thought it might be another waiting day. I was kinda of surprise after seeing my order got filled after coming back from lunch,as market was rather slow. So, the first reaction was, ‘did i miss my stop loss point?’. Nope. I keyed in my planned stop order. Market did went in my favour for a while, but selling force was rather weak. I was tempted to exit the position with a loss of commission only. But I did not. Reason? i insisted to follow my system. Experiences of missing profit and making losses when i did not follow my system suddenly filling my mind. So , i closed the quote screen, and continued my works.
Well, an hour before market closed, my stop loss got filled as well. ‘Darn it’. Feeling down for 15 seconds. I smiled and record my trade into trading journal. Yes, i made a loss. But i am feeling alrite. It was not because the loss is relatively small, I followed my plan. Everything was in order. This is the very first trade in commodity, having trading index futures for quite sometime, I finally got a feel of commodity futures trading, and better knowledge of price movement. Corn closed low, but it was above my entry price.
Buy stop of MSCI Taiwan was far away from opening price. This is a system signal. Again, during the day, i was so tempted to create a sub system within my system, which was buy on open and do a day trade for fast money! I did not. I did that before, made profit before, however most of the time, my balance sheet turns red at the end of the month whenever i did that. Well, order got eliminated after market closed.
It was a day with losing trade. It was day with discipline.
