Was talking to one of my friend and incidentally spoke of the skill tree for diablo. With every experience, there exists new skills which may be in built to us regardless or whether we know it or not.
During our growing up, we might have pumped the wrong attribute or skill but there’s no turning back now.
In your life, what was your attribute or skill which you were honing or were you like a person trying to be a jack of all trades but master of none.
Year 2012 was the beginning of my investment journey, I ended up in the red because of some mistakes i made along the way. Hope this post could alert me on what I should not do again.
1. Buy on gut feel (No analysis was done, buy and hope for the best) – Sometimes its better to sit out and let the boat sail past you then to be on a sinking ship.
2. Buy on analyst call (If every buy call from an analystis right, then a librarian would be a millionaire)
3.Over leveraging and lost on the overleveraged portion (This part is the most damaging since you are using the same system however playing bigger lot size, a loss would damage your confidence level and the amt of your account)
4. Catching a falling knife (Normally you will get injured in real life)
Recently went into a euphoria together with the market and took some unjustifiable risk. Looking back, felt a tinge of regret over my stubborness. It’s 10 more days to the new year and let’s hope that its not the end of the world tommorrow (22-12-2012) so that I can live to fufil my resolutions. Well huat or no huat, life goes on.
Resolutions to make in year 2013.
1. Do not take unnecessary risk (Only do things in a clear state of mind, when proper analysis is done and not from a mobile in a state of euphoria)
2. Have a plan and stick to it.
3. Look at things from all angles
4. Do not over leverage or over trade (Attempt to do only 2-3 trades per month, trading daily enables your broker to earn extra commisions from you, in other words try to be a a sniper)
5. To give myself time to cool down and think about it, once my losses balloon to $X amount, I am unable to trade for that month to discourage revenge trading.
6. Most importantly, STICK TO MY RESOLUTIONS…..
Whats your new year resolution for the new year guys and gals……
Discovered some new tools.
First is the price range
This tool would calculate using historical data how much the price swing has a high probability of achieving in the different time frames, 15, 30, mins , 1, 4 hours and the daily
After seeing this chart, you may have a higher chance of planning on what time frame are you going to trade. Eg, It is not realistic to aim for a 100 pips in the next 15 mins time frame candle.
2nd tool is the price volatility
As all 24 hours are not equal, some hours are more volatile than others. This tool would show you at which timing the price would be more volatile mostly due to some markets which overlaps.
Do you want to be a sniper or a machine gunner.
A sniper uses 1 bullet as he aims patiently and accurately at his target. That one bullet is supposed to hit the bulls eye.
2. Machine gunner
A machine gunner uses alot of bullets and hope that one of them hits the target.
I believe most people may choose 3. Non of the above. However if you only have a choice between these 2 in a non literal way (As in your choices in life). Which one are you?
Realised I had forgotten to document down 2 steps (3A and 3B), I have edited the main post.