February is a very pleasant month initially, with my first trial trade on CPO turn out profitable early in the month. Virgin profit on CPO is easily more than 1k, in less than 1week's time.
That was followed by FKLI hitting resistance at 1560-65 region (Feb 10-15). Hence, went SHORT on FKLI Feb'12 contract (Feb 15). Bugger went gapped down to 1550 region right the next day (Feb 16) , I didn't close my position as my profit target was at about 1540 level. Next thing is know is a gap-up, followed by a rush up to break the 1564 resistance & subsequently made a new high at 1569.5. Manage to close my position with little losses & turn long on the suddenly turn-bullish market. turned-LONG at 1560 region with PT at 1570 level. Queue at 1569.5 to close positions on Feb 21, but orders not done. Missed the chance to walk away with handsome profit & then got locked in the sideway channel after Feb 21 high. Finally, made the decision to close all 3 contracts on-hand at 1553.5, incurring losses of >1k, as compared with the almost in-the -pocket profit of >1k if able to sell on Feb 21.
Well, that's a great lesson learnt:
- Never be stubborn on profit targets, take what the market offers;
- Never hang-on to a trade longer than necessary, in-hope of reaching your profit target.
- A stalled price/points shall only invite the SELLERS & scared off the BUYERS.
Meaningful lesson learnt, the journey as noted below in the chart:
Happy Hunting to all!
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