Everyone, keep me in ur prayers... I spent the past week worrying abt my future, my work, $ mainly. So much so that i was not even motivated to train, skipped training, purposing sleeping in later than usual, giving myself 1 million n 1 reason to skip training or leaving the house.
Hope my work will be smooth going, fingers crossed... traded 2 days this week liao... so far it's rated decent or mayb even gd. The thing abt trading is this. it's never abt money.... cos if I am right, money is just a by-product of the method I used. the tricky part is this, method is not 100%, in fact, it's probably only abt 5%. Strange it may sound, but it's 95% psychological...
I alwis believe there is no fool proof method/strategy to do trading, it's really individual's style. If trading can be 100% mechanical, human would have come up with a system or software, auto trade, why do we still need analysts, bankers, brokers, trader to manual do the work?
Analysis is Psychological, market forces is driven by human sentiment. We all read recently that Sterling Pound (GBP) is at the 1 yrs' low. Sentiment is THROW all the pounds that u are holding of cos!! No 1 wants to hang on to a sinking boat! Technically, it's only 1yrs low - it simply means that 13 mths ago, this was not the case. Is Pound really weak Fundamentally? No, but still it will drop like crazy. This is FEAR.
Same thing as New Highs in the market. U BELIEVE it will go higher... U BUY more cos this is the market sentiment, but what happened to the possible BUBBLE BURST? Still people worry and consider abt it, but majority still BUY! This is GREED.
Fear n greed drives the Market, not fundamentals.As a trader, I dun wanna care abt fundamentals. I only wanna know what do every one feel & i will hop onto the same wagon going towards the General direction! Dun swim against the current in other words!
On the other hand, I must not get too sentimental... esp with company stocks... i may knw that this company is very gd etc, fundamentals etc, good ratings, earnings, P/E etc. But what really matters is whether the chart is nice looking or not! So what if the chart pattern is not very nice? Drop it! U may have heard this"but but.... fundamentals very gd leh! Sure will go up 1!" Who can guarantee? I dun care even what the company does etc. Cos if the chart is nt nice, cfm the company not gd! If the chart is good looking, cfm the company gd - even if I dun know WTF the company does! The chart reveals the Market sentiments of the company already! Dun need fundamentals!
Any traders out there? Share with me what u think leh!?!
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God, hear my prayers! =D
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