I think I have got to be one of the most stubborn bear in the market. The local market KLCI has hit a fresh new high and yet I still hold short as price broke out from a bounded area as some traders may perceive. Am I a stupid bear in the market?
The cash market never see red for real in days. Dow kept adding triple digit points and perhaps getting stronger in weeks ahead with all the beatings in profit estimates, not to mention the 'bad-but-not-totally-screwed' economic data. Even worse, some economic data had an upside surprise which often see a knee-jerk reaction to the north.
Now, am I just adding onto a bunch of losing positions which time will tell when I'll bust? Am I shaken now? What is my next course of direction? Lets just see next month.
When it broke new high, the best thing to do is to long. If you dare not long, please make sure you did not hold on to short position. Seriously, many trader bust their accounts in this way.
ReplyDeleteYour advice is a classic one and I appreciate it. I do foresee more pressure on the upside and I am ready for it.
ReplyDeletebenny, just wanna ask ....
ReplyDeleteunder which condition will you turn long?
and under which condition will u stay out?
and at what price will u take your profits if lets say the market goes down ?
under which condition will you turn long?
ReplyDelete- Unlikely I will turn long, at best, I only cover my shorts.
and under which condition will u stay out?
- There's going to be a dip sooner or later and that dip could potentially be a reversal or just a correction. If eventually it's a correction, I'll cover and stay aside.
and at what price will u take your profits if lets say the market goes down ?
- no definite answer on this. There's still plenty of room for me to add onto these positions.