Ok you guys win. I can't beat you guys!!
In a local forum, someone said,
"I buy, the price go down. I sell, the price go up."
"I give up. Lost $20k in one month. "
"No more."
We need many of these people in the market to fund our profits. Retail investors and traders who are so penny wise and pound foolish will never appreciate the importance of getting education. They approach investment and trading in the wrong ways.
Everyone knows that in order to profit, he has to buy low and sell high. But many times, he does not seem to be able to figure out that in order to profit, he can actually sell high and buy low (well, I am not talking about naked short position, and don't get me wrong on this). And interestingly, he may be buying high and selling low. Why does this happen? This has something to do with fear and greed.
Fear - afraid to take losses and as a result, losses keep piling up until that person cannot tolerate anymore.
Greed - take profit as fast as possible because it may be gone. So, the person will take profit and later will discover that he could have made more and started screaming and shouting.
Having said that, by getting proper education, this person could have saved $20k. Of course, when every smarter Alec is telling you that "cash is king and thus you should wait", he is also not getting proper education. Please don't listen to these people because they never tell you that you can profit from a bear market first before it reverts. So, instead of waiting for the bull market to come back, why waste time to stay sideline? We have traders who continue to make money in the bear market, me included. It's the result of us getting proper education, and trading with a plan. Don't under-estimate the power of education and don't be afraid of getting involved in the bear market.
Well, who knows when we are seeing this situation in future. But if we are educated, I am sure we know how to deal with this next time.
2008-10-28
2008-10-17
My Dearest Grandmother
I will always remember you, my grandmum, the one who brought my up and took good care of me when I was young. I know you suffered a lot over the last few months, especially whenever I heard from Flora that you were admitted to hospital again.
I admired you for being tough and determined. I admired your perseverance even though at times you suffered tremendous pain. Having said that, you remained positive and had faith on the doctors' diagnosis. You faced the tough test the God put on you this month - for doing an operation which a normal person would not even dare to receive. You were doing well to be honest. We, all members of Wong's family, are proud of you.
Will the God take care of you, and you will enjoy a new page of life.
Your dearest Grandson!
Jack
I will always remember you, my grandmum, the one who brought my up and took good care of me when I was young. I know you suffered a lot over the last few months, especially whenever I heard from Flora that you were admitted to hospital again.
I admired you for being tough and determined. I admired your perseverance even though at times you suffered tremendous pain. Having said that, you remained positive and had faith on the doctors' diagnosis. You faced the tough test the God put on you this month - for doing an operation which a normal person would not even dare to receive. You were doing well to be honest. We, all members of Wong's family, are proud of you.
Will the God take care of you, and you will enjoy a new page of life.
Your dearest Grandson!
Jack
2008-10-09
Whoosh 26 Module 1
Oct 2008 marks a milestone for me in terms of stretching my goals. I was part of the coaching team for Whoosh 26 - Patterns of Excellence (POE) Module 1.
Thank you for the guidance from the various senior coaches, and of course Pete Tan, our POE Head coach.
If you think coaching in Wealth Academy is the same as coaching in POE, please re-think. POE Coaching is 100,000 times more challenging than WA coaching. First of all, Pete expects all coaches to attend the pre-course coaching workshops (all together there are four sessions). I missed two of them and was a bit embarassed when I showed up on the third session. These sessions started from 7pm to 4am next morning. No kidding. Also, I am new to Pete and was not comfortable in front of him on the first night. But ... I am now used to Pete. He is a very tough guy and at the same time, is willing to share his knowledge with the group.
In terms of the actual POE, we had some 40 participants and for the first time as a coach, I understand the rationale of two key activities - WHY MUST YOU CHANGE? and WHY AM I IMPORTANT? Regrettably, I missed the STEEL ROD on the third night otherwise this coaching experience will be more fulfiling I must say.
Overall, it is a definitely a stretch to me, and I look forward to Mod 2 at the end of this month. I am grateful to all the senior coaches from POE for accepting me as part of the Whoosh coaching family. I learnt a lot, and I trusts that we will share our joy and happiness in future Whoosh batches.
What to do with your money now?
I commend the effort by my best pal, Conrad who wrote this short article in his blog ( http://www.conradalvinlim.com/?p=270). I am doing my readers a big favor by presenting Conrad's thoughts to you.
Ironically, I received a few calls recently from my readers and buddies who asked me what they should do in this economic crisis (or should it be named 'opportunity instead?). If you flip newspaper and watch Channel News Asia, CNN and CNBC, you may have heard this phrase very often - CASH IS KING!
When I reviewed the arguments presented by the speakers and journalists, I could not help but to think that some of these arguments are too naive. Why? This is the best time and it is never too late to improve your financial literacy, thereby offering yourself a valuable opportunity to learn how to manage your money. Instead of asking around what to invest and how to invest, it is now your time (yes, your time) to look for these answers.
As nicely put by Conrad, you know your bank deposit isn't that safe because the safe zone is only S$20,000 per account. Cash in milo tins may be safer in that regard. But instead of keeping the money and doing nothing, why do you not offer yourself an opportunity to get education?
When so many people are screaming and shouting about the downfall of the equity market, when so many people are losing money in this market, only a few have equipped the skill to make money. I happened to be one of the few people who had the ability to do so.
Today is 9 Oct, 2008 and over the last 6 trading days, my forex portfolio was up by 17%, and there are still three weeks to go before the end of Oct. When my buddies who hold off to trade options because they are scared of the high implied volatility and wide slippage, forex is my logical choice because it is the largest market and no matter what happens in the equity market, the liqudity and the tight spread the forex market continues to offer make me wonder whether I have made to right decision to move to play and defend in the forex market.
Well, my story is that I started forex education formally only in this March. However, with the proper trading psychology and well-founded business plan, I was able to start my forex business in a few months and am now reaping the fruits of my earlier effort. So, while many people who took up courses and still lost money in forex, and while many people continue to say that forex trading is risky, here is an example - see for yourself how to delay gratification and get yourself some education will help you to survive in this market.
While my friends told me that they have bought nice cars and houses, I always think how to invest in myself first - delayed gratification is painful because one can be easily influenced by the peers. However, instant gratification can be painful when something suddenly happens and you have no time to respond.
If you are seriously in getting some forex education, you can consider the following:
http://www.babypips.com
http://www.theforexbooks.com
http://www.singaporeforexforum.com/forum.php
http://www.gftforex.com/
http://www.dailyfx.com
http://www.netvibes.com/BKTraderFX#FXDashBoard
and many more ...
If you are ready to start your forex education, let me know. I have tons to share with you too.
I commend the effort by my best pal, Conrad who wrote this short article in his blog ( http://www.conradalvinlim.com/?p=270). I am doing my readers a big favor by presenting Conrad's thoughts to you.
Ironically, I received a few calls recently from my readers and buddies who asked me what they should do in this economic crisis (or should it be named 'opportunity instead?). If you flip newspaper and watch Channel News Asia, CNN and CNBC, you may have heard this phrase very often - CASH IS KING!
When I reviewed the arguments presented by the speakers and journalists, I could not help but to think that some of these arguments are too naive. Why? This is the best time and it is never too late to improve your financial literacy, thereby offering yourself a valuable opportunity to learn how to manage your money. Instead of asking around what to invest and how to invest, it is now your time (yes, your time) to look for these answers.
As nicely put by Conrad, you know your bank deposit isn't that safe because the safe zone is only S$20,000 per account. Cash in milo tins may be safer in that regard. But instead of keeping the money and doing nothing, why do you not offer yourself an opportunity to get education?
When so many people are screaming and shouting about the downfall of the equity market, when so many people are losing money in this market, only a few have equipped the skill to make money. I happened to be one of the few people who had the ability to do so.
Today is 9 Oct, 2008 and over the last 6 trading days, my forex portfolio was up by 17%, and there are still three weeks to go before the end of Oct. When my buddies who hold off to trade options because they are scared of the high implied volatility and wide slippage, forex is my logical choice because it is the largest market and no matter what happens in the equity market, the liqudity and the tight spread the forex market continues to offer make me wonder whether I have made to right decision to move to play and defend in the forex market.
Well, my story is that I started forex education formally only in this March. However, with the proper trading psychology and well-founded business plan, I was able to start my forex business in a few months and am now reaping the fruits of my earlier effort. So, while many people who took up courses and still lost money in forex, and while many people continue to say that forex trading is risky, here is an example - see for yourself how to delay gratification and get yourself some education will help you to survive in this market.
While my friends told me that they have bought nice cars and houses, I always think how to invest in myself first - delayed gratification is painful because one can be easily influenced by the peers. However, instant gratification can be painful when something suddenly happens and you have no time to respond.
If you are seriously in getting some forex education, you can consider the following:
http://www.babypips.com
http://www.theforexbooks.com
http://www.singaporeforexforum.com/forum.php
http://www.gftforex.com/
http://www.dailyfx.com
http://www.netvibes.com/BKTraderFX#FXDashBoard
and many more ...
If you are ready to start your forex education, let me know. I have tons to share with you too.
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