Like many other ppl who trade, the thrill of making huge profits within a short span of time intoxicated me. Somehow is a addiction, like taking drugs, once we get the hang of it ,we cant shake it off.
For a while, i was obsessed in making risky trades and it did reward me well but sometimes i got whack down too.
However it gave me a new perspective on how we should grow our money in a sensible and conservative manner.
I will like to share 2 of my speculative trades here; Genting SP & UPP.
Genting SP, the well known stock for punters. I short(sell first) the stock at $1.77 and cover back (buy back)at $1.74.
A gain of $0.03 gave me a net profit of $2070.45 in a duration of 1 hour and 14 mins. Of course, there are seasoned traders who can earn more than this. Now we move to UPP.
I bought UPP at $0.425 ,hoping it will rally up but it did not. To cut loss ,I sold off at $0.405.
A loss of $0.02 resulted a loss of $2264.21 in a duration of 1 hour.
From above, only one have huge deep pockets to burn, if not the frequent trade that goes against us will make us go bust very soon. We hear a famous quote from seasoned traders "Cut loss fast & Let profits run". There is truth in it but to execute it is not a easy task and it will need a decent capital to absorb the losses.