Thursday, March 12, 2009

ES Trading - 12 Mar 09

Dear fellow traders :

Most of the trades here were done to recover the loss of -10.50 points suffered earlier. These trades were NOT executed hazardously or randomly although it's still paper trading. Noticed I still make some trades within 9.30am to 10.00am EST, BUT this time I went in when indicators show that there's high probability of ES trending downwards during that time. And this time I kept my stop loss tight at max. 2 points. Scalped for 0.50 to 2.00 points in a few trades. By 10.30am EST reduced the loss to -2 points.

Wanted to call it a day. But near 11.00am EST saw the indicators showing a probable downward trend thus I went in short. But near 12.00pm EST saw the indicator starting to turn up. Not going to fight the trend and exited with a 0.25 point gain. Loss reduced to -1.75 points.

Note that if I didn't exit my last trade, I would have chalk up massive loss coz the ES kept trending upwards from then.


Tony Chai


Anonymous said...

March 13, 2009
Trading 'expert' ordered to refund fees
Course trainees were upset that option trading instructor's doctorate came from an unaccredited university
By Sandra Davie

A group of 49 people scored a legal victory over a self-styled expert on option trading who turned out to have a dodgy doctorate from an unaccredited American university.

A dozen of the course participants said they had paid Mr Clemen Chiang between $3,600 and $4,000 last year for a three-day course on option trading - a complex and risky investing technique which often amounts to betting on share-price trends.

Several had also forked out another $960 for training software and a handful paid $1,600 to $12,000 more for online tutorials referred to as 'webinars'.

Mr Chiang, a 34-year-old Nanyang Technological University engineering graduate, has been running these seminars for a few years at his Freely Business School in North Bridge Road.

He would tell students his own success story of how he made millions, and he drew hundreds of participants.

He claimed to have a PhD in option trading, a rarity in the finance industry here.

But when it came to light last year that his doctorate was from the unaccredited Preston University in Alabama, the group of 49 wanted their money back.

Yesterday, the Small Claims Tribunal found that Mr Chiang had misrepresented his qualifications. It awarded all participants a refund of close to 80 per cent of their fees for the seminar and a full refund for the cost of the software and 'webinars'.

Tony Chai said...

Hi :

Thanks for highlighting this.


Tony Chai