I'm a stock options trader in Singapore. I'm involved mainly in US equity and ETF option trading. I used to trade Earnings Gapping for a while, 4 years to be exact, but has since stopped using it because it's highly unpredictable; more like gambling. I've later attended a 4-months stock option trading course taught by Mr Michael Woo, where he covered most of the foundations in trading. I've also learned about e-mini trading from him. Currently I'm doing swing trading of US stocks using options.
Dear fellow traders :
Here are my S&P500 e-mini simulated trade based on price action, support/resistance lines.
24 Aug 2009 (Monday) - Profit = $87.50
25 Aug 2009 (Tuesday)- Loss = $162.50
26 Aug 2009 (Wednesday) - Loss = $150.00
27 Aug 2009 (Thursday) - Profit = $100.00
Regards,
Tony Chai
Posted by
Tony Chai
at
4:10 AM
4 comments:
Hi Tony, I'm one of Mr Clement Chiang's ex-student. And I don't think I have benefited much monetarily. I see you turning to Michael Woo. However I'm wondering have you started gaining profit from his methods? 'Cos now getting skeptical of all these training methods. Now even Adam K is going into this and even forex. Maybe you can write something for the ex-students. Are you gaining much from your online marketing business also? Maybe you can share a bit. Thanks! I wish you all the best in your journey.
Hi Bruce :
First of all, don't trade the earnings gapping technique anymore, at least not from the way that Mr Clemen Chiang taught. The way you trade from what he taught resembled more like a gambling technique. You would get your kicks if you hit one or two few hundred percent profitable trades. But you would in the long run never get this type of profit consistently. And with option premium ultra expensive before earnings announcement, your capital will be easily wipt off if you guess the earnings trades wrong a few times in a row.
As for Michael's course, I would say from my own experiences, would give you a good foundation on various aspect in trading. But I felt that if you truly want to treat trading as a business, you would really need more knowledge beyond what Michael taught. That is not to say you should attend every other $3K trading seminars out there. What I felt is you should first decide what trading instrument you would have passion & have the comfort level to trade in. You might take some time in your exploratory phase either from reading books, searching the internet, attending seminar previews or free trading workshops but it's important to get this step right rather than finding out a few years later that a particular trading instrument is not what you've wanted and you would have to painstakingly start all over to search for another.
And once you've zoomed in on the trading instrument that you've wanted, you should have a good understanding whether the risks/reward ratio of the trading instrument suit your trading personality. Let's say you're more comfortable with the conservative ways in which you could trade your trading instrument. Thus, you should now research the technique or techniques that you could trade the instrument this way. Find out everything that you could about the technique(s) and practise, practise, back-test & more practise to check out whether they work in the real trading world, at least using paper-trading in the first few months of course. Mind you, a technique would always look good on paper. It is really up to you to keep experimenting what went wrong although you follow all the rules & than adjust and refine your steps and take caution accordingly to what the market tells you.
Frankly speaking I'm now under-capitalized to do any kind of trading. But that does not stop me from learning & practising the trading technique(s) each & every day from the way that I've mentioned above. I know you might think that if I don't have the capital, why bother to learn the trading technique(s) that I can't even apply. To that, I felt that I can always earn my money from either a job or other means (legally) and build my capital slowly. My goal is to pursue my passion in trading & pick up the necessary skills/techniques to become a trader who can earn an income consistently. And when you have passion in what you're doing, I believe one day the money would follow.
Take care, I would the above helps :)
Tony Chai
Hey Tony, really appreciate your prompt reply. Your detail and honest explanation has definitely help me to see many things clearly. At this point of economic crisis, people are looking for more ways to find income, and of course many others will also come out with ways to provide ways for people to start a business online. Like affiliate marketing, I see you did some research for a while. Recently, I did some research, there are so many selling carboncopy pro, or using it's template. However I'm not very confident in this, doesn't seem to last, looks like a way to get some cash then chao. Have you tried? Did you tried to use this method and get some capital for your trading?
Hi Bruce :
I'm not really into internet marketing anymore although I've picked up some of these knowledge along the way.
But I would always be grateful to Mr Edmund Ng from internet-empire.com. He has the heart & compassion to conduct a complimentary class to a group of disabled people like us to teach us some techniques in internet marketing back in 2007. He earnestly hope that we could earn a living from this knowledge despite our disabilities. He even gave each of us a free DVD of all the internet marketing lessons that he has video recorded so that we could revise what we've learned.
May be you can check out his web-site and gave him a call. He is an SEO expert & I'm very sure he would be the best person whom you can ask about internet marketing. You can mention that I've recommended him to you & I really hoped that he could help or at least guide you in this aspect.
Take care & good luck.
Tony Chai
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