A halt to my plans

It is just as well that none of my trades materialise. I was awaiting a breakout on ST Engineering, but instead it broke below its support. Wilmar, Noble and Olam all plunged on Friday (10 Oct), thereby not triggering any buying that I would love to undertake. Even though Olam still met my buying criteria, I have long decided to ignore this one as the risk-reward ratio (as measured by Fib retracement) is just not worth it. Hence, no action for me yet in the stock market. But i am not in a hurry....

I read in the Edge today that the marine plays are making new lows. Particularly interesting to me is Jaya, which is slated to reach a minimum target of $0.80. Should I short? But note STI is already at the Dow Theory critical point of 1900+ (50% from high of 3800+). A case of too late to the party? I think I have no choice but to skip this one. Remember, go only for the high probability trades.

I also have a sudden idea. I read in the Sunday Times today a Mr Getty Goh has launched a book on Mistakes of Novice Investors in the Property Market. Coincidentally, I was reading this book at Harris yesterday. Really, a very simple book, and actually quite easy to write. Maybe, I would like to publish a book, and call it "How I profited from the 2008 Stock Market Collapse". Only thing is, I am still awaiting for results to show.

I really agree that things are going to be a lot more worse, before they get better. So there should another round of shorting opportunities, after the impending technical rally is over. So, wait like a hunter I should. Discipline is the key to success in the stocks trading.