We have come to the end of another year. Hope all of you managed to achieve your goals that you've set out in the beginning of the year. It's time for your 2017 New Year's resolutions! (And I'm sure many of you will be rolling over some from 2016. Oops, it happens.)
Mr Financesavvy team wishes the community a healthy and prosperous New Year!
In 2016, I started the $10k trading challenge, where I wanted to prove to the trading community at large, that it is not necessary to have a huge capital to trade consistently and profit in the stock market.
STI has risen by +1.59%, DJI up by +15.24% and S&P is at +11.23%.
I have generated +21.85% for 2016. I was up around 40% at one point before having to cut a few trade losses in Dec itself. Can't wait for 2017 for another year of trading!
For transparency, I've been uploading my trading portfolio on Facebook and monthly updates.
I'll be putting up my 2017 resolutions in another post and to show you guys with tangible steps, on how I achieved 96% of my goals in 2016.
Market Outlook as usual below.
It happened again- as mentioned in previous update. STI has pulled back, after the recent rally.
What is going to happen next?
1. A period of consolidation, to stabilize a higher low. If this follows by a strong rally, this signals a trend reversal.
2. Breaks below current range of 2896 region, falling back into sideways. This represents a lacklustre market for traders and investors alike, and not much action overall.
DJI and S&P
For both DJI and S&P,
A major rally occurred. Congratulations to those who have taken long positions, which I did, from the previous monthly update.
Sadly, I didn't manage to long DJI index and missed a great trade with good risk-reward.
What is going to happen next?
December has always been a quiet month for traders- everyone is away on holiday.
A consolidation or pullback is due. If a consolidation occurs, I will wait for a strong white or black candle and follow accordingly.
If a pullback occurs, I'll take a quick trade and do a short.
Stock Portfolio on $10k Challenge
As of 31st December 2016
Portfolio is up +21.85% for 2016.
Cheers everyone! I'll see you in the market!
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