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It's been a while since the last update, being overseas (I've lost count the number of trips I took) and serving the nation.
I was glad to receive many calls in the process, asking for my views on the market etc, and am heartened to know that all of you found the market updates useful.
The past few months had been a humbling experience for me, missing the 1st quarter of SG / US rally, which could have potentially increased my portfolio significantly by another 20-25%, and having to cut loss on a couple of trades when the pullback wasn't deep enough. Well, shit happens and I will just wait for the next opportunity.
It has been a long while since our last Monthly Update. Had an amazing 2 months resting and being around with my loved ones and having back to back festive periods (Christmas, New Year and Lunar New Year) made it sweeter.
I have been trying out new strategies since Jan, and I will be showing you guys the results later.
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.
Hope all of you managed to follow through with last month's market outlook. For those who did, congratulations on taking long positions and making significant profits.
I will be trading tonight, taking up some long positions in the US market.
Read the post for more details.
Congratulations to those who bought on a bullish candle on the sideway movement - once again, as mentioned on the previous update.
What is going to happen next?
I am expecting a pullback or a period of consolidation soon. Traders & Investors alike, should not be looking to long.
On a longer timeframe, STI is forming a trend reversal and turning uptrend soon. We will see in due time.
DJI and S&P
From the previous update, I have long some counters .
For Dow Jones, we see a small period of upwards consolidation and I have been waiting for a breakout on either direction. Last night, the wait is over, and we can see a strong bullish breakout candle based on last night's trading session.
For S&P, we saw a small pullback, followed by small white consolidated candles and breakout.
What is going to happen next?
Instead of buying Dow Jones or S&P index directly on a breakout play, I will be filtering some uptrend stocks to long.
Breakout will succeed and go higher. 30% probability
Failed breakout and will lead to a strong pullback. 70% probability.
Stock Portfolio on $10k Challenge
As of 8th December 2016
Portfolio is up 37.16% year to date. I am happy with my performance for the year, and hoping to close off the year at 40%.
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Time for our Monthly session. I will update you guys once I have managed to do up the Monthly Market analysis on video. Once that is up, you can expect massive value and content to be heading your way.
On a side-note, there is be no more 938FM radio interviews scheduled till 2017 due to my busy schedule. I will let all of you know my 938FM radio slots in 2017.
For those who have been following the market updates closely, I am preparing to take some trades either today or tomorrow. Be ready.
As you guys know, I was in HK and was stuck during the typhoon. Glad to back in one piece.
From the previous update on STI – you can refer to the previous post, all of you knew that I was expecting either an attempted breakout followed by a correction, or a pullback.
The attempted breakout, followed by a correction did occur.
As for DJI & S&P, the pullback did not occur and a breakout ensues. I did adjust my positions and profited from the breakout. The dynamics have changed and you should take a look on my outlook going forward.