During my month long trip in Taiwan this April, I had great honor of meeting one of a formal chief editor of Barron like publication (http://www.wealth.com.tw/) in Taiwan, Wilbur Du. 

During the dinner meeting with Wilbur, we shared our views on the currently politics situation in Taiwan as the country just had its presidential election, how the election result would impact the relationship between Taiwan and China, and ultimately how would it impact the stock market. 

The dinner was very informative and educational for me and I have learned allot about him and from him.  Wilbur is a seasoned chart reader, a technical trader if you will.  As I focus mostly on fundamental, I have little to no experience with technical analysis.  He got me interested in technical analysis subject and suggested few readings.  He agreed to be my mentor and help me learn as much about technical analysis as I can possibly learn and I am very grateful.

So, to not waste any time, I ordered all the books suggested by him as soon as I returned to the states and the complete list of his suggestion are:

1. Elliott Wave Principle
2. Stan Weinstein’s Secrets for Profiting in Bull and Bear Market
3. Technical Analysis Explained
4. Technical Analysis of the Financial markets
5. Reminiscences of a Stock Operator

Yup, allot of readings, I know!  And I also know not everyone can get a chance to have a mentor like Wilbur.  So I have no intention to waste the opportunity and have already started my reading.  I will share my reviews and thoughts from my reading here in days to come. 

Let’s learn the Technical Analysis together!  

NFLD hit my stop-lose @ $2.00 today and so, my trade trigger bought it back @ $2.00.  Now, let’s review the trade.

I shorted it @ $1.85 as I speculate that it will continue its way south but instead going south, it bounced, headed north and broke thru $2.00 per share.  As I have my stop-loss set @ $2.00, I follow my trading plan and bought it back @ $2.00.  So, by the time I got out of the position, I have the total realized lost of $810.75. 

I bought high (@2.00) and sold low (@1.85).  In this trade, I sold it before I have the stock, then I just bough it back to cover.

know yourself, know your purpose.

The key here is to understand my own psyche and know why I want to be a trader.

I want to be a trader because:

1. I am a risk taker and I love the excitement!
2. Trading is something that I haven’t really been doing well at it and is something that I really want to be good at it.
3. I want to achieve the total financial freedom (thru trading and/or thru the building of www.LuckySpeculator.com?) 

My objectives are:

• My main and primary objective in wanting to be a trader is to learn all the things I need to learn to become a good trader, write down the experience of trying to be a pro to build the content for www.LuckySpeculator.com.  Then share all the content with everyone who is interested to be a good trader.
• My second objective is to turn the $25K into a million.

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I thought putting together a trading plan would be an easy job but I was so wrong!  After all the readings I have done surrounding the subject in the past few days, I soon realize that creating a trading plan is not a trivial task! 

For anyone who is serious of becoming a professional trader or even just a good one, then a good trading plan is a must have.

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There is an old saying in business: "Fail to plan and you plan to fail."! 

So I took a one-day options trading class few weeks back and one of the thing we did in the class was the option trading simulation.  Before the simulation, the class did an example trade and knowing me; I went all out and max my allowed trading limit and at the end of it, when I expected to win the most, I lost!  

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So, friends are asking me when I will start my first trade as a lucky speculator, I guess they just can’t wait to see how I lose my $25,000 J

Well, be patient my friends, LuckySpeculator.com is not really ready yet.  For one, I think I might need to put up some kind of disclaimer to make sure I am not legally exposed...  so I googled for some disclaimer and below are some of what I found, make sure you read them before you start reading my blog:

1. Disclaimer 1: This is not investment advice. Do your own homework before investing in anything.
2. DISCLAIMER 2: The contents of this blog shall not be construed as giving rise to liability of any kind whatsoever (in particular but not limited to tort and contract). Neither the authors of this blog nor LuckySpeculator.com shall be liable for any damage sustained, suffered or experienced by anyone for anything related to anything in or omitted from LuckySpeculator.com or links to or from it. The venue for resolution of any dispute related to this blog shall be the planet Uranus and the laws applicable, both procedural and substantive, shall be the laws of the planet Uranus  
3. Disclaimer 3: This is not investment advice. It is merely what one knows nothing is irresponsibly doing with his own money.
4. Disclaimer 4: Trading stocks involves risk; this information should not be viewed as trading recommendations. The blog articles and charts provided here are not meant for investment purposes and only serve as technical example.

Here are some text I stole from fool.com and modified for my blog, LuckySpeculator.com:

The LuckySpeculator.com does not guarantee the veracity, reliability or completeness of any information provided on LuckySpeculator.com or in any hyperlink appearing on our site. No one could read through the thousands of messages/comments I receive each day, check out all the hyperlinked web sites, and research each one for accuracy. That isn't why I’m here. Nor am I here to give you hot "tips," to make "buy" or "sell" recommendations, or to tell you what to do with your money. I’m here to share my personal investment and finance decisions only, and to have fun.

You are responsible for your own investment decisions. The LuckySpeculator.com will not be responsible for any errors or omissions in articles or postings, for hyperlinks embedded in messages, or for any results obtained from the use of such information. The LuckySpeculator.com will not be liable for any loss or damage caused by a reader's reliance on information obtained in our area, or in a hyperlinked area. If you don't accept this responsibility for yourself, then you should not use The LuckySpeculator.com.

If you ignore my advice to do independent research of industries, companies, and stocks, choosing instead to trade solely on information, "tips," or opinions found in this blog, you have made a conscious, willing, free, and personal decision to do so. You have also probably made a mistake.

As cyberspace develops, the freedom and openness from which we all profit can make us the target of touts, hypesters, and frauds. These people could infect my blog, just as they infect other parts of the world. Please proceed with caution and do your homework. And remember: when you access one of these hyperlinked web sites, you're leaving my area so be wary of those who post hyperlinks to strange web sites.