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Friday, April 30, 2010

What if you can't afford to retire?

Options for low-income elderly folk.

Fri, Apr 30, 2010
The Business Times

By Lorna Tan

The reality of just how much it costs to retire is sinking in for many people.

As a result, more expect not to be able to retire completely - they will need to turn to part-time jobs in their golden years.

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This was a key finding in a recent survey by Russell Investments and The Nielsen Company on how Singaporeans are planning for their retirement.

The findings indicated that about 70 per cent of the more than 500 respondents believe they will need some part-time work to supplement their retirement income.

Singapore's rapidly ageing population is a cause for concern, with the number of people aged 65 and older expected to treble to 900,000 in 20 years, from about 300,000.

Adding to the bleak picture: The survey indicated that only half of Singaporeans who have not reached retirement age have made financial plans for their nest eggs.

It is no wonder that experts constantly emphasise that when you fail to plan, you plan to fail. But for those who do not have time on their side and have yet to start mapping out their plans, not all hope is lost.

The Sunday Times looks at the income options available to low-income elderly people, particularly those with no financial plans. Some of these options look at the flat as an asset, as well as a source of rental and retirement income.

Lease Buyback Scheme (LBS)

Launched on March 1 last year, the scheme allows low-income elderly Singaporeans living in three-room and smaller flats to monetise their flats to supplement their retirement needs.

It is believed that these households need more financial help, as they are unlikely to be able to take advantage of other options such as downsizing to a small flat or subletting a room.

Under the scheme, the HDB will buy back the tail end of a flat's 100-year lease at market valuation, leaving a 30-year lease for the owner. For example, if a flat has 70 years left, the HDB buys 40 years of the lease from the owner. It pays the market rate for the 40-year lease and this money goes to the CPF Life national annuity scheme in the flat owner's name. He will then receive a monthly income stream for life.

According to a study last year on unlocking housing equity for retirement by Dr Ngee-Choon Chia and Dr Albert Tsui, a three-room flat which is now worth $236,000 has an estimated housing value, unlocked from a 40-year lease, of about $109,000 at present.

The monthly annuity payouts from CPF Life through the buyback of the three-room flat is $694 to $724 for a man and $620 to $650 for a woman. Monthly payouts for women are lower than for men because of the longer life expectancy of women, on average.

Both the study's authors are from the economics department at the National University of Singapore (NUS).

To be eligible for LBS, the homeowner must be aged at least 62, have enjoyed only one housing subsidy and must have occupied the flat for at least five years, among other conditions. If the owner dies before his lease runs out, his family gets the refund of the balance.

At the start of this month, the scheme was broadened to include those who previously owned four-room or bigger flats.

It also includes those with outstanding housing loans exceeding $5,000, but who are able to buy an annuity under CPF Life for at least $60,000 with the HDB payout. Previously, the household had to have less than $5,000 outstanding on a home loan.

With the revision in rules, the number of elderly households that stand to benefit from LBS has risen to 34,800 or 82 per cent of elderly households in three-room and smaller flats.

One key advantage of the LBS is that you get to live in your home and at the same time receive a lifelong income.

Mr Ben Fok, chief executive of Grandtag Financial Consultancy, says: 'This option is viable for owners who are comfortable to stay where they are and do not wish to move or downgrade to a smaller flat. They prefer not to sublet their flat as privacy may be important to them.'

The downside is that upon the death of the retiree, he may not leave behind anything for his loved ones. In Asian culture, this may not be well accepted, says Mr Christopher Tan, chief executive of wealth management company Providend.

And retirees may also not like the idea that the house they are living in no longer belongs to them.

Mr Leong Sze Hian, president of the Society of Financial Service Professionals, however, believes that the owner will be worse off under this option.

He believes that HDB flats will be worth more 30 years down the road. After all, they have always increased in value historically, as old flats may be selected for en bloc redevelopment. Under this programme, the residents of affected blocks will be offered replacement flats. In fact, he notes that older flats have generally appreciated more, as they are in mature estates with more amenities.

Based on an annual price appreciation of 5 per cent for an HDB flat, Mr Leong works out that a flat valued at $200,000 now will be worth $864,388 in 30 years.


Another viable option is for elderly people to sublet their rooms. Mr Leong says this option is suitable for the retiree who wants to grow old in his own flat and still have some rental income.

According to the NUS study, about seven in 10, or 74 per cent, of the elderly prefer to 'age-in-place'.

The retiree can also opt to sublet his entire flat by moving in with his children. One key advantage of this is that the appreciating equity of the flat is retained by the flat owner, adds Mr Leong.

Mortgage consultancy Housing founder Dennis Ng prefers this option to LBS, as he believes it is possible to rent out a room for $400 to $500 a month while the elderly person still retains ownership of the home.

Mr Fok cautions, however, that the owner may have to pay income tax for rent collected.

Of course, the inconvenience of having strangers in the house cannot be avoided. The owner will have to contend with losing some degree of privacy as well as putting up with strangers who may have different lifestyle habits.

Says Mr Tan: 'Not only is your privacy being intruded upon, but your whole life may be disrupted too. You share his friends if he brings them back, and you have to share the kitchen, the bathroom, the TV set and more. I am not sure whether a retiree is willing to sacrifice so much during his golden years.'


Another option is for elderly people to sell their flats and downgrade to smaller flats or to HDB studio apartments.

According to the NUS study, significant sums will be cashed out if elderly people downgrade to smaller units. On average, $79,000 or $132,000 can be cashed out by downgrading from four-room to three-room or two-room flats, respectively. The sums could be even higher now, given the current trend of appreciating HDB prices.

If, say, $79,000 is placed in an annuity, a man can get a monthly payout of $502 to $526, and a woman can get $450 to $472 a month, for life.

If the elderly person opts to downgrade to an HDB studio apartment, which costs less than $100,000 currently, the cash proceeds would be even higher, says Mr Ng.

Most financial experts agree that downsizing seems to be the best financial option. After all, most retirees will conclude that they do not need to live in a big flat upon retiring.

The advantages are clear, says Mr Tan.

'You may get some cash for selling your bigger house and buying a smaller one, and at retirement, you do not have to spend so much energy cleaning the bigger premises. At the same time, expenses such as utility costs are lower with a smaller apartment.'

Mr Fok likes this option because it can help to reduce one's debt if there is an outstanding mortgage.

'You clear your debt and use the proceeds to buy a smaller home and be debt-free,' he adds.

Working longer

Mr Tan believes that the real option is really retiring later and working longer. But in order to do that, he proposes the following:

Accept that you have to work through your golden years. This is really a mindset shift, and you must make this shift at least five years before your planned retirement age or before you leave your current place of work.
To suddenly realise that you have to work longer without mentally preparing for it may be very tough to accept for a retiree.

Keep yourself healthy. Many may want to work but find that they no longer have the health to keep working.
Keep yourself relevant to the corporate world. Decide what is needed in the job market now; find something you would like to do and go for training. After all, you are bound to want to do something that you like, so it is best to start preparing yourself early.
If you want to go into business, prepare a business plan and do a cost-benefit analysis. Ask yourself if you can afford to lose your money.

This article was first published in The Straits Times.

Wednesday, April 28, 2010

How the big boys make money

We can learn a lot from investment bankers, who are the biggest and baddest deal makers in the world.

Wed, Apr 28, 2010
The New Paper

By Larry Haverkamp

WANT to know how the rich get richer?

We can learn a lot from investment bankers, who are the biggest and baddest deal makers in the world.

The granddaddy of them all is Goldman Sachs, with earnings of US$1 billion (S$1.37b) per month. Two weeks ago, the US Securities and Exchange Commissions (SEC) charged it with fraud. As expected, the company denied all charges.

The SEC's complaint provides a rare glimpse into the world of high finance. The case involves 'synthetic credit default swaps' but to simplify, I'll use the metaphor of fire insurance.

Here are the charges explained in 7 steps:

Step 1
Mr Paul wants to buy fire insurance for 10,000 homes. To increase his chance of making a claim, he prefers homes surrounded by dry wood and gusting winds.

As we would say in Singapore: 'Sure burn.'

Step 2
He needs someone to sell him the insurance. And to keep premiums low, he needs them to believe the risks are low. He would like to pay only $100 for each $100,000 of homes insured.

Step 3
Mr Paul asks an investment banker - Mr Gold - to put the deal together and find the insurers who - naturally - prefer a package of homes with low fire risk.

Mr Gold doesn't tell anyone that Mr Paul is working behind the scenes to select a portfolio of homes that are likely to burn.

Step 4
Mr Gold hires a sub-contractor - Mr Sam - to 'officially' select the 10,000 insured homes. Mr Gold permits Mr Paul to quietly assist Mr Sam in the selection process.

Mr Gold hires another sub-contractor - Mr Moody - to rate the portfolio's 10,000 homes. Mr Moody is on Mr Gold's payroll for this and many other jobs.

He is very helpful and after inspecting the portfolio of 10,000 high-risk homes, he declares them safe and confers his super-safe AAA rating.

He later says it's because he was kept in the dark about Mr Paul's involvement.

Step 5
What investors see is a standard deal to insure homes selected by Mr Sam and rated AAA by Mr Moody.

With these solid endorsements, Mr Gold sells US$2 billion to investors, none of whom are told that the counter-party to the deal is Mr Paul, or that he designed this product to fail.

Step 6
One important detail: This isn't really insurance. That would require an insurable interest which Mr Paul doesn't have.

To get it, he would have to buy all 10,000 homes in the package.

It's expensive and more importantly, if the homes burn, Mr Paul's insurance claim would merely offset the value of the homes destroyed. He would break even.

That is how insurance is supposed to work but Mr Paul wants more. He wants a profit.

To get it, he needs a wager with long odds, like betting on a horse at 100 to 1 odds. That is the deal he gets along with a chance to improve the odds by selecting slow horses to run against his own.

Step 7
As expected, the homes burn to the ground within a year. Mr Paul wins his bet and collects US$1 billion from the counter-parties.

Mr Gold pockets US$15 million for arranging it all. Two years later, he is charged with fraud for not telling investors about Mr Paul's role. Mr Paul is not charged.

This article was first published in The New Paper.

Wednesday, April 14, 2010

Market Wisdom

Extract from "Getting Started in Technical Analysis"
by Jack D Schwager

  1. First things first.
  2. Examine your motives.
  3. Match the trading method to your personality.
  4. It is absolutely necessary to have an edge.
  5. Derive a method.
  6. Developing a method is hard work.
  7. Skill versus hard work.
  8. Good trading should be effortless.
  9. Money management and risk control.
  10. The trading plan.
  11. Discipline.
  12. Understanding that you are responsible.
  13. The need for independence.
  14. Confidence.
  15. Losing is part of the game.
  16. Lack of confidence and time-outs.
  17. The urge to seek advice.
  18. The virtue of patience.
  19. The importance of sitting.
  20. Developing a low-risk idea.
  21. The importance of varying bet size.
  22. Scaling in and out of trades.
  23. Being right is more important than being a genius.
  24. Don’t worry about looking stupid.
  25. Sometimes action is more important than prudence.
  26. Catching part of the move is just fine.
  27. Maximize gains, not the number of wins.
  28. Learn to be disloyal.
  29. Pull out partial profits.
  30. Hope is a four-letter word.
  31. Don’t do the comfortable things.
  32. You can’t win if you have to win.
  33. Think twice when the market lets you off the hook easily.
  34. A mind is a terrible things to close.
  35. The markets are an expensive place to look for excitement.
  36. The calm state of a trader.
  37. Identify and eliminate stress.
  38. Pay attention to intuition.
  39. Life’s mission and love of the endeavor.
  40. The elements of achievement.
  41. Prices are nonrandom = Markets can be beaten.
  42. Keep trading in perspective.

Traits of a Successful Trader

  • Own methodology

  • Love trading

  • Independence

  • Confidence

  • Patience

  • Have an edge

  • Hard working

  • Effortless trading

  • Discipline

  • Disloyalty

  • Risk control

Quotable Quotes

The novice trader will ignore a failed signal, riding a position into a large loss while hoping for the best.

The more experienced trader, having learned the importance of money management, will exit quickly once it is apparent that he or she had made a bad trade.

The truly skilled trader will be able to do a 180-degree turn, reversing a position at a loss if market behavior points to such a course of action.

Human nature will do things that are comfortable but the market will pay the trader for being uncomfortable -
William Eckhardt

Market wizards do not do predictions. They just trade the market and react to the market. - Jack D. Schwager

The trend is your friend except at the end when it bends. Ed Seykota

It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight! It is no trick at all to be right on the market.
Edwin Lefevre

The market is like a flu virus - as soon as you think you have it pegged, it mutates into something else.
Wayne H Wager

The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss and hope that his profit may become big profit.
Edwin Lefevre

There is no such thing as being right or beating the market. If you make money, it is because you understood the same thing the market did. If you lose money, it is simply because you got it wrong. There is no other way of looking at it.
Musawer Mansoor Ijaz

Every decade has its characteristic folly, but the basic cause is the same: people persist in believing that what has happened in the recent past will go on happening into the indefinite future, even while the ground is shifting under their feet.
George J Church

If making money is a slow process, losing it is quickly done. Ihara Saikaku


Extract from "Getting Started in Technical Analysis"
by Jack D Schwager


  1. Differentiate between major trades and short-term trades.
  2. If you believe a major trading opportunity exists, don’t be greedy in trying to get a slightly better entry price.
  3. Entry into any major position should be planned and carefully thought out - never an intraday impulse.
  4. Find a chart pattern that says the timing is right. Don’t initiate a trade without such a confirming pattern.
  5. Place orders determined by daily analysis.
  6. When looking for a major reversal in a trend, it is usually wiser to wait for some pattern that suggests that the timing is right rather than fading the trend at projected objectives and support/resistance points.
  7. If you have an immediate instinctive impression when looking at a chart, go with that feeling.
  8. Don’t let the fact that you missed the first major portion of a new trend keep you from trading with that trend.
  9. Don’t fade recent price failure patterns when implementing trades, even if there are many other reasons for the trade.
  10. Never fade the first gap of a price move! For example, if you are waiting to enter a trade on a correction, and the correction is then formed on a price gap, don’t enter the trade.
  11. In most cases, use market orders rather than limit orders.
  12. Never double up near the original trade entry point after having been ahead.


  14. Decide on a specific protective stop point at the time of trade entry.
  15. Exit any trade if newly developing patterns or market action are contrary to trade - even if stop point has not been reached.
  16. Always get out immediately once the original premise for a trade is violated.
  17. If you are dramatically wrong the first day a trade is on, abandon the trade immediately - especially if the market gaps against you.
  18. In the event of a major breakout counter to the position held, either liquidate your position immediately or use a very close stop. In the event of a gap breakout, always liquidate immediately.
  19. If a given stock or futures market suddenly trades far in excess of its recent volatility in a direction opposite to the position held, liquidate your position immediately.
  20. If selling into resistance or buying into support and the market consolidates instead of reversing, get out.
  21. For analysts and market advisers: If your gut feeling is that a recent recommendation, hot line broadcast, trade, or written report of yours is wrong, reverse your opinion!
  22. If you’re unable to watch markets for a period of time (e.g., when traveling), either liquidate all positions or be sure to have stop orders on all open positions.
  23. Do not get complacent about an open position. Always know where you are getting out even if the point is far removed from the current price.
  24. Fight the desire to immediately get back into the market following a stopped-out trade.


  26. When trading is going badly: (a) reduce position size; (b) use tight stop-loss points; (c) slow up in taking new trades.
  27. When trading is going badly, reduce risk exposure by liquidating losing trades, not wining trades.
  28. Be extremely careful not to change trading patterns after making a profit.
  29. Treat small position with the same common sense as large positions.
  30. Avoid holding very large positions into major reports or the release of important government statistics.
  31. Futures traders: Apply the same money management principles to spreads as to outright positions.
  32. Don’t buy options without planning at what outright price the trade is to be liquidated.


  34. Do not take small, quick profits in major position trades. In particular, if you are dramatically right on a trade, never, never take profits on the first day.

  35. Don't be too hasty to get out of a trade with a gap in your direction. Use the gap as initial stop; then bring in stop in trailing fashion.

  36. Try to use trailing stops, supplemented by developing market action, instead of objectives as a means of getting out of profitable trades. Using objectives will
    often work against fully realizing the potential of major trends. Remember, you need the occasional big winners to offset losers.

  37. The preceding rule notwithstanding, it is still useful to set an initial objective at the time of trade entry to allow the application of the following rule: If a very large portion of an objective is realized very quickly (e.g., 50-60% in one week or 75-80% in two or three weeks), take partial profits, with the idea of reinstating liquidated shares or contracts on a reaction. The idea is that it is okay to take a quick sizable profit. Although this rule may often result in missing the remainder of the move on the liquidated portion of the position, holding the entire position, in such a case, can frequently lead to nervous liquidation on the first sharp retracement.

  38. If an objective is reached, but you still like the trade, stay with it using a trailing stop. This rule is important in order to be able to ride a major trend. Remember, patience is important not only in waiting for the right trades, but also in staying with trades that are working. The failure to adequately profit from correct trades is a key profit-limiting factor.

  39. One partial exception to the previous rule is that if you are heavily positioned and equity is surging straight up, consider taking scale-up profits. Corollary rule: When things look too good to be true - watch out! If everything is going right, it is probably a good time to begin taking scale-up (or scale-down) profits and using closing trailing stops on a portion of your positions.

  40. If taking profits on a trade that is believed to still have long-term potential (but is presumably vulnerable to a near-term correction), have a game plan for reentering position. If the market doesn’t retrace sufficiently to allow for reentry, be cognizant of patterns that can be used for timing a reentry. Don’t let the fact that the reentry point would be worse than the exit point keep you from getting back into a trade in which the perception of both the long-term trend and current timing suggest reentering. Inability to enter at a worse price can often lead to missing major portions of large trends.

  41. If trading larger positions, avoid the emotional trap of wanting to be 100% right. In other words, take only partial profits. Always try to keep at least a partial position for the duration of the move - until the market forms a convincing reversal pattern or reaches a meaningful stop-loss point.


  43. Always pay more attention to market action and evolving patterns than to objectives and support/resistance areas. The latter can often cause you to reverse a correct market bias very prematurely.

  44. When you feel action should be taken either entering or exiting a position - act, don’t procrastinate.

  45. Never go counter to your own opinion of the long-term trend of the market. In other words, don’t try to dance between the raindrops.

  46. Winning trades tend to be ahead right from the start.

  47. Correct timing of entry and exit (e.g., timing entry on a reliable pattern, getting out immediately on the first sigh of trade failure) can often keep a loss small even if the trade is dead wrong.

  48. Intraday decisions are almost always losers. Keep screen off intraday.

  49. Be sure to check markets before the close on Friday. Often the situation is clearer at the end of the week. In such cases, a better entry or exit can usually be obtained on Friday near the close than on the following Monday opening. This rule is particularly important if you are holding a significant position.

  50. Act on market dreams (that are recalled unambiguously). Such dreams are often right because they represent your subconscious market knowledge attempting to break through the barriers established by the conscious mind (e.g., “How can I buy here when I could have gone long $2,000 lower last week??.

  51. You are never immune to bad trading habits - the best you can do is to keep them latent. As soon as you get lazy or sloppy, they will return.


  53. If the market set new historical highs and holds, the odds strongly favor a move very far beyond the old highs. Selling a market at new record highs is probably one of the amateur trader’s worst mistakes.

  54. Narrow market consolidations near the upper end of broader trading ranges are bullish patterns. Similarly, narrow consolidations near the low end of trading ranges are bearish.

  55. Play the breakout from an extended, narrow range with a stop against the other side of the range.

  56. Breakouts from trading ranges that hold for one to two weeks, or longer, are among the most reliable technical indicators of impending trends.

  57. A common and particularly useful form of the above rule is: flags or pennants forming right above or below prior extended and broad trading ranges tend to be fairly reliable continuation patterns.

  58. Trade in the direction of wide gaps.

  59. Gaps out of congestion patterns, particularly one-to-two month trading ranges, are often excellent signals. (This pattern works especially well in bear markets.)

  60. If a “breakaway gap?is not filled during the first week, it should be viewed as a particularly reliable signal.

  61. A breakout to new highs or lows followed within the next week or two by a gap (particularly a wide gap) back into the range is a particularly reliable form of a bull or bear trap.

  62. If the market breaks out to a new high or low and then pulls back to form a flag or pennant in the pre breakout trading range, assume that a top or bottom is in place. A position can be taken using a protective stop beyond the flag or pennant consolidation.

  63. A breakout from a trading range followed by a pullback deep into the range (e.g., three-quarters of the way back into the range or more) is yet another significant bull or bear trap formation.

  64. If an apparent V bottom is followed by a nearby congestion pattern, it may represent a bottom pattern. However, if this consolidation is then broken on the downside and the V bottom is approached, the market action can be read as a sign of an impending move to new lows. In the latter case, short positions could be implemented using protective stops near the top of the consolidation. Analogous comments would apply to V tops followed by nearby consolidations.

  65. V tops and V bottoms followed by multi month consolidations that form in close proximity to the reversal point tend to be major top or bottom formations.

  66. Tight flag and pennant consolidations tend to be reliable continuation patterns and allow entry into an existing trend, with a reasonably close, yet meaningful, stop point.

  67. If a tight flag or pennant consolidation leads to a breakout in the wrong direction (i.e., a reversal instead of a continuation), expect the move to continue in the direction of the breakout.

  68. Curved consolidations tend to suggest an accelerated move in the direction of the curve.

  69. The breaking of short-term curved consolidation (see Chapter 11) in the direction opposite of the curve pathway tends to be a good trend reversal signal.

  70. Wide-ranging days (i.e., days with a range far exceeding the recent average range) with a close counter to the main trend usually tend to provide a reliable early signal of a trend change - particularly if they also trigger a reversal signal (e.g., filling of a runaway gap, complete penetration of prior consolidation).

  71. Near-vertical, large price moves over a period of two to four days (coming off a relative high or low) tend to be extended in the following weeks.

  72. Spikes are good short-term reversal signals. The extreme of the spike can be used as a stop point.

  73. In spike situations, look at chart both ways - with and without spike. For example, if when a spike is removed a flag is evident, a penetration of that flag is a meaningful signal.

  74. The filling-in of a runaway gap can be viewed as evidence of a possible trend reversal.

  75. An island reversal followed shortly thereafter with a pullback into the most recent trading range or consolidation pattern represents a possible major top (or bottom) signal.

  76. The ability of a stock or future to hold relatively firm when other related markets are under significant pressure can be viewed as a sign of intrinsic strength. Similarly, a market acting weak when related markets are strong can be viewed as a bearish sign.

  77. If a market trades consistently higher for most of the daily trading session, anticipate a close in the same direction.

  78. Two successive flags with little separation can be viewed as a probable continuation pattern.

  79. View a curved bottom, followed by a shallower, same-direction curved consolidation near the top of this pattern, as a bullish formation (“cup-and-handle?. A similar pattern would apply to market tops.

  80. Moderate sentiment in a market that is strongly trending may be a more reliable indicator of a probable continuation of the price move than a high or low sentiment reading is of a reversal. In other words, extreme sentiment readings can often occur in the absence of major tops and bottoms, but major tops and bottoms rarely occur in the absence of extreme sentiment readings (current or recent).

  81. A failed signal is more reliable than the original signal. Go the other way, using the high (or low) before the failed signal as a stop. Some examples of such failure patterns are rule numbers 56, 57, 58, 62, 64 and 69.

  82. The failure of a market to follow through on significant bullish or bearish news (e.g., an important earnings report or a major report) is often harbinger of an imminent trend reversal. Pay particular attention to such a development if you have existing position.


  84. Review charts every day.

  85. Periodically review long-term charts.

  86. Religiously maintain a trader’s diary.

  87. Maintain a patterns chart book.

  88. Review and update trading rules, trader’s diary, and patterns chart book on a regular basis.


  1. Define a trading philosophy

    1. Fundamental analysis
    2. Chart analysis
    3. Technical trading systems

  2. Choose markets to be traded

    1. Suitability to trading approach
    2. Diversification
    3. Volatility

  3. Specify risk control plan

    1. Maximum risk per trade
    2. Stop-loss strategy
    3. Diversification
    4. Reduced leverage for correlated markets
    5. Market volatility adjustments
    6. Adjusting leverage to equity changes
    7. Losing period adjustments

  4. Establish a planning time routine

    1. Update trading systems and charts
    2. Plan new trades
    3. Update exit points for existing positions

  5. Maintain a trader’s notebook

  6. Maintain a trader’s diary

    1. Reasons for trade
    2. How the trade turned out
    3. Lessons

  7. Analyze personal trading

    1. Analysis of segmented trades
    2. Equity chart