Ok. I'm no stock expert, even though I'm holding some counters. I've never tried intra-day trading before, but was tempted to try once, since the returns seem so good for the short time involved.
Uni-asia has been performing hot for the past 2 weeks. It IPO-ed under 60 cents and it opened today at 2.6-ish. Since mid August only! It was rather weird. Obviously there was some speculation going on. So now, do I ride the wave, or just stay back. I know nothing much about Uniasia besides they have some insurance services. That's all I know. I may even be wrong!
This is exactly how speculators do. Ignore the fundamentals, just gamble.
And so I did. Bought 2 lots at 2.6. (abt 10am)
Within the next 30 mins, it went down 2.55. I was sian diao. I really ignored my strategy, fundamentals, research everything out of the window because of this greed. Should I sell? Wouldn't that be so stupid. 2.55. hmm. I don't feel so good. Stupid decision? What was I thinking! It's such a ridiculous idea at this point to even buy it!
Went for lunch and back. Did some calculations, told myself. ok sell at 2.65 if it ever goes there. can cover transaction costs. hope and cross fingers.
1pm, started watching webcast. Saw that the counter was rising. hmm quickly put in my selling bid. I didn't want to have heart attack playing this speculation. It wasn't very fun ... too exciting for me even though not a lot was at stake (pple were buying 100 lots at a go). queued in at 2.66, and within seconds it sold. ok not too bad. made $70 in 3 hrs. Take profits, watch webcasts.
2 hrs later, 3pm. Saw that it had went up to 2.77. Damn! Why couldn't I be more patient. What was I thinking of? Where's my guts?! Hello .... this is trading. can I be more risky. :S
Or... maybe I should short? Since this was totally a rubbish price based on spec. Aiyah. stay off it la. Not worth the heartache....
Went to do some other stuff, TV, newspaper. came back at 4:30. Took a glance. Blinked, and blinked again. What's going on??? from a +10% it was now -26% ! Price = 1.88!
Frantic sell queues, trades made by the second. Volume up and up, prices down and up, fluctuating in the region of 1.9. What can I say? I must have been really lucky. Teresa was just telling me to be happy with my gains (and buy her sth ... ... ... ) Bless her for her advice!
End of day, closed near $2 region.
Moral of story? Buying low selling high is a simple concept. buying low ain't hard, its often the selling high that's the problem. Want to take risks? Be prepared for roller coaster ride. You will enjoy magnificent gains, but also astounding losses. Game for it?
Uni-asia's intraday stock for 15/10/07.
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