annual case study portfolio review july 1 2018 dec 31 … · the boq cfd trade returned 101.7%. the...

January 18th, 2019 A publication of Guppytraderscomsg Pte Ltd since 1996 CRN200409379K. Copyright © 2015

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Weekly for Saturday January 18th, 2019. Based on Thursday’s Close

CONTENTS

NAVIGATING 2019 pg1 ANNUAL CASE STUDY PORTFOLIO REVIEW July 1 2018 – Dec 31 2018 –

27.12% RETURN pg4 NO FLASH IN THE PAN pg11

NEWSLETTER OUTLOOK: RALLY TREND CHANGE pg12 READERS’ QUESTIONS: CASE STUDY PORTFOLIO SET-UP pg13 TRADE GALLERY pg15

PORTFOLIO CASE STUDIES: MONEY MANAGEMENT pg25

NAVIGATING 2019

How to navigate what promises to be an even bumpier ride in 2-019

than it was in 2018? There are four competing approaches. One approach is to apply database research based on technical analysis

features to develop a list of potential candidates. This includes stocks compatible with Bollinger band breakouts, RSI divergence etc. We will apply

some of these searches in the coming weeks. The second approach is to ride on the back of research done by others.

This provides an opportunity to trade with, or against, a market crowd. The

wider the publicity around the list, the greater the potential for a sizeable crowd to develop. This provides liquidity and it means you can buy and sell

the quantity you wish without pushing around prices. There is nothing more frustrating that becoming the major player in a low liquidity stock.

These initial search lists are published around the Christmas break, and

then again around midyear. They provide a starting point for further technical analysis. We will be using this list below as a starting point for

analysis and we will show you the methods we use.


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The third approach is to move away from equities and focus on other market types. We favor Foreign Currency trading – FX – because it offers

high liquidity, lower volatility than stocks, and leveraged returns. It has other disadvantages, and we will show how these risks are mitigated.

The fourth approach is the use of CFDs for two reasons. The first reason is the ability to easily short trade. We think this will be a key advantage in 2019 as markets fall. The second advantage is the leverage

available. This asymmetricity makes CFDs suitable for aggressive hedging strategies designed to protect open, long term, investment positions. We

introduced this concept with the case study RMD trade in November/December 2018. We will explore these strategy applications with more examples in 2019.

Here’s a reminder of the factors that influence our 2019 strategy. The surprise announcement by Apple downgrading forecasts is, we suspect, the

first of many such announcements.


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CASE STUDY EQUITY CURVE

The case study portfolio return is $27,122 or 27.1% for the period starting

July 1, 2018 and ending June 30, 2019.

For the year starting July 1, 2017-2018, the case study portfolio return is $115,330 or 115.3%. For the year starting July 1, 2016-2017, the case study

portfolio return is $92,464.15 or 92.5%. For the year starting July 1, 2015- 2016, the case study portfolio return is $156,450 or 156.45%.

Equity trade size is generally kept constant at $20,000 in the case study

portfolio so it is easier to compare the case study trades over this and other years. Unless otherwise noted in the trade management notes, all equity case study trades

are managed on an end of day basis, with the exit taken at the best reasonable price on the day after the stop loss is triggered.

Warrant and CFD trades are generally kept constant at $10,000. Warrant and

CFD trades are closed on an intraday basis using a guaranteed stop loss as this is a primary method of managing derivative risk.

FX trades are generally kept constant at $5000. Stops are managed intraday. This capital allocation reflects the risk in each of these asset classes.

ANNUAL CASE STUDY PORTFOLIO REVIEW July 1

2018 – Dec 31 2018 – 27.12% RETURN By Daryl Guppy

In the past six months the market collapsed. Strong trends broke rapidly. Whipsaw volatility was extreme. This delivered less trades than usual, 11 for the 6 month period. Trades were open on average for 28 trading days. The success rate was

63.64% which is worse than the long term average.

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The BOQ CFD trade returned 101.7%. The CVN equity trade returned 46.1%. We did not include any FX trading examples in the case study portfolio. This underlines the importance of using a variety of trading instruments.

The purpose of the newsletter is to model for readers the methods used by professional traders in all market conditions. Our twenty one year average returns of

98.94% for the case study portfolio are testimony to the effectiveness of this approach. Our objective is to teach readers the methods of success so readers can apply these techniques with confidence to help boost their trading returns.

SIX MONTH REVIEW

We start this annual review of the case study notional portfolio with several observations. First is our absolute aversion to losses. We acted very quickly to cut losses where losses were reasonable. High volatility meant prices sometimes crashed

below stops and we used the RMD case study to illustrate hedging strategies. This was a lower than average trading period with 11 trades. This reflects the collapsing

and unstable market. Normally the case study portfolio includes around 13 trades per six month period. The success rate is less than our long term average, with 63.64% of trades turning into winners.

Return for the six month period is 27.12%. This added $27,122 to the case study portfolio. (Note Spreadsheet extract below uses rounded figures) Trades were

open for an average of 28.6 days, or a little over 5 weeks. Most successful trades were around 7 days. This is shorter than in 2017 and reflects an increase in market volatility.


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The second observation is the integrity of the case study portfolio. We are

careful about the integrity of the case study portfolio results. People are often quick

to point out trades that are fast moving and which deliver large profits are often some of the short term trades. They suggest that these are somehow manipulated, or

carefully chosen. They conveniently ignore the * which shows that some of these trades are personal trades. They also fail to mention the trades which were closed for a small profit. And they ignore the sometimes large hits taken when price gaps down

as with the second trade in oil. We close these trades because it is consistent with the trade plans that were being modeled in the case study. Our intention is to show

you the realistic operation of trading – warts and all. The third observation is the frequency of trading. It reflects the volatility

behavior of the market. We used 42 trades open for an average of 23.9 days. In this

six month period the win/loss ratio was 83.33% and the return was 115.33 % on capital for the period.

We still see the common pattern of trading results where two or three trades contribute disproportionately to the overall portfolio results. One of the objectives in

trade and portfolio management is to know how to most effectively manage the trades that turn out to be big fish. Although we always hope that every trade will turn out

to be the big one, the reality is that most of our trades are much smaller fish.


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All of the case study trades for the past six months are included in the Trade Gallery section of the newsletter. These simply give a summary of each trade. Readers should always refer to the individual issues of the newsletter for a more

complete discussion of the management techniques applied to each case study trade. The TRADE OPEN date shown refers to the newsletter issue in which the case study

trade was first opened. It does not refer to the day the case study trade was entered.

PORTFOLIO REVIEW

The notional case study trade portfolio is an integral part of the newsletter because this is used to demonstrate, in contemporary time, the application of

particular strategies. However, we also run a wider mix of articles. They include: Coaching style articles where readers are asked to apply analysis and

then compare their notes with ours.

Discussions of trading strategies and approaches that tackle contemporary issues. This includes parabolic trends, trading bands and

price spike analysis. These articles provide the tools necessary for a better understanding of market activity, although we do not generally include this in the notional case study examples.

New indicators and revision of classic indicators. The objective is to understand how to more effectively apply the tools that appear in your

charting programs. Case study trades that show selection, assessment, management and

exits steps. These form the core of the notational case study portfolio. Other articles showing how indicators and trading strategies are applied

to effectively analyze selected stocks. To ensure these retain their

educational function and do not become investment advice, these discussions are based on recent price charts.

Several features should be noted when examining the case study portfolio.

These returns in the case study trades were not the maximum returns available

from these trades. They generally extracted about half to two thirds of the available price move.

The case study trades also illustrated some effective ways to deal with made markets where traders can use the market makers obligation as an additional tool to manage entries and exits. These techniques are applied in these trades

in a falling market, but they apply equally to all warrant trades. These case study trades included several personal trades. Usually we avoid

using this in case studies because of the potential for conflict of interest. However, in these examples, the personal trade was completed before the newsletter containing the example was published. The techniques were

discussed in advance, but the case study examples were historical by the time traders found them in the newsletter.

The newsletter has also grown and changed over the past 21 years. The

notional case study trade portfolio will remain an integral part of the newsletter

because this is used to demonstrate, in contemporary time, the application of particular strategies. However, we have also included a wider mix of articles. They

include: Case study trade management notes have changed format to show how the

trading plan evolves over time as the trade develops. To make it easier to read,

new notes are highlighted so regular readers can just read the updates if they wish.

Coaching style articles where readers are asked to apply analysis and then compare their notes with ours.


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Discussions of trading strategies and approaches that tackle contemporary issues. This includes trading CFDs, parabolic trends, trading bands, and price spike analysis. These articles provide the tools necessary for a better

understanding of market activity, although we do not generally include this in the notional case study examples.

New indicators, such as Trend Volume Analysis, different applications of standard indicators, such as the articles on Fibonacci and triangles by Sunniel, and revision of classic indicators. The objective is to understand how to more

effectively apply the tools that appear in your charting programs. Case study trades that show selection, assessment, management and exit

steps. These form the core of the notational case study portfolio. Other articles showing how indicators and trading strategies are applied to

effectively analyze selected stocks. To ensure these retain their educational

function and do not become investment advice, these discussions are based on recent price charts.

PAST RESULTS

The average of case study success rate is 83.33%. This is above the 70%

average we aim for. This means that around 8.3 out of 10 trading choices develop into profitable trades.

However, this is not the win/loss ratio that leads to success. The real basis of success lies in the way that unsuccessful trades are handled. We rode losses very

tightly over this period, with all losses being under 1% of total trading capital. The largest loss was $2,143 or 2.1% of total trading capital. This was in a trade in an ordinary stock. This caution and tight risk management is reflected in the low dollar

value of the loss in losing trades.


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Total return for the period was 27.12% on capital. This is a realized profit of $27,122. This means we started out with $100,000 and added $27,122 during the six months. Most equity trades were around $20,000. Derivative trades were around

$10,000. Full detailed results for all previous years are available on http://www.guppytraders.com/gup15.htm.

Are these still exceptional returns? We don’t think so. The twenty one year results show a consistent level of return that is substantially better than the performance of the broad market index. On an thirteen year basis, we can

realistically aim for around a 75% return or more on capital or better from the market. It is achieved by careful and disciplined risk management. It is not achieved

by ‘hot tips’ or by pretending that we can select stocks more successfully than others. The single most important lesson that traders can learn from these portfolio results is that success rests on the trader’s ability to cut losses quickly. Even if the stop loss exit

subsequently turns out to be incorrect this does not destroy good trading results. This report sheet includes all of the case study trades discussed during the last

six months. We do not hide losing trades, or poor performers. We do no conveniently forget to include some trades in the hope that readers will have forgotten about them. These results are achievable. They can be duplicated. You might not achieve the same

level of return, but the case study trades show what is possible. They are also a powerful reason for not accepting poor trading results.

MEASURING RETURNS

We measure our returns by money in the bank. It is an old fashioned measure that gives the trader a realistic idea of just how well he is doing. We avoid false measures of success. There are four false measures.

Counting open profits

Open profits are calculated by taking the last traded price and turning this into a portfolio value. This can make us all instant millionaires – on paper. Readers will know how some sample trades have been very profitable, but have later been closed

at a smaller profit because the exit conditions are not triggered until much later.

Annualized returns This is the industry standard and we believe it is misleading. The sample trade

might return

48% in just one month of trading. An annualised figure takes this realised return – the return that was actually banked – and calculates what it would have been for the

twelve months. This translates into a whopping annualised return of 576%. This is an ‘in your dreams’ return because the trade will not be at the same price in twelve months as it was when we made the exit.

Pretending losses don’t count

We have been disturbed by the trend with some market commentators who pretend that losses do not count. This approach ranges from the comment that in 10 years time, the September 11 drop will show as a minor blip to some writers who

include many stock tips, but only track those that work out. We believe these approaches are misleading. Failed trades have a significant

impact on trading results. We get much better returns if we exclude the three losing trades. We also exclude honesty if we do this.

Accept poor performance because of difficult market conditions Trading is about making the best possible use of your capital. Our capital grows

by completing profitable trades and cutting losses quickly. In the case studies, we demonstrate the difference that this approach makes to trading results. We are not prepared to accept that highly trained and well paid professionals cannot do better

http://www.guppytraders.com/gup15.htm


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than the broad market when a consistent application of risk management shows that better results are achievable. Losing 5% when the market falls 7% is not a measure of success. We use a true hedge fund approach, using zero as the absolute

benchmark, and using positive returns from the market as a starting point against which we measure our performance.

Trading is about making our trading capital work hard. If you are able to average a 10% return on each trade, then trading capital begins to build solidly. When you maintain that steady 10% return on $50,000, then $100,000, then $150,000 and

so on, then your trading success is well established. Consistent returns enhanced by money management are the objective of trading.

As a final note, please remember that some of these trading examples are designed to fail because we want to show the adverse consequences of particular trading strategies. There are many trading styles and many trading indicators. Not all

of them work in Australian markets, and not all of them work in all market conditions. It is more instructive to show how they fail to work than it is to show only successful

strategies. Understanding why strategies fail is an important step in building successful strategies.

The information in the newsletter reflects three influences. The first is my own

trading strategies. The newsletter is effectively largely a report on my ongoing analysis and research about the current market. Some issues closely track the exact

steps I have taken in making a trading decision. It is not always something specially written for newsletter readers.

The second is influence from people who read the newsletter. Although I will not comment on individual questions about individual stocks, some of the stocks included are in response to readers’ questions. All of these influences also go into the

case study selection. The third is from writers who have contributed to the newsletter over the last

year. They illustrate many specialized techniques and new approaches. We currently do not include these in the sample trading portfolios.

These case study portfolio results do resemble real world results. The

newsletter is designed to be a useful tool to help you identify trading techniques that work and to use money management approaches that enhance your trading returns.

The case study portfolio is used as a handy running reference for these examples and shows what is possible with good trading discipline and risk management.

The same level of sample portfolio results can be achieved by readers if they

develop the discipline to act consistently on stop loss conditions. This is perhaps the most important single message in the newsletter. Trading is about money

management, not about prediction. Success comes from discipline, not from a set of fancy or expensive indicators. Exceptional success comes from the confident application of the correct trading technique at the appropriate time supported by clear

stop loss conditions designed to protect capital. It is not always easy, but if done properly, it is very profitable.

Each trade is an island. It should stand alone, contributing profits, or small losses to the overall level of trading capital. When traders consider positions in a portfolio context, there is a tendency to sell the best performing stocks to help

compensate for the losses being incurred with the weaker portfolio stocks. It is better trading practice to cut the weakest and continue to ride the profits with the strongest.

Traditionally, Christmas and the end of the financial year are good times for a portfolio reassessment, but any time when you will be away from the markets for more than a few days also demands a portfolio review. A trading review involves closing those

positions which could turn nasty while you are away. A portfolio review means taking a solid look at the poor performing stocks you have fallen in love with. Despite the

personal pain, some do have to be put down.


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NO FLASH IN THE PAN By Daryl Guppy

Thursday January 3 the AUD crashed to 0.67.41 before closing at 0.7004. This was dismissed as a flash crash, driven by algo trading rather than market

fundamentals. It’s true that the crash to 0.676 had some of the characteristics of a flash

crash, but to dismiss this as an aberration is to ignore the charts which provide a

more bearish outlook. These rapid price dips appear in many markets, and often they are a precursor to future lows. In equity markets these are spike lows where informed

traders are getting out before news hits the market. The same principle can be applied in FX markets. To suggest that this was the result of low liquidity in the most liquid market in the world may provide comfort, but it does not provide certainty.

The weekly chart of AUDUSD shows the Aussie trapped in a strong downtrend. The downtrend is well defined with the Guppy Multiple Moving Average indicator. The

long term GMMA is well separated. This suggests that the long-term secular trend is down, and that it is well entrenched. The width and consistency of the separation

shows continued selling. The rally to near 0.74 in December was quickly overwhelmed by selling. The

rally did not create any compression activity in the long GMMA, and this confirms

bearish trend strength. The Aussie retreated to a potential double bottom near 0.70, and if we conveniently ignore the spike lows, the current rally has some of the

characteristics of a double bottom rebound. But in the market, we cannot conveniently ignore aspects of price action that

we do not like. The weekly chart shows a single spike to 0.6745 but the daily chart

shows two spike lows. The GMMA shows a consistent, strong downtrend. The fall to 0.6745 may

include some overshoot but it is a prelude to continued AUD weakness. Traders watch for as retest of the previous 2016 lows near 0.69. This is a good market for shorting


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and the flash crash provides an early indication of the target areas. As the old-time gold miners knew, a flash (of gold) in the pan was a precursor to profitable mining.

NEWSLETTER OUTLOOK: RALLY TREND CHANGE By Daryl Guppy

The very strong rally from the low near 5400 is something that would

normally develop prior to Christmas. It has progressed far enough be classed as a rally breakout. Traders wait for a retreat and retest of the upper edge of

the long term GMMA as a support area. A successful test will point the way to a new rebound and rally continuation with an upside target near 5940 and then 6120. It’s a bullish start to 2019.

The downside targets set in the last issue of the newsletter were

rapidly achieved. The XJO developed a small inverted head and shoulder pattern and the current rally breakout can be seen in this context. This

pattern target projection gives a target near 5980. This is treated as an indicative target because the historical resistance levels provide more


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reliable target areas. However, the inverted head and shoulder pattern support the bullishness of the breakout pattern.

This is the first downtrend breakout behaviour and it is remarkably

strong. The long term GMMA has compressed and turned upwards. This shows investors have stopped selling and are becoming active buyers. The

value of the lower edge of the short term GMMA will soon move above the value of the upper edge of the long term GMMA. This is usually associated with a confirmed trend breakout.

Investors and traders will watch for other individual stocks to replicate this behaviour.

READERS’ QUESTIONS: CASE STUDY PORTFOLIO

SET-UP By Daryl Guppy

At the end of each newsletter, we include a list of notional case study trades

and we provide a summary report every six months. Our returns have been excellent since 1996 and they show what is possible for private traders when trading discipline is consistently applied. The returns are also possible because of our trading size. The

average trade in our samples is $20,000. Institutional traders pay this in brokerage alone on many trades. Our smaller trading size means we can take advantage of

opportunities that larger traders avoid. It is these returns, even in difficult markets, that make trading such a successful way to make your capital work. By keeping each trading example at the same dollar size, it makes it easier to compare the results of

trading strategies and techniques used over previous years. Equity trades are kept at $20,000. Trades are managed on an end of day basis,

with the exit taken at the best reasonable price on the day after the stop loss is triggered.

Warrant and CFD trades are $10,000. Warrant and CFD trades are closed on an

intraday basis using a guaranteed stop loss as this is a primary method of managing derivative risk.

FX trades are $5000. Stops are managed intraday. These notional case studies are monitored in real time and show how various

trading strategies are implemented. The case study tracking money management

section is intended to show how specific trading approaches discussed in previous tutorials have worked out. This section is not a model portfolio, nor is it a collection of

stock tips. It is a developing example of how trading strategies are applied - and modified - how losses are controlled and how profitable exits are made - within the rules of the case study trade. The return on equity is a way of keeping score and does

not represent the best possible returns. For this reason, profits are not added to trading equity. This fails to take advantage of compound returns, but it is consistent

with the tutorial nature of the newsletter. Each case study is selected because it is typical of trading patterns common in

many stocks in the market at that time. The contemporary examples show the trading principles, and it is left to readers to apply these principles to their own stocks that are moving in similar ways.


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The date shown is the date of the newsletter where the full discussion of the

trade construction and entry is included. This makes it easy to find the relevant newsletter issue. It is not the date of the day the case study entry was made.

The sample notional trades are usually based around a single indicator or

technique which sets up the entry conditions, the stop loss conditions and the exit conditions for a profit. Trades are opened and closed according to these rules, and in

most cases other indicators are ignored. This gives readers the opportunity to see how a trade based on, for instance, moving average crossovers or a Trend Volume Analysis approach, work in reality. Readers can see the real difficulties in deciding which entry

signal is really a valid trading signal, as well as the way using some indicators delay the entry or the exit for too long.


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This often means the case study trade would have been more successful in real life because signals from other indicators would have been used. When case study trades are closed, they are discussed so readers can see how the trade could have

been better, or why it was closed under particular circumstances. In real life, traders use a variety of indicators and will adjust a profitable exit according to the feel of the

market. The trades in the portfolio case study section examples show the consequences of following a particular trading rule. It does not show the best trade possible.

Each week different technical analysis tools and trading approaches are discussed. Some of these examples are added to the Money Management Portfolio.

The objective is to assess how successful or unsuccessful, this trading approach is, and to see how risk management tools can be applied to limit losses. They are notional examples of trading strategies. They are not actual trades or are they trading

recommendations. In using these examples, we are trying to model how traders go about their business of both protecting profits and limiting losses.

TRADE GALLERY These are screen shots of every case study trade discussed from July 1, 2018

to December 30, 2018 showing entry and exit points. NOTE. The trade dates on the spreadsheet refer to the date of the newsletter in which these trades

appeared.


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17

ABC


18

CVN


19

BEN


20

AJX*


21

APX*


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RMD CFD


23

BOQ CFD

XJO CFD


24

IPD*


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RMD CFD short 2

RMD

Long

PORTFOLIO CASE STUDIES: MONEY MANAGEMENT

Starting cash position $100,000 - no brokerage or slippage 2% of risk = $2,000 NOTE Entered date is the newsletter date which contains the case study discussion.

OVERALL PROFIT TO DATE

The case study portfolio return is $27,122 or 27.1% for the period starting

July 1, 2018 and ending June 30, 2019. The case study portfolio return is $156,450 or 156.45% for the period

starting July 1, 2016-2017. Note that this includes 6 to 21 trade results. The case study portfolio return is $92,464.15 or 92.5% for the period starting July 1, 2015- 2016. Equity trade size is generally kept constant at $20,000 in the case study


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portfolio so it is easier to compare the case study trades over this and other years. Unless otherwise noted in the trade management notes, all equity case study trades are managed on an end of day basis, with the exit taken at the best reasonable price

on the day after the stop loss is triggered.

CUSTOMER CAUTION NOTICE AND COPYRIGHT Guppytraderscomsg Pte Ltd (CRN 200409379K) Pte Ltd is not a licensed investment advisor. This publication, which is generally available to the public, falls under the Singapore Media Advice provisions. The information provided is for educational purposes only and does not constitute financial product

advice. These analysis notes are based on our experience of applying technical analysis to the market and are designed to be used as a tutorial showing how technical analysis can be applied to a chart example based on recent trading data. This newsletter is a tool to assist you in your personal judgment. It is not designed to replace your Licensed Financial Consultant or your Stockbroker. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs because readers come from diverse backgrounds, with diverse objectives and financial

situations. This information is of a general nature only so you should seek independent advice from your broker or other investment advisors as appropriate before taking any action. The publication should not be construed by any reader as Publisher's (i) solicitation to effect, or attempt to effect transactions in securities, or (ii) provision of any investment related advice or services tailored to any particular

individual's financial situation or investment objective(s). Readers do not receive investment advisory, investment supervisory or investment management services, nor the initial or ongoing review or monitoring of the reader's individual investment portfolio or individual particular needs. Therefore, no

reader should assume that the Publisher serves as a substitute for individual personalized advice from a licensed financial professional of the reader's choosing. The decision to trade and the method of trading is for the reader alone to decide. The reader maintains absolute discretion as to whether or not to follow any portion of our content. Publisher does not offer or provide any implementation services, nor does it offer or provide initial or ongoing individual personalized advice. It remains the reader's exclusive responsibility to review and evaluate the content and to determine whether to accept or reject any strategy and to correspondingly determine whether any such strategy is appropriate for a reader's

individual situation. Publisher expresses no opinion as to whether any of strategy contained on this publication is appropriate for a reader's individual situation. The author and publisher expressly disclaim all and any liability to any person, whether the purchase of this publication or not, in respect of anything and of the consequences of any thing done or omitted to be done by any such person in reliance, whether whole or partial, upon the whole or any part of the contents of this publication. Neither Guppytraderscomsg Pte Limited nor its officers, employees and agents, will be liable for any loss or

damage incurred by any person directly or indirectly as a result of reliance on the information contained in this publication. The information contained in this newsletter is copyright and for the sole use of trial

and prepaid readers. It cannot be circulated to other readers without the permission of the publisher. Each issue now incorporates fingerprint protection that enables us to track the original source of pirate copies. If we find that you are redistributing the newsletter then, at our discretion, we will reduce the length of your paid subscription by the value of the multiple copies we believe you are circulating. Share with nine friends, and we cut your subscription period by 90%. Contributed materials reflect the personal

opinion of the authors and are not necessarily those of the publisher. Articles accurately reflect the personal views of the authors. Stocks held by the authors are marked* and are not to be taken as a trading recommendation. This is not a newsletter of stock tips. Case study trades are notional and analysed in real time on a weekly basis. Any past investment-related performance . referred to may not be indicative of future results, and therefore, no reader should assume that the future performance of any specific investment, investment strategy will be suitable or profitable for a reader's portfolio, or equal historical or anticipated performance level(s). Guppytraderscomsg Pte Ltd

does not receive any benefit or fee from any of the stocks reviewed in the newsletter. Guppytraderscomsg Pte Ltd is an independent international financial education organization and research is supported by subscription fees. Please note that in the interest of timely publication of the newsletter, this document may be incompletely proofed. OFFICES; Guppytraderscomsg Pte Ltd Head Office, 20 Cecil Street,#20-01 Equity Plaza,

Singapore 049705, Singapore, 22 Hibernia Crescent, Brinkin, Darwin, Australia, Room B105-

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annual case study portfolio review july 1 2018 dec 31 … · the boq cfd trade returned 101.7%. the...

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