Golden Agri (22nd Dec 09 to 22nd Jan 10)

This is my first realized trade after I broke even. I bought Golden Agri on 22nd Dec 2009 at $0.485. I bought it at this price because I believe that previously it has retracted many times from the resistance of $0.50, and with the bullish sentiment at this point of time it has a very high chance of pushing through the resistance and achieve higher highs. In addition to a weakening USD and hence rising commodity prices, I suppose that is highly likely. Indeed it has.

Golden Agri rose all the way to an all year high of $0.645. It has hit my target price by then, which was a 20% return (in actual fact, I am having a 30% return at this time) but due to greed, I held on to it, thinking that since it was advancing to newer highs everyday with such large transaction volume, a reverse in trend would be indicated with a dropping volume with further rise in price. In reality, there was already 2 other strong indicators to signal a sell, that is the RSI and Oscillator. Both signals a very overbought situation and a price reversal is on its way, but apparently I was very blinded by greed.
Prices dropped the next day after China announced plans to rein lendings by banks. Again, i did not realize my profits due to my belief that Golden Agri could advance further. However, things did not go the way I thought. Prices tumbled day after day, but I still held on because I thought I should just hold on to it and tide through the correction period.
My belief fell apart on 22nd Jan 2010 when prices dropped to $0.525 in the afternoon and STI fell below the strong support of 2800. This pressed the panic button in me as I fear that it will drop to my buying price. Hence I just sold it and realize my mere 6% profits instead of the supposed 30%. A note to make is that after I sold it, prices rebounded back to $0.545 at the end of the trading day.
My thoughts at that time: I do not know what is going to happen for the rest of the day and I feel very unsafe. Since I am still profiting, I shall just sell it to realize my profits, though I should give myself a tight slap for not realizing my supposed larger profits earlier.
Lessons learnt: A plan is very crucial before starting a trade, and sticking to the plan is of even utmost importance. Once target is reached, just sell and move on. At least by then, what was intended had been achieved.