going against the trendt today might be a potential suicide! Its like trying to catch a 1000 falling knives, opposite i mean! :eek:
hi guys, not been trading myself today except one dow trade giving me £300 profit. Great stuff as always, Porph. Cant remember if i already asked you but how big are your stops typically and do you decide on them based on your support/resistance techniques that you use for your entries?
Im 19 now, was my bday back on 14th october. And yep you could call it 'crazy traidng', but this is a fking wild crazy market!! LOL So 'crazy trading' is the only thing that actually works. You try traidng with a tight or even medium stoploss your most likely to get stopped out just through range volatilty, no matter which of the 2 directions you traded in. Ive put my stoploss at $76. yes sounds 'mad and ridiculous', but i sold because of market distortion. Oil spikes from 62 to 70 in a straightup vertical line, look back in on the yearly chart even and you will see there has NEVER EVER been a spike like this up that stayed up and build rally off that witout pulling back atleats a few dollars 1st. (ive attached graph) Oil only rocketed like this today cos of the excitement of the election has got everyone in an excited fast paced buying mood. Dollar weakness helped, but no-one really gives a fuck about the dollar in oil anymore, especially when the phrase ''demmand destruction' is mentioned then oil cant hold any rally. Oil price is simply a price, it will only keep going if people keep buying into this overdone spike, not start to sell it off for teh pullback. And as soon as the pullback comes then il be back in power.. I do wish i could undo my last enetry and get in now, but i cant. But to get out of the trade now i would only do if i though oil isnt gan pullback..
Thread seems to have picked up steam. Seems like a younger crowd posts here so that is kinda cool. I'm 24 and intentionally unemployed haha. Anyone trade fx? Just started trading again last week. So far so good. Gl
Good luck--you`ll either get rich or blow trading this way-- by the way Saudis cut production 1 m barrels today
Lol Old news.. Seriously, this rallyjust has nothing strong enough behind it to keep it up. I trade very heavily of pure human pyschology, not just price action and fundamentals. The market is merely people, people are merely human. 3million blokes siiting in offices staring at a traidng screen saying OIL: bought at 65 - now £xxxxx thousands profit / 12% spike, PEOPLE WILL TAKE PROFITS!! lol They not gna sit there thinking, oh cool, but im gna add more longs now as i think we can get a $20 rally today just because i would like that and so the market is gna read my mind and do it! lol They are think WOW GREAT, whoooo look at that profit, KERCHING! and with that kerching they will hit the cash in button to sell down to close their trade, and when every single person who bought has clicked that buttona nd all that selling has hit there will be a big droop in oil price on the graph!
But extremely random events do occur, saudi arabia could annoucn ethat they are closing the oil business... Obama could get confirmed in and ten announce that he is launcging war in middle east, or that hes gna cut the dollar supply by 50%! Oil will rocket, ok fair enough i got fucked over. All i will lose is my profit that ive earn so far this contract. Still keeping all £6,179+ from last months profit + a few hundred from this months thousands... So all i need oil to drop a few dollars back after rising nearly 10, and ive made another thousand for the day.
Ok-I genuinely wish you well. I blew a £30 k account doing the same thing a few years ago . Thought I was invincible. I do happen to agree with your sentiments however.