LOL Thanks. And yea i sometimes do have losing trades... I remember on Monday i took a loss on 1 my trades for £212 (Although i went on to finish the day up £239 still). And then last week i took a loss of £20 on 1 trade, but went on to make £900+ that day after that 1 trade. And i remember a few weeks before that i took a loss of £1 on a trade.. lol
Oooh nicely done mate.. I feel slightly disappointed that i had bought oil under $70 for each of my buy trades today, yet the highest i held 1 up to was 70.30 area.., and now oils gone straight up to $72+. Just like on Tuesday when i had got my sells in at 84.57, so barely a few ticks of the weeks to high spike, but didnt even hold tiill below 84... But thats part of the reason why i have so so few - zero losses at all, because i only try take out the top 2/6s of the day high MAXIMUM with my sells, and buy up the bottom 2/6s MAX. So even though it does mean less POTENTIAL money, it means that each trade that do i make its basically 96 - 98% guranteed to bring MINIMUM £35+ profit after spread cost (£24 per trade). And yet trades can and still are oftening running into £100 - £300+. I used to trade ALOT more, earnt more some days, but at the same time ended up 'holding' alot more trades that at some point, were in a loss. Most of my trades actually spent most their time as losses tbh about 1year ago when i 1st started! LOL But now cos ive just set lower targets per trade, and am only trading off opportunities, my trades all go into profit almost instantly, and even if they do dip into abit of a loss, i can just sit back and give it some space, since i know that i have entered so low/high, the there will ALWAYS be some pullback coming in my favour.
so if you buy at the bottom 2/6 of the days current range and the market makes a new low, are you stopped out, or do you give it more room?
Um its impossible to give a direct answer to that, as i trade 100% subjectively. Since the market is subjective, and so cannot be 'governed' by a certain set method or plan. And so i would only decide that we were at the day low when i really felt and could see that we were. (Using both Monthly graph for oil now to see the resistance levels, and just by looking at the extent in $s that the oil has fallen straight down in that spike), and so i then trade accordingly. And i am exerienced enough at trading oil now to just not really ever get into the situation where i did get it wrong and call/trade a low vastly too high, and so not get bounce back above that level. If i did get into a trade, and then oil started racing down and down even after my trade i would close out as soon as possible if it broke through the support levels that were even below the 1s it had previously been halted at, and wait to see how far it fell before buying back in again. Nothing falls straight down without bounce though... lol As all the people who were on the side of selling may have 100ticks 'open' profit, but every single one of them will have to cash in and buy it back to actually get that money. And so there will ALWAYS be bounce after spikes.
interesting thanks. I'm slowly learning! So, I think you mark on your support and resistance from hourly/daily/weekly (?) time frames and then buy or sell as the price approaches (within 2/6)? With a stop the other side of the S/R?? Is my thinking right? Do you look for confirming price action before you enter? Thanks again!
where you at spanish? Do any trading yesterday? PS - I went to the casino in Brighton last night and made over £300 ! Very hungover though but looking forward to another week of beating up the market
Aloha mate, i was ill yesterday so didnt trade. Waiting for a buy from the 66/67 area. well done on hitting your target so fast mate!
Im feeling quite pleased with myself this morning (after waking up just before 9.30 as my alarm didnt wake me up / not sure if it even went off! But i turned on laptop at 9.30, made 1st trade at 9.31, and by 9.47 i had made 63 ticks in 16minutes, out of a market that only ranged 40ticks in that time. Today's closed trades (Full Trade History) Contract Order # Date/Time Buy/Sell £/tic Tic Size Price Profit/Loss [+]Nymex Crude Oil - Nov Daily Fut Nymex Crude Oil - Nov Daily Fut 5940220 20/10/2008 09:31 Buy 2 0.01 73.12 Nymex Crude Oil - Nov Daily Fut 5940241 20/10/2008 09:31 Buy 2 0.01 73.12 Nymex Crude Oil - Nov Daily Fut 5940241 20/10/2008 09:33 Sell 2 0.01 0.00 Stop Loss Move Nymex Crude Oil - Nov Daily Fut 5940252 20/10/2008 09:35 Sell 2 0.01 73.30 £36.00 Nymex Crude Oil - Nov Daily Fut 5940256 20/10/2008 09:36 Buy 2 0.01 73.30 Nymex Crude Oil - Nov Daily Fut 5940258 20/10/2008 09:36 Buy 2 0.01 73.30 Nymex Crude Oil - Nov Daily Fut 5940258 20/10/2008 09:36 Sell 2 0.01 0.00 Stop Loss Move Nymex Crude Oil - Nov Daily Fut 5940268 20/10/2008 09:37 Sell 2 0.01 0.00 Stop Loss Move Nymex Crude Oil - Nov Daily Fut 5940268 20/10/2008 09:36 Buy 2 0.01 73.30 Nymex Crude Oil - Nov Daily Fut 5940314 20/10/2008 09:42 Sell 2 0.01 73.45 £30.00 Nymex Crude Oil - Nov Daily Fut 5940328 20/10/2008 09:45 Sell 2 0.01 73.60 Nymex Crude Oil - Nov Daily Fut 5940339 20/10/2008 09:47 Buy 2 0.01 73.54 £12.00 So £78 not bad for bed - breakfast time earning. I don't like today at all though for 3 reasons; 1. My Oct contract expires today. And so im trading the daily one instead, as its only 8ticks spread vs 12. But this means i cant do any longerterm trades. 2. My free subscription to ransqwuawk has runout, n until i get next 1 i feel extremely vunerable. 3. This market now seems extremely slow moving and like all the liquidity has gone away somewhere n that everyone just stopped traidng oil.
K its now £108 profit for the day. (Missed out on £80 by seconds cos i tried o be cautious, took £6, 5secs later market dropped 11ticks and i was cheeering, but then it rocketed up 40!! LOL But still took 6 after £16 spread, and then had a trade that went into profit so fast after i enetere di closed out a few ticks short more from shock!! LOL The thing that is seriously winding me up now though is that my fking sb firm has moved their platform layout 2inches to the right!!!!! :eek: :eek: I mean what a fuking stupid ridiculous thing to do!! How many traidng firms sit around spending time ''re-doing their platform parameters'??!! Its so sooo annoying cos now that its 2inches to the right, i can no longer have that IG chart sitting in the right hand corner, and still have the trade box open, as the ig box covers the 'confirm button. So now i have to make the chart box less wider, and then have to make it lower to make it less disorted.., but having it even 1inch less wide is making it so so disorted to how ive been viewing it for months n months!! And lots of my trades i make just by looking at how high a spike is compaed to the market before it, but now every single thing looks like a spike!!!!!!!