People are sounding rather definitive on Gustav. By people, I mainly mean pundits and meteorologists. I can't ever recall such insinuations so early on that Gustav is going to be a 'monster' hurricane or that it 'should threaten rigs and infrastructure near Texas and Louisiana shoreline. I guess meteorologists want in on rock star star status treatment now.
Yep.. lol And thanks. But what the fuk is going on with oil???!! Yesterday they just get a reminder that there is a hurricane, and oil rockets up $5s!! But then today when we get an under supply number in inventories we barely get a 50cents rise, and then it falls over $1!!! WHat the hell is going on??? :eek:
Seems like a normal day in the world of crude oil to me. I never make any money trying to logically think about where the price should be or why it is higher/lower etc. I make money by _observing_ not predicting. I don't know many that can make money by trying to apply logical thinking to any market. But that's just my observation .
You cant make money by just 'observing' though.. You would need to actually have decided what direction you think the trend is taht day, thene get yourself in at as best enetery point as possible. I use trend lines as my main tool of entry and exit, but for direction you have to basically use all the fundamentals. And when oils rocketing cos the storm, i sell get fucked.. Next day storm continues, gets nearer the gulf and oil riggs, we get less than expected inventory.... And oil falls????
Well, I sure did make money this morning... by observing and then trading what I observed. I do this over and over, day in and day out without analysis or thinking. You would do well to remember the following phrase.. "Don't think, Just trade" and repeat it over and over again until you stop trying to "out think" the market. Until you learn this you will continue to give back profits during "irrational" movements.
Il try that.. I can tell taht im just not in 'the zone' at the moment tough.. Dont mean to seem melodramatic or anything.. lol But i can tell that im just not in the zone. I was for the last few weeks, and the results showed. But since monday ive been unsettled in trading.
Ahhhh i found the culprit!! Its that ******* gbp weaking in big sharp drops against the usd since lunchtime!!
Yes, but you did save yourself yesterday so now you can try and get back into the zone without an emotional anchor around your neck... it could always be worse. Maybe try and reduce your size and profit targets until you start regaining confidence in your trades. Capturing $0.50-$1 moves in crude can start to rebuild your confidence and your account.
Cheers mate. Before when i built up from £700 till £5500 i was only doing £1 tick, only ever £2/3 tick, but that was only on inventory trades. And i had a rule that for each £1 contract, i had to have £900 capital for it minimum. And that worked well. So i gna try slowing down now and re following those rules, instead of rushing to build up capital again.
I guess you haven't heard that the markets are a discounting mechanism and the old saying . . . "Buy the Rumor, and Sell the News". Shorts had already covered into the inventory report, pushed by the track of Gustav. Once the inventory numbers came out, the market no longer cared and fell back $2.00 No big deal.