...And They Have a Plan. (Live.)

Discussion in 'Journals' started by Overnight, Feb 14, 2017.

  1. Overnight

    Overnight



    K, here we go with my journal. I was going to hold off on this for a bit longer, but I ain't getting younger and I am in a good place tonight to show demonstrably what I be doing, with what I would like to show for the future, in futures.

    This journal will have lots of silliness from me (like the above video), and I am VERY sure it will have lots of needless banter through its duration from some of y'all. But that is OK. That is the point. I need feedback, whether it is vitriolic or complimentary. No worries.

    Futures only. At this time, it is WTI only (CL on NYMEX).

    Preamble..."How do I make money in a market when I have X amount of money to trade"?

    Trade what you can with what you have.

    "How do I know what I can trade with what I have?"

    AHA! Aye, there's the rub.
    ------------------------------------

    The current summary, live, and all the trades that transpired in that time in a list.


    ForETreal4TSsum.PNG ForETreal4TS.PNG

    This last one is the real key. It shows the maximum potential I will realize if I close all positions right now. Max loss is locked in at ~$700.

    ForETreal4MA.PNG

    So here is the real trick. When to close the profitable trades and let the losers recover? How far can it go? Or should I close it all now?

    Well, here is my signpost.


    ForETreal4fib.PNG
    So how to follow the fib with my open positions. Where do I exit? Exiting is just as important as entering. This is what I face every day in my trading. And this week is going to suck balls, because as you can see, I am spread a bit thin awaiting the inventory numbers. And I am running out of contract months to mitigate the risk!
     
    Last edited by a moderator: Mar 2, 2017
    donnap likes this.
  2. xandman

    xandman

    Have you developed a spread legging technique with NT? I need to suspend disbelief!

    Can we have a general overview and rationale for the method?

    Thanks.
     
  3. Overnight

    Overnight

    The platform doesn't matter. It just happens to be the one I use, and so those are the charts that I post. They are easiest on my eyes with Unirenko variants.

    The rationale is very basic. Almost too basic.

    What goes down must come up, and vice-versa. So I have been studying that fibbo. That bloody darn fibbo. It is uncanny how when you find a good cycle, it invariably pulls back to 50% of the previous cycle. What I am trying to do here is capture the best of both worlds. Get in on a cycle point, counter it in case I am wrong, and then profit when it goes right but mitigate the risk if I am wrong on the other side of it. Does this make sense?
     
  4. vanzandt

    vanzandt

    Is that like a leg spreading technique?
     
    johnnyrock likes this.
  5. Overnight

    Overnight

    You are so naughty.
     
  6. vanzandt

    vanzandt

    Nahhh.... just a wordsmith.
     
  7. Overnight

    Overnight

    A wordsmith? That's cool. So long as you are not an antidisestablishmentarianismist. :)

    See? I knew this journal was going to get funky. God bless you vanz. lol!
     
  8. Just curious where you learned to trade the crude spreads?
     
  9. Robert Morse

    Robert Morse Sponsor

  10. Overnight

    Overnight

    To be clear on this, I am not trading "a spread" per se. That is a separate trading product. This is a pure future "calendar spread" to mitigate the overnight margin requirement for each future position. See the charts above for reference.
     
    #10     Feb 14, 2017