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.
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.
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.
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!
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?