There's too much easy money to the long side today to ONLY sell! Not us! We need our at least our first 10 cups of coffee to win! We are over-caffeinated oil traders!
First of all I am not holding this trade for months so the roll is not going to affect me, but I am short so if I do hold this into the rollovers then I am at an advantage. I like to scale into and out of my trades.. If I had been scaling into this oil short trade with the mini crude or the full WTI crude then I would be down like ten grand right now. I use the etf because it allows me to scale into and out of positions much easier than CL. I see most people tading 1 -2 lots in crude and it is all or none on each trade.. It sucks that you have to have 25 K min to open a day trading account. This is BS. it forces most people to trade futures first when they are undercapitalized. This typically leads to ruin. They lose and lsoe and give up. I am actually in way over my head on this oil trade.. but man when it falls.. it is really gonna fall...the question is when
I was closed out the QID (QID is a way to short the NASDAQ by going long QID) calls that I bought yesterday for a profit. I still have my previous hedged position of QID verticals. This is also the 1st week in awhile that I made 5 days in a row positive profit trading futures, with only 2 mistakes of holding a losing trade longer than I should have. For next week, hoping to not make any mistakes. Both of these mistakes were getting angry when I am up 10 ticks and letting it turn into a losing trade, and not wanting to kill the trade. Don't know if I should just leave my normal stop or try to set these trades to BE like NoDoji sometimes does.
For any of us, when we're on the wrong side of a trade, all the pleading, begging, pumping, rationalizing, explaining, etc. does no good at all. The market isn't listening to any of us individually. Doesn't care at all what we think or what we want.
Thanks, I almost did not trade today since I did not want to take a loss, and was about to shoot myself after a winning CL trade was turning into a big losing trade till I killed it for a small loss.
Blackout here long at .02 stopped out at .89 long at .34 Nod, give me a target, pretty please :15 stopped out .33 (105th)