What do you all think of this plan? I will transfer more money into the Schwab account to avoid margin call... But I won't buy anything with it. This will give me time to wait for oil to rise again. Although if it gets TOO low, then there's nothing I can do. But this additional cash will give me more buffer before I have no choice but to lose it all.
Zghorner any reason you are such an ass!!!! Maybe u don’t have any skin in the game or u are just an ass
I'm not sure it's a bad idea, though. It would give me a wider cushion before they force a sale. If I had $1 million in the account, then I wouldn't even be worrying. I would just be waiting for prices to rise to normal levels. And sell for a profit even if that takes 6-8 months.
Mostly just an ass but will be buying short dated O&G puts Monday morning if futures are red tonight.
Are you a gambler or a trader ? Only gamblers hope, wish and pray in this business. How can you expect to survive in this business if you dont pay attention what day it is or risk more than 2% per trade ? You need at least $2.5 MILLION account to risk $50K. Its a matter of time for you from what I see. This trade or the next unless you learn some lessons.
Well we'll see what happens. I already admitted I wasn't paying attention. If oil went up 7 points and I won $49k just like that... I would have felt like a genius, but it wouldn't have stopped me from doing something foolish in the future. Hopefully this one will. I have already assumed that there's a certain amount of gambling with trading, which is why I want to rely on statistical analysis after this. Assuming I have anything left to trade with, of course. Also, I don't think there's much question that oil prices will rise from historic lows in the future. It's just a matter of when. And the huge leverage in these futures contracts makes it impossible to wait that long unless you have massive cash.
There is absolutely NO way you will be successful without proper risk management. Hoping, assuming, lets roll the dice see what happens. Trading is NOT gambling. You take a (calculated) risk and if it doesnt workout you reverse course instantly without a dent. That's called business.