Risk management depends on how manipulated a market is. CL is a market I recommend avoiding placing a stop within 20 points of entry price unless stop is below or above a previous low or high of day. Readers are waiting for you to share those statistics on your trading setup heuristics / algorithm exploits.
I haven't used a 20-point stop in CL for years. My stops are between 2 and 15 ticks depending on the setup. Having a stop below/above a previous low/high of the day implies a counter-trend trade, which isn't my style of trading.
I planted some flower seeds in a sandbox last December. The next day there were no flowers. So that proves it. 'Gardening does not work’.
Nothing works in the market. No technical analysis. No indicators. No oscillators. No support or resistance. No trendlines. Not even pure price actions like 3-bar reversal. Fine, don't trade!
This sounds like marketing to entice new traders. Any stop less than 10 ticks on CL is idiotic with 1 contract, let alone Al Brooks size 10-100 contracts.
Is it better to get stopped out two or three times with very minimal losses or once with very large loss? I personally prefer the former than latter. BTW placing stops at irrational level is what moves the market. Otherwise, the market would in fact be too damn irrational.
Ask me again after marketsurfer and Q3D are banned. If debitspread is also banned it's possible I will still be here and notice your question.