Thanks for the advices! I continued to play with oil today and got burned. I typically ignore my rules in trading, which is a big problem to me for over a year. I usually got away from violating my rules in trading ES. But, not today. I got 3rd degree burns by the oil. I was shorting all day and lost big money on a day the oil price dropped like a rock. Totally wrong. The good thing is that I have decided to follow my rules from now on. I am going to treat oil seriously, will not under-estimate this wild animal. I am confident that I will take a lot of money from oil.
Thanks. It is quick, it poses both opportunities and traps. Now I need to look at my rules and trade this animal. It's a much better trading instrument than ES, despite the fact I got burned today.
You almost can't believe the post - starts trading the CL right into inventory??? Covers for a couple ticks after taking some heat? Good luck. I love oil and while we seem to be on again off again sometimes, I always come back to her.
If you claim you have RULES, you should stick to them. Stop Loss Hits...YOU GET OUT.. no "what If"..just get out. Take your loss and "PLAN" your next trade. Min 2-1 P/L ratio for targets. Keyword here.."PLAN".. and stick to it, or you will be just another one of the people always complaining. When you are trading with REAL money, it is not like going to the Casino. You are not trading for fun, you should be in it as a business. Treat it like one. Make your "rules", or just a business plan for each trade. You will only survive longer than a week or two if you trade with decipline. If not, everyone else here that trades CL will thank you for the money.
The CL or QM is not for beginners and if there is ever an instrument that should be trade in sim first this is it. Definitely trade the QM before the CL. It's not as liquid and has a wider tick size but the leverage is 1/2 the CL. Even with the lower leverage it's a wicked instrument. I've been trading Oil a long time and I won't touch the CL because the leverage is bad for my health
C'mon Papa. We all started somewhere right? We've all gotten in over our heads at one point. I remember a ways back I put a 10 lot on the ER2 (now the TF) without checking any specs on the instrument. I nearly passed out when it started to move (naturally against me). Stupid is as stupid does. We all go through the same learning curve.
You sound like a newbie. You actually registered in 2005? Those who question my trading time are clearly clueless of trading. I don't know what kind of thoughts you may harbor about trading, I don't know what kind of trading you are doing, but if you are puzzled by my trading time, you are simply ignorant! Yes, my trading behavior was wrong, I have already admitted it in my OP. Yes, I violated my rules in every single trade, I am not proud of it. I am fully aware of my bad habit, I got it from trading ES. You know how easy it is to trade ES? Once you figure out the trend, you can simply enter and wait for money to come to you. ES is based on 500 companies, not a single buying/selling instrument like CL. CL is totally different. When this animal reverses on you, it really reverses, it does it hard and long, it hurts you, hurts you bad. I am glad I traded CL, it fully exposed my bad habit. I am now ready to get rid of my bad habit coming from trading ES.
Open a chart and you will know why. But pray you are on the right side. Of course, you are never supposed to pray while you are trading.