How Do You Trade Profitably Consistently Now We Are Back At The $100 Midpoint??!!??

Discussion in 'Energy Futures' started by spanish89, Sep 5, 2008.

  1. ALoha, i trade crude fulltime for a living..

    Had a great time hitting over £1,000 per week for over 1month, all at just £1 tick, and scalping with at 12tick spread, from a starting account of just £750.


    I paid over £3,000 for rent till end of november in my apaprtment that i moved into, and bough some furniture on creditcard..,
    but then had an extremely bad week last week cos the hurricane making it so unpreditcable!! :(


    At the moment i have barely £2,600 capital, and need to get back to hitting min £300 profit per week.

    (Normally this shouldn't be too hard since i could technically just trade wednesday inventory number at £2/3tick like normal, and as long as i can click fast enough its an easy 50-150ticks there everytime, but i cant just depend on that for a living).


    For the last few it was so so easy trading oil, especially with my style of trading, as since i knew oil was going down and was gna keep going down as aything above $115 was too high for people to handle, i could simply ONLY do sell trades, and just scalp during the day selling off every peak and spike with a giant stoploss off over 1000ticks, because i knew that oil wasnt going to rise back up $10s+ after the spikes.



    But now we have got to under $110, approaching the $100 mark,
    how on earth can you consistently make profit on trades??

    And feel safe on your trades, when you don't know what direction the oil will be going in the medium-longish term?? :confused: :eek: :confused:


    I use S&R levels as my entry and exit points when scalping, but before i only specialised in just selling, and just ignored it when it went as low for the day as i thought i was going to.

    But now its so so sooo uncomfortable because i have no way of having any sort of edge/strong indciation in which direction the price will be going in the medium term.



    How do the rest of you consistently make 100ticks+ profit per day, everyday, now that we have come down to this uncertain level???

    If any of you traded crude over 5years ago before the rise started id be extremely greatful if you could explain and give some tips and advice on how your identified the daily/weely trend each day back then when the market was so flat??


    Thanks
     
  2. jtnet

    jtnet

    congrats now you have to learn how to trade and control risks.

    oil for small timers is rough, rips around all the time, you can be down 40tiks in a blink
     
  3. bespoke

    bespoke

    never assume you will continue making whatever amount of money it is you're making. especially if its just a few months of results and in a market that is behaving differently than usual

    welcome to trading
     

  4. Sigh

    I have arrived... lol


    Um so anyone fancy giving some tips more specifically on how to workout the daily trend each day for crude at this current time and for the next few weeks..???
     
  5. JamesJ

    JamesJ

    first of all, if you want to take your trading to the next level, you should get a real broker with NYMEX access...

    12 ticks spread is imho way too much to constantly win.. i mean even with a good (scalping like) system, this spread adds up...

    the nymex oil mini (QM) is 500$/point, thats 5$/tick, so 1.76 £/tick (well 0.01 is 5$, and it trades in 0.025 steps, so in fact 12.5$/tick), , which should be acceptable 'cause you said you've been trading 1£/tick(0.01) all the time, and your capital has grown quite a bit.

    i trade using interactivebrokers.com, but i reckon you don't have enough money to start an account there, so look around... there are tons of brokers, with much less commission than those 12 tick spread. (IB is around 5$/round turn in the big contract, so thats around 0.005 in the Oil price)

    cheers
     
  6. JamesJ

    JamesJ

    did you arbitrage your bucket shop?

    if you did so, than it's only a question of time 'till they shut you off during this volatile trading after news
     
  7. If you keep trading for daily profit goals, you will blow up.

    Learn how to take what the market gives you and be happy with that. Greed kills more accounts than fear.
     


  8. Cheers mate, i would really love the feel of trading without having to clear 12ticks on each trade just to break even!! LOL

    Especially when i up it to £2 / £3 tick on inventory day im paying £36 just to made the trade!!! :eek: :mad: :eek:


    I looked at IB's basic easy to use account, and even though its quite alot more complicated to execute trades as quick as my beloved tradindex.., it seems ok.

    I have over $5000 capital i think, depending if the usd is now so strong that £2,600 wont make 5k.


    But are there any brokers where i can trade crude futures contract at a size of just £1 tick, so basically i make £1 for each penny in my favour, and with a comission of less than £4 per trade??



    Thanks
     
  9. kid ... if I were you I would look for a firm that lets you trade

    some shares of USO or the equivalent ETF / ETN etc that
    trackes the movement of oil price

    and has a tight spread

    not sure if there are "pattern daytrader rules" in the UK

    for small accts or if your commisions can be rock bottom
    in order to do this

    good luck matey

    :)