I will become a very rich man (Trade Records)

Discussion in 'Journals' started by EighthWonder, Dec 29, 2017.

  1. Hi everyone,

    This's my first post in Elite Trader. :thumbsup::thumbsup:

    I want to leave my trading records here. I believe in myself will achieve my goal of being a rich trader with a colorful life.

    First step, I bought a lot of QM (smaller CL contract) at 59.725 yesterday.

    Now I am watching the CL market.

    Good luck to myself. :D
    Last edited: Dec 29, 2017
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  2. tomorton


    Good luck mate, I hope you do become a very rich man. We should all have an objective in mind.

    As soon as you become comfortingly off, that will be a very acceptable time to post a few tips and hints.
  3. Robert Morse

    Robert Morse Sponsor

    I'll try to bring the thread back in line.
    • What is your target?
    • Did you set a stop?
    • Where would you add or is the 1 lot your limit?
    VPhantom likes this.
  4. MACD


    Welcome to ET @EighthWonder (BTW, I wonder if your misspelling was intentional or ?). Of course, I for one, and I am sure many other members of ET wish you "Good Luck". As you know .the QM contract is thinly traded compared to other futures markets including the CL. The QM does not have options which may not concern you. Not sure what you mean by "a lot of QM"? perhaps you mean you bought a futures contract or maybe several of them. I trade the Crude Oil contracts and options -- so perhaps I can offer some of my experience to "your first post on ET". Oil (CL and QM) are an excellent trading vehicle -- so congrats on your market choice to begin your goal. I assume you are using a stop order for protection of a move against your long position. I do not use stops but hedge with options and correlated markets. Again, @EighthWonder, thanks for your participation and hope you find the ET experience of value.
  5. Overnight


    Good catch there. I first read it as "a lot of" as in many. Was thinking it was a jokey post when he put down 57.725, then noticed it was edited (typo).
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  6. Bob,
    1. No expected target. I will adjust my exit point by following the trend of CL.
    2. Now the stop is placed on @59.825. A liitle bit higher than breakeven and can cover the commisions.
    3. I start with a very tiny account and 2 lots QM contracts is my buying power limit. Same as Question 1, I would add my position if the CL market goes in my favor. It depends on the market, not my subjective opinion.
  7. jl1575


    "First step, I bought a lot of QM "
    "I start with a very tiny account and 2 lots QM contracts is my buying power limit."

    However, Good luck to your compound from 1 , 2 lot to 100 lots.
  8. Robert Morse

    Robert Morse Sponsor

    Good to have a plan. For those that don’t like stop orders, an ITM option is a good choice, especially with vol this low. Of course the option is on the bigger contract but you can adjust you size to meet your needs.

    Good luck.
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  9. Robert Morse

    Robert Morse Sponsor

    I understood that he bought “a” lot or one.
    VPhantom likes this.
  10. MACD


    Good for You @EighthWonder You do have some trading knowledge and skills to start with.
    #10     Dec 29, 2017
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