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I will become a very rich man (Trade Records)

  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
     
  2. 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. 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?
    Bob
     
  4. 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. 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).
     
  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. "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."

    LOL.
    However, Good luck to your compound from 1 , 2 lot to 100 lots.
     
  8. 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.
     
  9. I understood that he bought “a” lot or one.
     
  10. Good for You @EighthWonder You do have some trading knowledge and skills to start with.
     

  11. You are right.
    I just found it was amusing first, and then I realized that he probably meant one lot (A= one, 1). Just normally people would use one lot or 1 lot, and I didn't pay much attention as well.
    English is probably not his native language, and not mine either.
     
  12. It is mine, so I have no excuse for all my typos. Sometimes I see them weeks later!
     
  13. Nice lesson ...
     
  14. More chances to become a cosmonaut than very rich in trading.
     
  15. To become "very rich" in trading, or any field or endeavor, is rare -- most people are lacking all the necessary fixed and dynamic variable elements.
    [​IMG]
    It's just a matter of time before they breakdown, or suffer a serious snag or setback. which will shake and whittle them to their core.
     
  16. Trading is not "any field or endeavor".Any field is a "grocery shop" where you can become very reach easy.
     
  17. You are under a misapprehension ... Don't repeat it!

    Quick googling: https://www.forexschoolonline.com/do-95-of-traders-really-fail/

    One of the biggest myths spread around the Forex world is that 95% of traders fail to make money. Traders no matter how limited their experience, seem to all have heard the same myth! I have no idea where this started but I have a very good idea of why this myth continues on today and will continue on for a long time to come.

    There is one major thing all unsuccessful traders have in common and that is they fail to take full responsibility for their trading. They may think they do, but when it comes down to it they are all looking for any excuse or reason as to why it is too hard to make money.

    ...
    And don't put down the hard working people!

    You seem predisposed to exaggerations.
     
  18. L'Chaim!

     
  19. QM is not a good contract to trade. It is not very liquid. At times bid ask spread becomes lare. If you use stop limit, it will often run through your stop.
    If you can have two QM, you can have one CL.
    Trade CL
    .
     
  20. Could be due to this:

    Aoccdrnig to rscheearch at Cmabrigde uinervtisy, it deosn’t mttaer waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteres are at the rghit pclae. The rset can be a tatol mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
     
  21. Why do you think your trades have positive expectation.

    Aka.. an edge.
     
  22. I love this post! Makes the case for defining ends and then working out the in-betweeners!
     
  23. Your guess is right. English is not my native language. I typed too fast so even didnt know 'a lot' would made you confused. I am glad that you guys finally understood me...:)

    My tiny account starts with about $1350. Its a long long way toward my final goal...I will keep on recording my trades here to encourage me not give up this way.
     
  24. You are right. Any major commodity contract is much better than its minor/micro siblings. However if I bought one lot CL instead, that meant I all-in my asset into an uncertain risky situation. According my current bankroll I cant afford any the probability of bankrupcy. Thats why I decide QM.
     
  25. My trading philosophy is that you cant measure a precise winning/losing probability/edge beforehand. The only thing you can do is TRY.

    So how do I decide the direction to place my bet? Very simple, I only look at the currect trend of price movement. CL is now going UP on daily/hours basis. Thats enough for me. Then I can find an entry point with a reasonable stoploss to give it a try.
     
  26. I hate to say it, but CL would be your better bet here. I have looked at the QM vs. CL charts in the past. QM is ugly. It is counterintuitive that they should be so, but...Ick.
     
  27. Given your lack of money, trading oil with QM is still not a good idea. If you have 25k you will be better off with UWT and DWT.
    You can buy small quantities and scale in. I learned this technique from The Arora Report. This has helped me keep my risk lower when I a am concerned about risk.
    When set up is really good I go to Cl
     
  28. Way to encourage him paper trader YouTube watching loogie!
     
  29. Do you backtest your ideas/ methods?
     
  30. Raise my STP from 59.825 to 60.175.

    I might close this position today cuz I decided to use tighter stop tracing from now on.
     
  31. I just buy 1 lot of CN (FTSE China A50 Index@Singapore Exchange) at 13297.5. The STP now is placed at 13305 that can cover my commission.

    I think US traders might not be familiar with this index commodity. I live in Asia so this contract is good for me because I can trade it in morning.
     
  32. I decide a trade only using price chart. Of course I have examined the similar cases in price history by my EYES.

    Its not accurate like you can do it by TradeStation/MultiChart, but still can give me a feeling of if this chance is worth a try.
     
  33. Well, rumor has it that China is starting a domestic crude future in 2 1/2 weeks. Exciting, best of both worlds?
     
  34. I never heard about this rumor. Even its true, I think we still cant invest them directly. China goverment limits only their nationals be able to trade their own domestic futures contracts.
     
  35. QM was closed at 60.500.
    Profit (60.500-59.725)/0.025*12.5 - 5.5*2 = $376.5
     
  36. Today day-traded one lot of QM. Just liquidated this position.

    Entry: 60.525 (05:17 EST)
    Exit: 60.8 (07:46 EST)
    P/L: $137.5 - $5.5*2 = $126.5

    I dont want to hold this QM too long since I am expecting the CL retracement on daily chart. When this happens I will try to buy again at that time.
     
  37. Long MJNK(Mini Nikkei 225@Osaka Securities Exchange (OSE)) H8 one lot at 23235. (09:50 JST)
    STP: 23180 -> 23195 -> 23240(Now)