Hello everyone. I trade brent oil. I want to keep a diary to improve discipline. Today earned 103 points.
To trade oil, with 1% risk which is $1000 you need an account size of $100,000 Oil has contract unit of 1000 so a $1 move $1000 and 50 cents is $500 if you on the wrong size of the trade..and account is only $5000, your down 10% in minutes due to high volatility of trading oil Maximum risk is 3% Too many traders trade oil with account size of $5000 and wonder why they blow up.
welcome to the journal section consider for any trades that you make that you post the trade before and not after the fact with real numbers in ROC & good luck or maybe post what skills it is that you use to win?
I been trading crude oil just fine, keep my risk at $200-$250 per trade. Pretty easy too, just use limit order and wait for entry, put the stop where it needs to be.
If you want to post a diary to keep discipline, post your progression of making your 103 points in a day, like with charts showing your entries and exits. Otherwise this will just be your own circle-jerk of assumed trading prowess. I mean after all, to make 100 points in something like Brent or CL, it would have to move in a range of $100 per bbl. Because $1 is a point. So if we range 20 points in a day 5 times, you captured the full range up and down those 5 times? Jeez, is CL doing that these days? From the May CL crash to today on June it's only a 63ish point range? Or did you mean 103 ticks?