Heyy I don't know much about trading. So, this is going to be a learn-as-I-go thing. I'm using a demo account to trade futures. Just bought 5 YG contracts a while ago for 1625.3
Covered for a loss @ 1623.6. I'm going to stick to CL and ES.... I like the spreads on those a lot more. Also, much clearer trends going on
Just bought 10 6A, austallian dollar futures, at .9953 1:30 AM eastern here. I know I said I'd stick to CL & ES to avoid noise on low volume charts but the bull move here looked good.
So I developed a strategy for trading CL & ES. I like CL the best b/c of its swing patterns. I've been profitable last Friday, Monday, and today. I'll post my next trade for you guys.
I understand now why people say emotions can break you. I've been wanting to go short right now so so so badly but I need to wait for my signals to get stronger. I mean, there's a good chance that I'd get a better profit if I entered right now.. But there's also a good chance that I'd just get chopped out at a loss. I see why it's tough for gambling types.. They'd feel so compelled to just get in now. I need to wait another hour or so. edit: In case anyone was curious about that Australian dollar futures trade, I lost like $5K of my demo account on that. I have a better understanding of what I need to do now though.. Why is it that trading takes people so long to master? I've seriously just been looking at charts a few days and it seems like I have a pretty profitable system.. Is it really the emotional part that ruins people that often? I'd completely understand if that was the case. These futures contracts are so leveraged that just a few emotional trades away from the system, holding on for a dollar or 2.. or even just getting sucked into a series of 20 cent chop zones.. could quickly blow 50% of your account.
I just shorted CL at 82.91... WTF I think my demo account charting & quoting software is running a 10-15 minute delay. According to the posted bid/ ask spread, I should have gotten short at 82.99. Oh well, I'm focusing on a move big enough that it should make up for that anyways... unless I buy at a 10 cent higher than expected price as well.. That's $200 combined!!! edit: When I said I was paper trading profitably earlier, I literally mean that I was writing my trades on a piece of paper while I was at work. I wasn't using this demo software. re-edit: I just set a limit cover @ 82.71 so I can cover profitably while I find a demo account that covers its fills at the same time-frame as it quotes & charts. I'm 99% sure the move will continue a bit past that tho. re-re edit: just covered for a quick 20 cent profit.
down movement from what looks like a 24 hr high. Waiting for confirmation then going short. Wow.. I really wanna go short ASAP again. But I need to use discipline here.. Edit: Short 83.27. Stop placed 83.51. Going back to sleep.. Hopefully I'm making money when I wake up! re-edit: price slightly moving up. If I were evil, i'd place an order at 83.5 to trigger peoples stops.... Do stops work that way in real life, or do you actually have to get filled at a price better than your stop?
I have to go to work. So, I set a limit buy @ 82.85 to cover my short. I'd like to stay and monitor price action.. This could cause a loss up to my stop order or really limit my profit if price looks like it's gonna go down more.. Or make me unable to get out if it looks like it's gonna stall above 82.85
" I have to go to work........." " I'd like to stay and monitor price action......." " This could cause a loss up to my stop order or really limit my profit if price looks like it's gonna go down more........? " Hopefully I'm making money when I wake up!" " If I were evil, i'd place an order at 83.5 to trigger peoples stops...." " Do stops work that way in real life, or do you actually have to get filled at a price better than your stop? " " Wow.. I really wanna go short ASAP again........" this isn't going to end well....... s