Hey guys, TB here, and I'm down over 1 grand in crude oil + other commodities and really need a seasoned pro to help me get out of this mess and into some kind of formation where I can consistantly make money in this market. please let me know if you can help me, i primarily use the phone on skype to make calls so jus so you know. need this help, will repay anyway i can,thanks!
Hi TB, I've got to say I'm confused. You've posted that you were looking for a stock mentor, a futures mentor, and now a crude oil mentor. At the same time, you also posted: "After reading this, I have very important steps for you to take if you want to make it big in the market like I have been doing so far with only $10,000 that I borrowed to start with." There are a number of people who share ideas, point out interesting activity, and ask for each others opinions through PM here on EliteTrader. I get 3 or 4 messages a day of this type, and am happy to bounce my ideas off them and vice versa. Still, every one of the people I PM with are humble and honest. You don't seem either with your posts so far. "Trading Billions"? "making it big in the market like I have been doing so far..."? My recommendations for you: 1) Share your ideas publicly and PM people who share common markets, trading styles, or approaches. 2) Stop trading crude oil if you only have $8000 to trade (as per one of your earlier posts) 3) Paper trade and explore your trading style until you find one that works for you. Forget "edge" and "secret combination of indicators"--find the market that suits you. 4) Be prepared to put in between 6 months and 3+ years before you "get the hang of it". Anyway, I hope that's useful.
well, i try to keep a positive attitude throughout the good times and bad.. i'd be lieing if I said i always make money.. i have good days where i feel like sharing my ideas and bad days where i need a little assistance.. pretty much right now i'm trying to find my strength in which futures play i'd like to take.
What is your "system"? If you don't have one and you're using your emotions you're going to lose all your money.....figure out something that works, write it down, and stick to it.
As SideShowBob said, what is your system? Your ideas result in a system, not a win or loss. On your bad days, it doesn't mean your ideas are bad, just that you need to refine them. Trading ideas can come from anywhere---your investigation of them can result in a trade action. I don't trade crude, but I have some ideas I'd investigate if I were to: 1) How likely is it that the US will invade Iran, and it what time frame? (Bullish futures or volatility options play) 2) Has the massive storage of crude from a few months back reverted to normal? (Back then, oil refiners had all but maxed out their storage capacity, this could have a serious impact on spreads) 3) How does crude look seasonally with the spring lull here, but the peak driving season coming? 4) What is the real impact of ethanol and biodiesel on the crude market? 5) How closely have OPEC members complied with their output decisions? If you don't believe in fundamentals affecting the market, then how about technicals? 1) Are any moving averages natural support and resistances? 2) Does the volume & price combination show any tradeable patterns on price extremes in the past? 3) Does Open Interest tell me anything useful? 4) Can one, simple indicator prompt me to see price action that I'm slow to recognize? My point is, you need your own ideas and you share those with people who are like-minded. You then refine those ideas until they're successfully tradeable. I don't think you need a mentor to tell you how to trade, you need to brainstorm and investigate. Since I started trading, I've probably built hundreds of spreadsheets, backtested thousands of systems, written programs to analyze and display data, read dozens of analyst reports, transcribed data from every WASDE report going back 20 years, read the CRB Commodity Yearbook, etc. Some ideas stink. Some lead me to trade and prove me wrong. Trading is all about creativity and adaptiveness.