so, you did this to trade a "pullback?"is that a worthwhile r/r to keep adding risk by averaging in? OR you have a reason to believe it won't go higher?! Do you use indicators, T/A or another means to determine a top. Is it all fundamentals and you are using a dartboard to pick a top. I tried to buy 137p on OIH Friday, then thought about it and did not execute. I knew we might be lower on Monday (today) but did not think the timing was right for a decent risk/reward. think we still go higher before reversing. IF I miss it, then will move on and look for the next entry . Better than jumping in randomly because something has had a large move in one direction in a short time frame. I want to at least see signs of st (and/or LT) "Top."
Ahh yes the confirmation dilemma! This topic has been addressed ad nauseum on the CL redux thread. I don't see any problems with fading a move like this or averaging in so long as you can take your loss above 102 and get back short if it breaks down after you took the loss. I wish there was a way I could customize my dollar per tick exposure like Spanish mentioned it's kinda like Oanda only with futures. One question I had for Spanish is that you mention no fundamental support but for the last few weeks we keep having draw downs of inventory especially distalites. And here in the states it seems like every economic report is improving. The only thing I see that could make oil go down is a stronger dollar. But if there is talk of us helping bailout the euro wouldn't that be bad for the dollar? Why is the swissie getting crushed? There are so many factors that affect the fundamental outlook of oil consumption and production it is no wonder the fundamentals seem to not matter. And don't even get me started on the data collection process, what an fing joke how can anyone be trusted to report what is real and what isn't. Good luck Spanish I love your ballsiness!!
Are you crazy, dude? Do you know what is his position size and risk relative to his net worth? With the proper position sizing he could probably average down for a VERY VERY long time and not break a sweat. He is not like you who blows 2k, which is everything in your bank acct and then goes to the govt to collect more jobless benefits.
lol, you have no idea about me. You don't trade for a bit of fun, I bet you sit by the computer and sweat over a few grand and sit at the computer hoping the S&P falls getting frustrated every time it keeps going against you while holding for one specific figure (which you won't hold for no doubt and then come up with another excuse.) ps. If you think Jim Rogers (yes it's Rogers, not Rodgers as you typed earlier which is amusing as you try and draw parallels with you and him) is the most successful trader/investor it shows what you know. He has made a fraction compared to some of the most successful ones in the industry. Maybe you'd be better advised looking to what they're doing if you want to shoot for the stars.
Get out today or tomorrow morning. I have a feeling that oil will go above 100 on Wednesday. If you want to get your money back, liquidate your short position. Reverse direction, buy every dip and sell at pop, repeat, until Wednesday. After Wednesday, the shit is going to crash. Then you can short as much as you wish (how much in your account, by the way?)
My foolish friend i do not mind or even ask you to believe my word for those claims, as my journal where i livecalled each and every 1 of those trades is still on this website for all to see- http://www.elitetrader.com/vb/showthread.php?threadid=134046
And whilst i do appreciate how concerned for my profitability you all suddenly seem, i personally am adequately satisfied with the amount of profit ive been consistently making everyday since i restarted trading... And for this lastest crude oil trade, which everyone for some reason seems extremely afixiated on, i personally am not at all flustered or worried about... You all seem in such a huge rush, always panicking and rushing, hurrying to keep losing your money as fast as possible, fretting and crying if you have to wait a few days or weeks before closing a trade for profit. Wheras i however have the luxury of being in no rush or urgency whatsoever!! My trading account merely acts as my savings bank account.. I could stick that cash in some bank account, where itd just sit doing nothing, and earn me maybe £5 per year in interest. But so i choose to instead have abit of fun with it and put it to work for me on the stockmarket, just to see by how much per year i can beat what the bank would have made for me. And so whilst your are all spending every second fretting and panicking about every 10cents move in the price of Oil, i personally am under no rush or urgency whatsoever. And so simply just don't care if it takes 3days or 3months before my profit target is hit, and really don't care even a tiny bit about however/whatever oil chooses to do between now and when my target is hit... I have no interest whatsoever in having to feel any of that stress that comes with spending all day chart watching, i don't even have to bother logging into my trading account to check the trade's progress. Ive set a text-message price alert to notify me when Oil touches 93.88 next, and so i now just get on with my normal daily life, but one day within the next few days-weeks il get a text to my my phone notifying me that Oil has touched my target, so my trade will have been cashed in and my account have made even more profit.
But as you guys are all so keen to demonstrate what expert traders you are at actually consistently making profit, (not just doing what the text-books say is the correct good way to trade but then losing money), But actually consistently making money everyday, every week, each month.... Why don't you all live-call all your own trades HERE as you make them?? Just post the market you a trading, your entry, your stoploss, and your target. That way me and everyone else can see how skilled at consistently making money from the market you really are.