Hi, After being BANNED from BMT, reason that he gave for the ban vendor self promoting, I have decided to do my journal here on Elite Trader. I will explain more about me: I am a beginner and have spend some money on courses and books but not much it is still under 1k. My market that I trade is mainly the CL. I have stumbled on some youtube videos that made me interested in a strategy and could not resist to take the course and I am a subscriber of the trading room from the same website. I´am not going to mention the website because I do not know if I can do that here. I mentioned the website on BMT and the result was a ban. What I will do here is posting every day my trades that I took in the CL and make some kind of weekly and monthly recap with pics. Good trading, Saber
It is not that difficult to trade cl, you just have too watch for support and resistance levels and be patient.
Good morning, I took 2 trades yesterday. One loser and one BE trade. We had crude oil inventories and in the morning there was absolutely nothing going on on crude. Had too wait for after the news. After the news it was down so look for shorts. The first setup: Entry short@60.83 Target@60.68,60.43 Stop loss@60.99 Outcome: -32 ticks (2x16) The trade was a good one but had bad luck stopped out to the tick and then market went down. 2e setup: Entry short@60.72 Target@60.57,60.32 Stop loss@60.84 Outcome: +2 ticks (2x1) Again good trade but no fill on the target, short by 1 tick of first target. Ended the day -30 ticks I´am still trading 2 contracts.
"cause it's easy money, innit...lol"...The flip side of your post is a lot of naive people go broke trying to trade the CL
NEVER ever put a stop just under/over a whole number like 61.00, 62.00, you will get nipped almost every time, add 4 ticks to 61.03 or if coming down 60.97. Way too many traders trying to get in at whole numbers or one above/below. See that huge bar few bars before your short? I have a rule I don't do any shorts in the range of that big bar, for my back testing, they are greater than 50% losers, plus the average Swing from highest high to lowest low of current trend is right at a buck, which tells me we could expect reversal or sideways action. That certainly doesn't mean it won't go down lower, but it does stops me from taking trades where my stats shows they not worked out well in past. So you risking 14 ticks to get one tick? Market was telling you where it was going first and you failed to read support? Trading is not about making money, profits are an end result of reading the Price. Trading is about how to control RISK when we trade something that has limited control. So you risked 14 ticks to make one tick, does this sound like a good thing to do when previous lows were touched? Two contracts and newbie spells disaster. If you can't make money on a one lot, two are worse. Good luck to you.