Aloha people, i day-trade oil with a very unique stratergy, started fulltime oil 1 n half ago with £700, now have an account of just over £4000, and have a daily target of £200+ per day, that i ahve been hitting almost consistently everyday so far at just £1 tick! (kept all trades record in online journal) But now i, and exepect many others of you are now also finding it ALOT harder... :/ Since for the last 6months you could have just bought oil everyday (using a giant stoploss like i do always), and always been safe and made alot of money, since you could tell it was a very strong steady uptrend. And then for the last 1month since oil hit 145/6 it was just for shorting everyday (although i made alot on shorts after the big spikes in the buildup). So for the last few weeks its been extremely easy to make a few hundred pips per day most days, since you just would only sell, and if you could get your sells in near the tops of peaks even more cash for you! But now oil has hit this 113/5 level it doesnt seem to want to go down anymore, but is at the same time seriously now struggling to fall any futher! :/ So its basically just choppiness and flatlining with abit of noise for the last 2days now, even with all the stuff in georgia. he inventory number tomorrow may be good for 100+ pips short if we get an over supply, but apart from that its so difficult for someone like me who only trades in the direction of the trend, doesn't do the double. lol So what direction do you all think the oil will trend mainly tomorrow?? (updating each day) And what is your reasoning for that decison?? Goodluck trading btw
Hi, Personally I think it will be quiet in the UK until the Nymex floor comes in, but again who knows with the Georgia situation. Not a lot of people know what to make of it - the market certainly hasn't seen it as bullish enough - which worries me in terms of the flat price - the market doesn't need much of an excuse to use that fundamental as a bullish driver when it wants, even if nothing seems to change news wise! The stock figures are a great way to make money, but you need to have deep pockets or a stop loss so big it defies sensible risk reward, especially in these volatile times. Only a personal view but I'd stay clear of the stock figures and leave it to the big boys (funds and oil majors) otherwise your hard work could be easily wiped out. If you're not sure of the trend, and the market seems like its ranging, why not just trade the intramarket spreads until you gain confidence in which direction oils going again? Can always nick a few ticks on the spreads. Don't force yourself into trading if you're not sure of your decisions..... Good luck mate.
Aloha, you all made much yesterday and today then?? I only had an account of about £3500, but i made £288 profit, even though it was so annoying since the petroleum inventoires came 1min before crude, so i missed the huge buy in cude that i was waiting for. But still made my daily target of over 5%.. And today was so easy to trade cos it was an obvious selling only day, and so ive smashed through my 5% again already... You all watching the fed speech at 7.30pm though and thinking when he says how weak US economy is oil will crash a few more dollars like when paulson did it??