5% - 10% profit per day trading
- Thread starter spanish89
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Quote from spanish89:
i had dumped my short at 40.90
i just sold now at 43.46, target is 42.56
since gasolien n heating oil and stuff are down, this rally is $3s straightup,
and so the asians will extremely likey sell because that 6million crude build.
chart......
u managed u get at the top .
whts the stop?
Good evening,
I'm following this thread since it started. I occasionally trade CAC40 and sometimes the DAX.
From next month on, I'll have plenty of time to trade (no job anymore ...). I'll also keep an eye on CL then, maybe QM to start with, due to risk management.
To anwer (partly) your question ...
Please take a look at the chart attached ... (one picture can tell more than a thousand words
)Most (not all of them - that would be too easy -) of the reversals in a downtrend happen right under the previous high. I find these pretty good values to use as target or entry.
For uptrends: the other way around...
Anyone else uses this?
Success to all of you !
(I apologise for the ugly IB chart. I don't use it for trading, but when set to 5min, it provides a nice view over the last 2 trading days)
ALoha mate, thanks for the email with chart.
And i had my stoploss at 43.86.
i made abit of a mash out of it though as i had my sells in 1st at £8 per tick with my target at 42.62
But i then cashed it in at market 43.03 as it fell, and wanted to get a resell in at a popup to .16/26
but as dow spiekd down i sold in rush at market 42.98, so filled at .92 after spread...
(£6 per tick)
and so i then needed market to fall to 42.86 jus for me to be able to break even by clearing the spread...
It did bounce back to 43.24, but i then cashed in as it fell to 42.77
since i didnt want pressure of holding it overnight.
So now at £524 profit for the week so far.
And i had my stoploss at 43.86.
i made abit of a mash out of it though as i had my sells in 1st at £8 per tick with my target at 42.62
But i then cashed it in at market 43.03 as it fell, and wanted to get a resell in at a popup to .16/26
but as dow spiekd down i sold in rush at market 42.98, so filled at .92 after spread...
(£6 per tick)
and so i then needed market to fall to 42.86 jus for me to be able to break even by clearing the spread...
It did bounce back to 43.24, but i then cashed in as it fell to 42.77
since i didnt want pressure of holding it overnight.
So now at £524 profit for the week so far.
ALoha mate, please re-read the response i posted for you previously.
If you trade all day everyday for about 4 t 6weeks you will have learnt all the basics about when to click BUY, when to click SELL, and when to just sit and watch.
You will have a basic / medium grasp about the different chart formations and patterns that the market makes, as these are what you use to trade off.
And you will have a moderate understanding about the news and fundamentals that affect the oil market,
nd how to read and use them to you advantage.
*So you will know 'How to trade and make money'.
Thats the easy bit though..
Anyone and everyone can/does know how to make money trading,
but the extremely hard bit is being able to actually manage you mind and brain pyschologically during the trading day.
Since when you see the market has spiked up hugely part of you will say 'sell now so i dont miss the fall', anotehr part of you will say 'dont sell yet cos it could rise alot more still before it fall back', another 3rd part of you will say 'dont trade it at all its too risky and i dont want to risk losing my money'...
Only 1 of those will the correct solution, but which 1 it is will change for each market movement.
And then once you do get over the fear and into the trade, you see it fall quickly in your favour and your being offered £30, you will then have the pyschological issue about whether you should take the cash n run then, move stoploss tighter, or just sit back n stay calm and let it fall to your target.
Again only 1 of those will the correct solution, and which 1 it is will change for each market movement.
So the pyschological side of trading is extremely tough and harsh and draining!! :eek:
The actual 'market moves' side is the easy bit.
But the pyschological side will fuck your mind up in ways you simply have no way of knwoing how horrific it feels until you are in the trades,
you will never ever be able to forget your trading experience,
and the market will take over and become your life. hehe
You will only sleep when the market is dormant.
If the market is moving about lots from 7am to 2pm then you will have to learn to go without eating and instead feed and prey on the market instead.
If you are about to piss your pants but market is at the top of a big spike and looking like its about to collapse down the the other side,
or if the opec ministers are giving a press conference,
then you will sit on your sofa and wet yourself, maybe even repeatedly!!
You have to simply learn to use the toilet during the sideways quiet times.
even if you dont need to piss at all, you just have to go and forece yourself to during those times.
Im not joking mate or trying to scare you,
im simply wanting to make sure you know what your getting yourself into.
(Because if you dont really really desperately need the money from this to feed and house yourself / or you have thousands n thousand of quid of spare money lying around that you can afford to lose,
then i would strongly advise you to delete every trading website from your mind, never ever even look at a market chart again, and instead go and spend your money and time doing action sports or having sex with fit girls..)
Since you honestly wont like trading much once your trapped in the trading world.
If after reading my post above you still do want to learn how to trade im more than happy to give you some personal teaching even..
The best useful information i can give you (there is loads n loads given by many others in this thread already also btw),
but here are some quick simple tips for you to keep in your mind when 'practising trading'-
*Patience pays by the hour. (The more patient you are the better entry you will get, get in when the market is going in the direction your betting, the less potential loss you could have form your entry, and so the more money you will consistently make).
*Never ever try trading a market that is in a mid range level for the day.
(Im not sure about your level of chart knowledge and understanding, so basically what this means is you see oil open at $45, it rises up to $46 over the next 2hours, then falls back to $45.50...
Its now in a mid range level and so could go in either direction, so its not smart to try guessing which way as you have no way of knowing)
Instead focus on letting the market shoot up 3 t 4dollars in direction, then wait till it forms the head n shoulders reversal formation.
(on previous page i posted that chart and i wrote numbers 1-2-3 at the top of those up-spikes.
when you see that pattern form at the top of a big spike you SELL where i wrote the number 3, but put your stoploss about 5ticks above where the top of the number 2 spike is).
This is the easiest, safest and yet most effective and profitable trade setup and formation out there.
its very clear n easy to see when its formed, and you can make alot of money yte only have to risk very little (the amount of ticks between 2 n 3).
*Think of trading like rugby.
(In rugby when you have a scrum you 'drop-lock-engage')
And so just do the exact same in trading-
1. You DROP your head down at all times to look at the chart.
(if your looking out the window or at fit babe's bums you will miss seeing the market moves
)2. When you see the market is spiking up alot in 1direction you LOCK your eyes onto that line like you would when you are locking a missile onto its target and follow it up with your eyes as it keeps going up.
(Once you have locked-on to the market then the market is in great dnager and is trapped by you, as you have now go it in your sight and are just waiting till its at its weakest before you attack it).
3. When you see the market form that 1-2-3 formation that means that its over stretched itself too much,
all the big players have taken their prize and gone down the pub to celebrate,
and so now its only the sad pathetic weak little trend chasers who are left there.
This means that the market is now at its weakest point,
and so when you see that number 3 formation you then ENGAGE the market by attacking it with your trade.
(When you engage that is your charge and attack, and so just like in rugby, once you have decided that its time to attack you have to do it very fast and hard.
You start poncing about and horsing around with it then someone else will run in and attack it and it will drop 25 t 40ticks in a those few seconds that you failed to attack in.
So when you decide that its the time to make the engagement you then have to just do it fast).
And by trading lightly he means start trading at just £1 per tick, or a low amount like that.
Quote from pocrel:
good morning spanish how is life i am normally not up at this time but as you know i am in hong kong this week so i am up just ha damn your up early london time, anyway hope your trade works today, i have been back trading a little this week trading gpb/usa for nice market this week short every trade most winners if would suite your style very big moves tighter spreads it is an interesting market
anyways short the gbp against dollar euro and definitly the yen and you will be a rich man
Aloha mate, hows the hotel and weather??
You got any of those chinese massages? lol
You been putting in the hours trading i see.., good man.
The guys i chat to in the t2w chatroom have been having alot of run scalping 5 t 20pips profit at time from gbp/usd..
For me though i cannot sell sell the £ anymore agaisnt the dollar as its alrwady ridiculously overdone, and so the day that it will start its pullback could come any day soon,
and could even come as fast and sharply as the dollar strengthened that day back in july...
when the fed announced that usa was basically really completely bankrupt cos of the oil costs, and trichet raised euro interest rate to about 5% but said europe was also suffering alot cos the oil.
i saw and traded both oil n eur/usd live while he spoke and saw oil crash $8s in under 1minute, and euro drop about 600pips in 2mins!
As far as fx pairs go i watch the main usd crosses throughout the day as they affect oils movements,
but the only one i actually trade is aud/usd.
I was the one who called buy it about months ago when it was at 6068, and to put target at 6876.
I called it on friday, over weekend it rose 300pips, and then went up to over 7200 over that week.
its now lingering in a tight 6500 t 6800 range, while gbp n eur are still crashing down.
So its already shown its the strongest of those, and its only 4-digits so not too much stoploss needed to trade it.
And so once the gbp n eur start their pullbacks again the aud will be leading the way...
(I want to see how it reacts at 6468, and then 6086)
As those are both very very strong support levels, could both be traded with about 35 t 40ticks stoploss, and could very very likely cause it to bounce alot if you time your entry right and get in once its started it bounce of the level...
Btw ive poted a thread in the energy forum,
not that anyone ever scrools all the way down to go there on this website though! lol
But i wrote about why i believe we have now seen the bottom for crude,
and have posted some charts to help show and also show what will be the key levels on the upside now.
So if anyone is interested in reading what i wrote / or just extremely bored, heres the link-
http://www.elitetrader.com/vb/showthread.php?s=&threadid=151584&perpage=6&pagenumber=1
not that anyone ever scrools all the way down to go there on this website though! lol
But i wrote about why i believe we have now seen the bottom for crude,
and have posted some charts to help show and also show what will be the key levels on the upside now.
So if anyone is interested in reading what i wrote / or just extremely bored, heres the link-
http://www.elitetrader.com/vb/showthread.php?s=&threadid=151584&perpage=6&pagenumber=1
This is so true!
Well said mate. Its good to see you pass on the knowledge to others.
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