5% - 10% profit per day trading
- Thread starter spanish89
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genuinely sorry to hear that porcel.
Massive stops aren't for everyone. I used them for a while but have since learnt to trade 'properly'. I never meed to worry about blowing up or hoping and preying to the market. Look at traders like porph and candles as you role models. I do!
Massive stops aren't for everyone. I used them for a while but have since learnt to trade 'properly'. I never meed to worry about blowing up or hoping and preying to the market. Look at traders like porph and candles as you role models. I do!
I would revise you opinion on crude Spanish.
"The NYMEX Crude Oil Contract continues to reach new lows, and a sharp intraday rally on the session did little to break the contract out of its recent slump. Nearest support comes in at recent lows of 53.67, but continued intraday tumbles tells us it is probably only a matter of time before crude breaks even lower. Long-term trendline support comes in at roughly the $50 mark, and said level could end up being the true litmus test for the future of crude oil price action. A noteworthy break lower would imply that the contract's 10-year uptrend is "officially" over, and we would likely see consolidation or further declines in crude prices through the medium term."
Oil has broken a ten-year uptrend line. It could fall to $40 easily.
"The NYMEX Crude Oil Contract continues to reach new lows, and a sharp intraday rally on the session did little to break the contract out of its recent slump. Nearest support comes in at recent lows of 53.67, but continued intraday tumbles tells us it is probably only a matter of time before crude breaks even lower. Long-term trendline support comes in at roughly the $50 mark, and said level could end up being the true litmus test for the future of crude oil price action. A noteworthy break lower would imply that the contract's 10-year uptrend is "officially" over, and we would likely see consolidation or further declines in crude prices through the medium term."
Oil has broken a ten-year uptrend line. It could fall to $40 easily.
Open loss just over 2k.
I earnt £489 today so now have about £6,250 capital.
Part of me is saying to just take the hit, start with that 4k again 2moro, and just do what i did today with every other trade where i actually traded it properly,
didnt just throw money at them cos i though an event would reoccur again. :/
But the other part of me is saying that oil has fallen 10% today in basically a straight line, 5days straight falling now,
pullback will be coming.
And if i bail out now and then it turns out i was right and oil rebounds and rises just $3s i will be crushed completely.
SInce it was my cautiousness that ruined me last week, and so i am not gna ever have that feeling again.
If oil crashes and takes me out ok, fair enough, i stood my ground, and got fucked over.
I knew this was the risk when i took that trade.
But porcel im seriously sorry if you lost money cos you followed me..
I honestly did think oil wa sgna do what it had done the last 2months and have a squeeze.
Im not sure if you do have any money apart from your capital, but if you do and your gna use it to trade, please dont ever ever follow my trades.
Seriously the stress and risk and pain just isnt worth it.
Porph is the guy you should be following and listening to.
glad it wasnt as bad as I thought. I thought you'd lost the entire account..
My best advice to anyone learning to trade (myself included) is to read everything. Absorb every book, website, forum you can. Then you decide which aspects you take on board. Then you make your trades based on that and that alone.
My best advice to anyone learning to trade (myself included) is to read everything. Absorb every book, website, forum you can. Then you decide which aspects you take on board. Then you make your trades based on that and that alone.
fannish,
you'd think after all this time you've spent punting on oil, that you'd have got an idea of market mechanics by now.
first: there are ALWAYS an equal number of buyers and sellers. For someone to sell, there has to be someone to buy what he's selling. The reason prices go down is because the BUYERS want to buy at lower prices, and the sellers are prepared to sell lower.
second: the people who sold and the people who bought do not necessarily need to cover when the contract expires. WTI is a deliverable contract, so many of the people who trade in it actually want to physically exchange goods. Additionally, some of the contracts (ala ICE) are financially settled - so the shorts dont need to cover even if they dont want delivery. They can just let them expire (like your "daily" spreadbets) and pay the difference in cash.
So forget this nonsense about everyone being short, because it doesnt happen, there simply cannot be more sellers than buyers with open interest in the market at the same time.
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