5% - 10% profit per day trading
- Thread starter spanish89
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Yeah, i think I pound a tick is the way to go. it is only I had some early success with some trades at 2 and even 3 pounds a tick that saw my account double in the space of only 3 days.
Got a bit carried away but I have to keep it real. Will try.
I usually trade oil and gold and use 100 points stop losses, but I can increase them when i feel there is enough time and the market conditions are right to recover from a potential loss.
I m a beginner in this, no hiding this fact. I know there is a long way to go and lots to learn, always.
Will keep reading this thread among many others. But this thread is one of my favourites.
Usually people are quite happy not offer any advice at all and wait for an oppurtunity to shot you down, but here I found a place where people actually encouraged me to trade. That is quite a thing in these forums... if you know what I mean
happy trading all and Sack Your Boss!!
V8, ODL allow 50 pence per point on Oil. its helped keep me in the game for longer and its good while you are learning.
Why do you use an arbitrary value of 100 for your stop loss? Is the volatility of gold and oil the same? What are you basing your trade entry points on? S/R? candle patterns? Guessing?
Instead of increasing your stop losses when you 'think' there is time for your trade to 'recover' - need to lose that sentimentality.
You need to take the loss early and look for a better entry.
Porph you are 100% correct - you need to cut losses sharp and let profits run. yesterday I had stops of 100 points that were hit twice.
I widened one stop as I "thought" it wouldn't be hit but it was.
my comment was that i have rarely seen Oil move that +- 500 points on a day. so if its -350 for the day maybe some pullback is due ?
I widened one stop as I "thought" it wouldn't be hit but it was.
my comment was that i have rarely seen Oil move that +- 500 points on a day. so if its -350 for the day maybe some pullback is due ?
Aloha V8 and advfn...
K to try and help everyone have no / lot smaller losses i can tell you now that there is ABSOLUTELY NO POINT IN USING MEDIUM SIZE STOPLOSSES... :eek:
If your gna have a gaint stoploss you do it in the following scenario-
Market up in very steep sharp spike about 5 t 6%, but then it looks to be really struggling to go higher, (have to include fundamentals of oil/dow + the dow level and where its going to move over the following hour),
you then can tell that oil is going to have to fall below where it currently is...
So you then whack on a giant stoploss, and even if it moves higer thats not 'bad' since you can add more sells to get better average price.
Tight stoploss- You see market looking like its just started a new trend and is moving in that direction, you dont want to risk much if direction chnages though, so you then should go in there with a MAX stoploss of 26ticks, need to get entry from tick t tick chart,
and have to keep scaling up your stoploss as market moves in your favour.
If market take syou out ok fair enough, you only lost 26ticks, not a big hit and you can easily thrash oil later.
You then just have to wait and re-enter when the market looks right following the same process again.
Medium stoploss of 60 t 300... :eek:
No point in them as if you got in at even a half decent entry, and you will have gained experience in traidng you do know enough to know whats a goodish entry and whats just a lazy shitty 1... lol
But so if you have got in at what looked like a goodish 1 going long for example, you will have got it in the lowest 3/8s of the market most likely.
So if market falls down 80points more, 2%, it extremely likely that market will be near its bottom now of about 5 t 6% down for the day,
but so if you then decide that after holding strong as it fell down you now take the loss as the markets near its bottom, well you can see how foolish a move that would be, as its very likely if you werent in that trade from higher up that you would probably be buying in now anyways...
K to try and help everyone have no / lot smaller losses i can tell you now that there is ABSOLUTELY NO POINT IN USING MEDIUM SIZE STOPLOSSES... :eek:
If your gna have a gaint stoploss you do it in the following scenario-
Market up in very steep sharp spike about 5 t 6%, but then it looks to be really struggling to go higher, (have to include fundamentals of oil/dow + the dow level and where its going to move over the following hour),
you then can tell that oil is going to have to fall below where it currently is...
So you then whack on a giant stoploss, and even if it moves higer thats not 'bad' since you can add more sells to get better average price.
Tight stoploss- You see market looking like its just started a new trend and is moving in that direction, you dont want to risk much if direction chnages though, so you then should go in there with a MAX stoploss of 26ticks, need to get entry from tick t tick chart,
and have to keep scaling up your stoploss as market moves in your favour.
If market take syou out ok fair enough, you only lost 26ticks, not a big hit and you can easily thrash oil later.
You then just have to wait and re-enter when the market looks right following the same process again.
Medium stoploss of 60 t 300... :eek:
No point in them as if you got in at even a half decent entry, and you will have gained experience in traidng you do know enough to know whats a goodish entry and whats just a lazy shitty 1... lol
But so if you have got in at what looked like a goodish 1 going long for example, you will have got it in the lowest 3/8s of the market most likely.
So if market falls down 80points more, 2%, it extremely likely that market will be near its bottom now of about 5 t 6% down for the day,
but so if you then decide that after holding strong as it fell down you now take the loss as the markets near its bottom, well you can see how foolish a move that would be, as its very likely if you werent in that trade from higher up that you would probably be buying in now anyways...
DONT LET THE MARKET SCARE YOU!!! 
Seriously, i know it does sound silly...,
but fact is the markets tryng to fuck you and you are tryingt o fuck the market.
Its all just a fight with you both trying to take money away from the other.
So just like with any other fight if you dont show fear or cower just because the market tries to act all tough and hard,
and you instead smash and attack the market and just keep on attacking it and dont leyt it scare you...,
then the market will be scared of you, and will bvack down against you.
Seriously, i know it does sound silly...,
but fact is the markets tryng to fuck you and you are tryingt o fuck the market.
Its all just a fight with you both trying to take money away from the other.
So just like with any other fight if you dont show fear or cower just because the market tries to act all tough and hard,
and you instead smash and attack the market and just keep on attacking it and dont leyt it scare you...,
then the market will be scared of you, and will bvack down against you.
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