5% - 10% profit per day trading
- Thread starter spanish89
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no.1 - I've got a friend, complete idiot but he says he's good at gambling and goes to the casino often. Do you want to give him some money and he'll make you some?
If you think it sounds like a bad idea, think about what you're doing here.
If you think it sounds like a bad idea, think about what you're doing here.
hiya,
you have a very valid point to which i am listening to. From my very limited experience I will hold the contract for now as it doesnt expire for another month. i know it means lost opportunities elsewhere but without proper guidance its very difficult being a trder. i want to learn and am doing so, i know bits about the indexes and a small amount about currency but wish to trade oil as for me its more exciting and bigger moves.
i enjoy the ups as well as the downs and am looking for reasons to sell but cannot find any. i hope to just break even maybe or take a small amount of profit, rubbish risk/reward i know but i've got myself into a bit of trouble with this one. i'll see in the next couple of daysafter the weekend.
Meli.
So how much money will you chuck at it if it keeps falling? When is enough really enough? If you hold and hold are you trading or really hoping and gambling? Think about this.
If you want to learn, learn when the mistakes are cheap. If you start losing a lot now, you'll be put off trading before you've even lhad a chance to learn properly.
If you enjoy the ups and downs and do it for the excitement take a few thousand £ to the local casino close your eyes and chuck it on the roulette table and see what happens. If that sounds too crazy and a waste of money, then take trading seriously and don't just do it purely for the buzz - otherwise you're nothing more than just a gambler seeking thrills from risking money and knowing gamblers the real thrill is usually more exciting when you lose money and then make it back. Winning time after time isn't as fun - you'll have to trust me on this, but i'm straying from my point here.
There are very good reasons to be selling oil, not many reasons to be long and even more reasons to be out of the market than long - so seriously think about it. How do you think the whole GM/Chrysler fiasco is going to affect oil? How do you think Oil is going to be affected when all these busineses shut down and even the great dragon of china is feeling the effects of the economic climate.
Aloha darling, im sorry that i wasn't on msn during today to chat to you and comfort you,
i was drinking alot (partly in sadness, but more in just trying to relax).
Im sorry that you are in this loss (£250 is alot of money), but if you look back on the msn convo history did say to you at the time of you making the trade that itwas very risky, and to wiat for lower price.... :/
(Since i had you cash in your trade at 43.46, as i was concerned as to why oil wanst rocketing more after 4.2million was announced, and so had you cahs in there when i wiated for 30ticks higher).
And then when you said about should you buy back again i did say ''You can but itd be risky, and you should wait till lower''. But you said you ahd already bought.
However after this steep % crash if i was in your position i personally would hold out for longerterm, since everyone know that oil cant stay this low and so will be rising soon again.
You could take the loss now, but its about 96% likly that you will be taking loss near the bottom.
(even if its only temporary bottom, its very very lilely the bottom for the next few proper trading days atleast is near the lows now).
I would be buying in nowish myself even if it wasnt xmas now and so market is dead and now liquidity.
If you dont depend on needing to make moeny everyday, and could afford to just make money in longer term, than your entry isnt in too bad a place.
I've never traded oil before except with options, so I pulled up a chart today and thought, "that looks ripe for shorting". I was hesitant because I knew one trade could wipe out even a nice size account in the full size futures, so I decided to just SIM trade it. Took the short when I got my signal and covered about 3 minutes later for a full dollar profit. About the quickest $1,000.00 I ever made on a trade. Just wish I had taken it in the live account now.
I may sim trade this one in the background for a while and see how it goes. I usually trade the ES and currencies, but the trends look really good in oil, so I'm gonna play around with it some and get a feel for it. If I have success sim trading it, I may try it live as well. I get a reduced margin on it with the broker, so it's not too bad if you just day trade it. Looking back and the huge decline, I should have been trading this one all the way down with the rest of you.
I'm actually glad I covered where I did, because just before the close, all the traders that went short for the day started covering and there was a $5.00 spike in about a minute or two, but then, it came back down just as fast. I'd hate to get whiplashed like that on a live trade. Does it do that at the close every day, or every Friday anyway, or was today unusal? I definitely want to sim trade this one for a while first.
I may sim trade this one in the background for a while and see how it goes. I usually trade the ES and currencies, but the trends look really good in oil, so I'm gonna play around with it some and get a feel for it. If I have success sim trading it, I may try it live as well. I get a reduced margin on it with the broker, so it's not too bad if you just day trade it. Looking back and the huge decline, I should have been trading this one all the way down with the rest of you.
I'm actually glad I covered where I did, because just before the close, all the traders that went short for the day started covering and there was a $5.00 spike in about a minute or two, but then, it came back down just as fast. I'd hate to get whiplashed like that on a live trade. Does it do that at the close every day, or every Friday anyway, or was today unusal? I definitely want to sim trade this one for a while first.
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