5% - 10% profit per day trading
- Thread starter spanish89
- Start date
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When short: just above the previous high ...
I was strongly biased by all european indexes deeply in the red.
Thought CL was going to follow.
Last short was: 42.93 -> 42.47
+460
Total today: - 180
Paper dept.
Not gonna trade anymore ...
Nice weekend !
Quote from spanish89:
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.
Well said Spanish,
I thought i would conqour the markets 4 years ago when i got into it. My academic achievements were good, and a quick learner and left with a LLB from uni.... I thought this market stuff will be easy and ill be extra careful....
NO WAY man,,, the markets will kill you at any opportunity you expose yourself to.. I read everything and anything, watching charts day n night and basically eating, shiting and sleeping the markets... After 6 months did good in demo,, went live and blew up in 4 weeks,,, lost it all.
That fuked my mind up ,, serious it fuks with your head,, its a big psychological game.. it plays with yor mind..
Spent another year learning and taking it easy,, but doing ok now...
Its not easy and more work than alot of other things you can do.
So far today got shaken out of a short and am now in my second short sitting on 140 PIPS profit from a sell from 4295.
From the FT.
"Oil production tumbles faster than expected
By Carola Hoyos and Javier Blas in London
Published: January 22 2009 20:28 | Last updated: January 22 2009 20:28
Global oil production is falling faster than market expectations as production cuts by Opec members coincide with a sharp slide in supplies from some producers outside the cartel, raising the prospect of a price rise.
In spite of the drop in supplies, oil prices remain stuck in the mid-$40 a barrel range depressed by weak consumption and worries about the economic crisis. However, traders in the physical oil market said supplies were now beginning to drop into balance with falling demand.
Crude oil tankers, which a month ago were proving unsaleable because of the glut in the physical oil market, are selling relatively quickly as refiners look for supplies to replace the oil they are no longer being offered by Opec countries such as Saudi Arabia, Iran and even Venezuela.
âIt is clear that, slowly, the Opec cuts are biting,â said a senior physical trader from a non-Opec country. âThere are some refineries in Asia which are looking for more oil to replace what the Saudis or the Iranians have stopped selling to them.â
Another trader added: âThe Opec cuts are filtering into the market, but the key is whether the demand will recover or not.â
Saudi Arabia, the groupâs biggest and most important member, recently announced it would cut even more of its output than it had pledged at Opecâs most recent meeting in Algeria in December.
Industry officials believe Riyadh will supply fewer than 8m barrels per day in February, down from about 9.7m b/d last summer. The officials added that even Iran, Venezuela, Nigeria and Ecuador were cutting their production, breaking with their traditional habit of paying only lip-service to the cartelâs self-imposed supply limits.
Total Opec oil production was likely to fall in January to just above 30m b/d, down from more than 32.5m b/d last summer, industry officials said. Oil Movements, a tanker tracker consultancy, on Thursday said that Opec supplies would drop in February to a five-year low.
Even though no big producers have announced voluntary cuts in their production to join forces with the Opec cartel, which controls 40 per cent of the worldâs supply, non-Opec output is falling enough to be making a serious dent in supply.
Mexico this week said its oil production last year fell to 2.8m b/d, the lowest level in 13 years, after it suffered a 9 per cent annual drop in output, the largest in more than 50 years. Mexico is the worldâs sixth largest producer. Like North Sea oilfields, Alaskan and Siberian oil deposits, Mexico is struggling with aging deposits that are producing less oil, adding to the pressure Opec has already put on global supplies.
In the US, small producers that operate so-called stripper wells are having to abandon them because they are no longer making money at current prices. Each well pumps only a few barrels of oil, but together account for one in five of all the barrels extracted in the US.
Taking history as a guide, analysts at Sanford Bernstein, the financial services company, predict north American production could fall by as many as 1.3m b/d in 2009 and the start of 2010. That is about a third of the 4.2m b/d all Opecâs active members have pledged to cut so far."
From the FT.
"Oil production tumbles faster than expected
By Carola Hoyos and Javier Blas in London
Published: January 22 2009 20:28 | Last updated: January 22 2009 20:28
Global oil production is falling faster than market expectations as production cuts by Opec members coincide with a sharp slide in supplies from some producers outside the cartel, raising the prospect of a price rise.
In spite of the drop in supplies, oil prices remain stuck in the mid-$40 a barrel range depressed by weak consumption and worries about the economic crisis. However, traders in the physical oil market said supplies were now beginning to drop into balance with falling demand.
Crude oil tankers, which a month ago were proving unsaleable because of the glut in the physical oil market, are selling relatively quickly as refiners look for supplies to replace the oil they are no longer being offered by Opec countries such as Saudi Arabia, Iran and even Venezuela.
âIt is clear that, slowly, the Opec cuts are biting,â said a senior physical trader from a non-Opec country. âThere are some refineries in Asia which are looking for more oil to replace what the Saudis or the Iranians have stopped selling to them.â
Another trader added: âThe Opec cuts are filtering into the market, but the key is whether the demand will recover or not.â
Saudi Arabia, the groupâs biggest and most important member, recently announced it would cut even more of its output than it had pledged at Opecâs most recent meeting in Algeria in December.
Industry officials believe Riyadh will supply fewer than 8m barrels per day in February, down from about 9.7m b/d last summer. The officials added that even Iran, Venezuela, Nigeria and Ecuador were cutting their production, breaking with their traditional habit of paying only lip-service to the cartelâs self-imposed supply limits.
Total Opec oil production was likely to fall in January to just above 30m b/d, down from more than 32.5m b/d last summer, industry officials said. Oil Movements, a tanker tracker consultancy, on Thursday said that Opec supplies would drop in February to a five-year low.
Even though no big producers have announced voluntary cuts in their production to join forces with the Opec cartel, which controls 40 per cent of the worldâs supply, non-Opec output is falling enough to be making a serious dent in supply.
Mexico this week said its oil production last year fell to 2.8m b/d, the lowest level in 13 years, after it suffered a 9 per cent annual drop in output, the largest in more than 50 years. Mexico is the worldâs sixth largest producer. Like North Sea oilfields, Alaskan and Siberian oil deposits, Mexico is struggling with aging deposits that are producing less oil, adding to the pressure Opec has already put on global supplies.
In the US, small producers that operate so-called stripper wells are having to abandon them because they are no longer making money at current prices. Each well pumps only a few barrels of oil, but together account for one in five of all the barrels extracted in the US.
Taking history as a guide, analysts at Sanford Bernstein, the financial services company, predict north American production could fall by as many as 1.3m b/d in 2009 and the start of 2010. That is about a third of the 4.2m b/d all Opecâs active members have pledged to cut so far."
aloha, sorry to see some people arent having that much luck today.
you using virtual money yh aspri??
I took today off, but i hope oil opened at 7am higher than 43.
I will post a chart though to sow the key levels.
For aspri____
I know you have been trying to workout the trend direction and then trade it bt havent had much luck so far mate,
so why dont you try just letting the move overdo itself, and then trade it back down or back up for the pullback??
so attacking the market from the outside.
you using virtual money yh aspri??
I took today off, but i hope oil opened at 7am higher than 43.
I will post a chart though to sow the key levels.
For aspri____
I know you have been trying to workout the trend direction and then trade it bt havent had much luck so far mate,
so why dont you try just letting the move overdo itself, and then trade it back down or back up for the pullback??
so attacking the market from the outside.
Quote from spanish89:
aloha, sorry to see some people arent having that much luck today.
you using virtual money yh aspri??
I took today off, but i hope oil opened at 7am higher than 43.
I will post a chart though to sow the key levels.
For aspri____
I know you have been trying to workout the trend direction and then trade it bt havent had much luck so far mate,
so why dont you try just letting the move overdo itself, and then trade it back down or back up for the pullback??
so attacking the market from the outside.
Hey ya!
Yes, I'll use virtual money until first week of februari or so. Haven't decided yet if CL really is for me ...
Too bad I had to stop trading , that 41.50 was hit. I was blinded by the target, and therefore trading against the trend. All European indexes were hit badly as well... thought CL would follow soon ..
I'll do better next week ! I promise !
Have a nice weekend !
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