5% - 10% profit per day trading
- Thread starter spanish89
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I agree with you , it can hit hard bottom .
Once bounces back we should see atleast 37-38 range before this contract expires (next friday??) .
Now the question is should we hold or close and wait for uptick ( holding on a solid base price) to re-enter. The problem with waiting for uptick (after close) is we do not know when that will happen. You see this morning it bounced to 36 briefly ..
If the solid base price forms quickly then there is risk of not entering at low especially after closing position at low price by taking loss ..
crude March 09 contract expiry is next friday that is FEB 20 th , here is contract info from my broker platform (IB).
Can you pls. verify so that we all make informed decision ( in case if I got wrong info )
Light Sweet Crude Oil
Underlying : CL
Security Type : FUT
Contract Month : MAR09
Expiration Date : FEB 20 '09
Exchange : NYMEX
I took the hit hard...
Im now gna just focus on getting a job as a firefighter (i looked and i will only have to work 2days, then half a night for 2nights so not even real working as i get the whole day off),
and then the get the next full 4days off too...
So if you include the 2nights as = 1day i work 12days per month for £1,900..
So i can trade during the 2days that id work nights, and then have 4days to trade also.
However im really starting to doubt trading now that all the volatility has gone,
since i know exactly how i could trade and how i couldnt (pyschologically), and while i am extremely good at getting very good entries, i also know that i wont ever hold a trade for more than 1.5dollars at ultimate maximum, even though i would have moved stoploss to breakeven by then.
Since i focus on trading reversals, not trying to call tops and bottoms though.
And so when i sell and it falls sharply into profit, if i dont cash it in the market could very easily just rise back up and undo all my profit and continue moving up,
as the reversal may have just been a decent pullback move, but not be the high of the day reversal.
However often, like all those times throughout january, and that final trade 2days ago, i nailed the perfect sell entry at 41.46,
but then took barely £220 profit (about 35ticks after spread),
and then missed out on £4,000 that id have made if id just gambled and taken the risk of holding for 2days straight as it made a huge elongated over stretched down move.
And i know inside that i wouldnt ever hold a trade for that long as only a gambler would do that,
yet its the gamblers who often get lucky and make the money.
So now all the volatility is over its extremely likely that we arent gna get a few dollar moves, followed by a few dollars pullback, followed by another few dollars movement...
All in the space of 5 t 10minutes.
We will instead get very very slow long over stretched trend moves of 3 t 6 dollars in each direction,
but they will take 2 t 4days to move that much as they'l move very slowly, with lots and lots of pauses filled wih sideways action in between, and lots of fake-out reversal n pullback formations as the move happens.
And i hate the actual act of trading enough already, only do it for the fast easy money.
But now that that will be gone, i see no reason to stay either.
When i can instead get a job where i will be able to get a nice guaranteed pay-cheque every month without any stress!
Correct.
the above trade is another out of book classic example of using stops and it saves you .. good job @elitejets when you look back ..
I am not disciplined to use it , not having stops helped me many times ( when bounced back ) , but it hurts badly in this kind of cases
Ive just done a careers compatability test and it says this-
You would most enjoy a career that allows you to meet new people. You would also be happiest in a career that allows you to be free and flexible, and allows you to be extremely creative. Some careers that would be perfect for you are:
Stockbroker
Secretary
Receptionist
Director
Recruitment Consultant
Politician
Marketing
Human Resources Manager
Religious Minister
Teacher
Lawyer
Advertising
Consultant
Financial Adviser
Financial Planner
GP
Physical Therapy
Occupational Therapy
Public Relations
Estate Agent
Travel Agent
Restauranteur
Hotel Manager
Events Organiser
You are a great leader. You genuinely enjoy being around other people. Your relationships with others are very important to you. You love talking and meeting new people. You are very enthusiastic about work and about all that you do and have in your life. You love being the focus of attention. You enjoy a fast pace. You are very socially oriented. Therefore, you are much happier being with others than you are alone. You crave interaction with others.
You are very spontaneous and often act before you think. You are always quick to answer when you are asked a question, even if you aren't sure of the answer. It is easier for you to improvise as you go along. You enjoy thinking out loud, and are most creative when brainstorming with friends or colleagues. You enjoy being involved in many activities.
You are very easy to read, and often wear your heart on your sleeve. You are never afraid to tell people what you think. You are very empathetic and genuine. You can sometimes be seen as over-emotional or too involved by others. But that is only because you tend to get so involved in the things you do that they become personal. You want to be adored, loved and appreciated. You like to please others and to make sure people are happy.
You trust your gut instincts. You are easily inspired and trust that inspiration. You are very innovative. You analyse things by looking at the big picture. You are concerned about how what you do affects others. You worry about your actions and the future. You tend to use a lot of metaphors and are very descriptive and colourful in your choice of language.
You are very creative, and get bored easily if you don't get to express yourself. You like to learn new things. You don't like the same old routine. You like to leave your options open.
You would most enjoy a career that allows you to meet new people. You would also be happiest in a career that allows you to be free and flexible, and allows you to be extremely creative. Some careers that would be perfect for you are:
Stockbroker
Secretary
Receptionist
Director
Recruitment Consultant
Politician
Marketing
Human Resources Manager
Religious Minister
Teacher
Lawyer
Advertising
Consultant
Financial Adviser
Financial Planner
GP
Physical Therapy
Occupational Therapy
Public Relations
Estate Agent
Travel Agent
Restauranteur
Hotel Manager
Events Organiser
You are a great leader. You genuinely enjoy being around other people. Your relationships with others are very important to you. You love talking and meeting new people. You are very enthusiastic about work and about all that you do and have in your life. You love being the focus of attention. You enjoy a fast pace. You are very socially oriented. Therefore, you are much happier being with others than you are alone. You crave interaction with others.
You are very spontaneous and often act before you think. You are always quick to answer when you are asked a question, even if you aren't sure of the answer. It is easier for you to improvise as you go along. You enjoy thinking out loud, and are most creative when brainstorming with friends or colleagues. You enjoy being involved in many activities.
You are very easy to read, and often wear your heart on your sleeve. You are never afraid to tell people what you think. You are very empathetic and genuine. You can sometimes be seen as over-emotional or too involved by others. But that is only because you tend to get so involved in the things you do that they become personal. You want to be adored, loved and appreciated. You like to please others and to make sure people are happy.
You trust your gut instincts. You are easily inspired and trust that inspiration. You are very innovative. You analyse things by looking at the big picture. You are concerned about how what you do affects others. You worry about your actions and the future. You tend to use a lot of metaphors and are very descriptive and colourful in your choice of language.
You are very creative, and get bored easily if you don't get to express yourself. You like to learn new things. You don't like the same old routine. You like to leave your options open.
:eek:- Status