5% - 10% profit per day trading
- Thread starter spanish89
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I am not really forecasting another big spike on Tuesday, but saying it would be nice to get one. 
The thing is, long-term players and hedge funds tend to look at the daily and weekly charts, and even though we were up 11% today, doesn't look like a lot on the daily charts.
This chart now looks much better today than it was yesterday:
http://futuresource.quote.com/chart...&st=MA(20,50,200);&d=medium&o=&s=CL&z=800x550
...and we are getting a nice candle bottom on the weekly chart as well:
http://futuresource.quote.com/chart...z=800x550&d=medium&b=CANDLE&st=MA(20,50,200);
I don't really know whats going to happen next week. I'll just trade next Tuesday based on what I see that day.
I am going to sleep now cuz I've been up all night LOL. Need to go partying with some friends tonight and I am tired as hell, since i haven't gotten any sleep. I am gonna crash now and get up in a few hours and then go out drinking.
You guys have good weekend!
The thing is, long-term players and hedge funds tend to look at the daily and weekly charts, and even though we were up 11% today, doesn't look like a lot on the daily charts.
This chart now looks much better today than it was yesterday:
http://futuresource.quote.com/chart...&st=MA(20,50,200);&d=medium&o=&s=CL&z=800x550
...and we are getting a nice candle bottom on the weekly chart as well:
http://futuresource.quote.com/chart...z=800x550&d=medium&b=CANDLE&st=MA(20,50,200);
I don't really know whats going to happen next week. I'll just trade next Tuesday based on what I see that day.
I am going to sleep now cuz I've been up all night LOL. Need to go partying with some friends tonight and I am tired as hell, since i haven't gotten any sleep. I am gonna crash now and get up in a few hours and then go out drinking.
You guys have good weekend!
Quote from lemeeeplay:
I am not really forecasting another big spike on Tuesday, but saying it would be nice to get one.
Friday official close around 37.50 .
hope it will bounce to 38.0 in sunday overnite session ( monday asian market time) so that we get a one chance for shorting at 38 level .. if we do not get 38s in asian market time it may be difficult to get 38s US monday mornings .
weigh in your thoughts ..
monday US markets are closed, what I meant was monday night (US) that is tuesday asian/europe markets ..
I wouldnt risk trading the march contract anymore, a it is likely to have big pauses, followed by jolts in either direction, followed by pauses again.
Im looking forward to wednesday though,
cos ive been looking at some threads by Trader-Dante (Tom) on t2w, and saw a post by him about he started with only £50 in his spreadbetting account as capital, and now has built that up to 6 figures.
:eek: :eek:
So this has given me new hope and even more hunger and ambition to rebuild my capital slowly and safely, but steadily..
I did it before starting with just £759, and i made an extremely expensive living for over 6 months from that.
So that proves that it can be done, and if something can be done and ive done it before that means i am able to do it again...,
So will do it again.
But so im going to drop my size way down to just £1 / £2 per tick though,
and only enter trades after extremely ridiculously severely overdone moves, not just after moves that are 'quite big'.
So itl be even less trades than i make now, but extremely safe entries atleast then, and im gna start forcing myself to just leave those trades to run for over 230ticks each time, after moving stoploss to b.e
Im looking forward to wednesday though,
cos ive been looking at some threads by Trader-Dante (Tom) on t2w, and saw a post by him about he started with only £50 in his spreadbetting account as capital, and now has built that up to 6 figures.
:eek: :eek:
So this has given me new hope and even more hunger and ambition to rebuild my capital slowly and safely, but steadily..
I did it before starting with just £759, and i made an extremely expensive living for over 6 months from that.
So that proves that it can be done, and if something can be done and ive done it before that means i am able to do it again...,
So will do it again.
But so im going to drop my size way down to just £1 / £2 per tick though,
and only enter trades after extremely ridiculously severely overdone moves, not just after moves that are 'quite big'.
So itl be even less trades than i make now, but extremely safe entries atleast then, and im gna start forcing myself to just leave those trades to run for over 230ticks each time, after moving stoploss to b.e
I had a week off from trading due to a computer issue that took far longer than expected to resolve.
It seems the weakness that occurs prior to a contract rollover has occured again. The volume at oil at the WTI terminal continues to be very high and storage space is limited so demand to take delivery is limited.
I do not see any fundemenal reason for a sustained up move in oil. Brent, that does not have the same down pressure due to storage issues as WTI, is a better indication as to fair value of physical crude.
Opec warns of demand dive
News wires
World oil demand will contract more than expected this year due to the deepening economic crisis, Opec said today, an outlook that may bolster the case for further supply cuts.
Opec said global demand will fall by 580,000 barrels per day in 2009 to average 85.13 million bpd. Its previous forecast was for demand to contract by 180,000 bpd.
Oil use is falling this year and in 2008, the first drop in more than 20 years as recession triggered by the banking crisis spreads through all continents. Crude prices have fallen below $40 a barrel from a record near $150 last year.
"World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year," Opec said in its monthly report written by its economists.
Still, Opec's prediction of falling demand is less severe than that of the International Energy Agency, adviser to consuming countries, which said on Wednesday that consumption in 2009 would fall by 980,000 bpd.
Slumping demand is leading to higher oil inventories, which Opec said were likely to weigh on prices as demand slows for seasonal reasons later in the year.
A US government report on Wednesday showed crude stocks in the world's top consumer rose for a seventh consecutive week to 350.8 million barrels.
"The high and growing stock levels - particularly for crude oil-- are likely to continue to disrupt the overall stability of the market," the Opec report said.
"Their impact will become even more pronounced with the onset of low seasonal demand as well as the upcoming refinery maintenance period."
Opec now expects demand for its oil to fall "significantly" in 2009 by 1.7 million bpd compared to 2008. That is steeper than its previous forecast of a year-on-year fall of 1.4 million bpd.
The group has agreed at meetings since September to cut its oil output by 4.2 million bpd, equal to 5% of daily world demand, to combat the slump.
In January, the 11 members subject to production cut deals, all excluding Iraq, cut output by 965,000 bpd to 26.33 million bpd, according to data from secondary sources cited by Opec in the report.
Production remains above Opec's 24.84 million bpd implied target and the cutback indicates that Opec met 65% of its pledge to lower output, according to a Reuters calculation based on the producer group's data.
Opec oil ministers are next scheduled to meet to set policy on 15 March in Vienna.
Quote from spanish89:
Im looking forward to wednesday though,
cos ive been looking at some threads by Trader-Dante (Tom) on t2w, and saw a post by him about he started with only £50 in his spreadbetting account as capital, and now has built that up to 6 figures.
:eek: :eek:
Thats impressive! Sounds like he knows what he's doing.
I turned a spreadbetting account with CMC from exactly £1000 into nearly £120,000 in 2004, but CMC seemed to mess me around alot once i broke into 6 figures, with not filling / delaying my orders. However, from a £50 start! thats amazing! must be a fantastic trader.
Yea he is the best trader out there in the industry currently.
(And im not just saying in exageration, there seriously arent better traders out there than him! Theres richer 1s, more privellegdes 1s, but he is currently the proven most skillful out there!)
Etx were always nice to me though..
They know who i am, but as a result they always were extra nice to me by doing things like giving me trades starting in a few hundred quid profit, even though i had cancelled the open-order for that trade 1minuter earlier,
they undid my cancel cos the market went into profit.
And when i asked for lower spread for oil and to be able to automatically withdraw money they did what i asked straight away...
That was back in the true glory days of october t december when i was doing £1,000+ pper day though... :/
Dunno how they will be now that im doing low level trades again.
Bit my aim is to trade at just £2 per tick, and try getting 1 112tick trader per day, or 2 62ticks trades.
But get that consistent for everyday like when i started back in july n august.
And that alone will be an average of £4,000 per month.
Quote from spanish89:
Yea he is the best trader out there in the industry currently.
(And im not just saying in exageration, there seriously arent better traders out there than him! Theres richer 1s, more privellegdes 1s, but he is currently the proven most skillful out there!)
lol come on spanish mate, you can't say things like this! It's embarrassing.
Look mate, there is no secret to making big money in the market you just need to know what you are doing, which I think you do and then curb your desire to be rich overnight. You have said youself before that you were always hitting your targets and were making money consistently but then you became unsatisfied with the amounts you were making and began to take more risk to make more return.
The reason I could do what I have done is that I didn't have the pressures on me that you have - I had a burning desire to succeed but I didn't NEED too. I had a job at the time to fall back on and I still have an income now that I can rely on so that I don't ever need to withdraw from my trading account.
Start small like many businesses. Decide on your business plan (rules for entering and exiting to avoid emotional detachment) and then make sure you have rigid risk management - whether that be 0.25% or as much as 5% risked per trade is up to you. Whether you will scale out at fixed targets, or trail a stop on the whole amount...whether you will add more and risk unrealised profits in the pursuit of big returns...all these things must be considered before one gets in the market, not after one is already in and is dealing with the emotional rollercoaster caused by a fluctuating P&L.
Look at me now for example. I am short Dow. I could take a significant profit or I can back my opinion that we are going to tank by adding more and more until I am in a position where if it goes above the high of Friday, I give back all my profit and end up with zero but if we go down and make new lows, I make serious money. That is a decision I have already made. I do not need to live off the proceeds of my trading account - it is merely a vehicle to get rich - therefore I can take risk on open profits and worry less about giving them back.
Each to their own.
And my personal advice is, as entertaining as your posts are, stop making calls on here. All you get is people at T2W saying you are lucky when you get it right and abusing you when you get it wrong.
Take some time out and trade without the distractions that come from needing to prove yourself to everyone.
Disappear for a few months or a year - come back - show everyone your account balance and tell them to go shove it.
It will be much more satisfying in the long run. Take it from someone that knows.
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