CL Redux
- Thread starter schizo
- Start date
Can you elaborate on that. How do you pick key levels for such a low volume time? Is there an element of hope in there? The price action always seems as close to random as it gets in AH. Gets a bit more consistent during Asian and EU sessions, but still.
And man I know we are just random people shouting trade calls at each other, but I swear I was emotionally invested in your swing trade, I really wanted it to work for you. I caught myself checking prices often. I was totally living vicarious through your trade because I dont have the guts or capital to risk on a multi-day oil trade at this point, lol.
Had a nice run with dog, good home-cooked dinner, followed by the "aha" moment that comes when you distance yourself from the day.
I realized that I've learned how to extract money from the market trading a tiny set of stocks. I call them my "pet stocks" because I could tell you without looking what their intraday, 1-week, 1-month and 52-week S/R levels are, and how they react to lower highs and higher lows, how they react to the 20-bar EMA, how they break out, and so on.
I want to trade CL full-time because I've made so much profit trading it in my sim account, and I feel like I've gotten to know its personality (or so I imagine), I like the way it moves and the speed with which it moves. I mean even on a day like today it probably offered more bang for the buck than anything besides those BIDU and GMCR breakouts. I believe I could make more money trading CL than any other instrument.
But my ego is tied up in this transition. What if I trade it all day and lose money? What if I have 2 or 3 losing trades in a row? Can I jump right back in like you guys do so easily? You've been doing this a while and I still consider myself a shallow step above beginner. I really think that's what's holding me back from what seems to clearly be a good move for me. It always takes me a long time to make a change.
Again, thanks to all calling their trades here, because it's really inspiring to me.
I realized that I've learned how to extract money from the market trading a tiny set of stocks. I call them my "pet stocks" because I could tell you without looking what their intraday, 1-week, 1-month and 52-week S/R levels are, and how they react to lower highs and higher lows, how they react to the 20-bar EMA, how they break out, and so on.
I want to trade CL full-time because I've made so much profit trading it in my sim account, and I feel like I've gotten to know its personality (or so I imagine), I like the way it moves and the speed with which it moves. I mean even on a day like today it probably offered more bang for the buck than anything besides those BIDU and GMCR breakouts. I believe I could make more money trading CL than any other instrument.
But my ego is tied up in this transition. What if I trade it all day and lose money? What if I have 2 or 3 losing trades in a row? Can I jump right back in like you guys do so easily? You've been doing this a while and I still consider myself a shallow step above beginner. I really think that's what's holding me back from what seems to clearly be a good move for me. It always takes me a long time to make a change.
Again, thanks to all calling their trades here, because it's really inspiring to me.
LOL. Sorry, no voodoo magic involved here even though I have a propensity to yak alot. 81.40-81.50 was a support zone taken straight out of the afternoon session. As far as I can tell, the PA in AH isn't random per se but it's slow as hell due to low volume. What normally takes only 10 minutes in RTH you must expect an hour or more in AH.
You must understand the biggest danger to your longevity isn't some external threat. It is the devil within yourself. You must learn to live with it.
As I said before, start out small. If you're constantly looking at your P&L and fretting about how much you could lose, then something is very wrong. As they say, never bite more than you can chew. Perhaps you should go through the same exercise I underwent to overcome the "fear of flipping": start out by buying 1 lot and allow it to move x-number of ticks; then flip short and allow x-number of ticks; repeat the process. Do this enough times and you'll come out flipping faster than you can flip burgers. I guarantee it.
"I realized that I've learned how to extract money from the market trading a tiny set of stocks. I call them my "pet stocks" because I could tell you without looking what their intraday, 1-week, 1-month and 52-week S/R levels are, and how they react to lower highs and higher lows, how they react to the 20-bar EMA, how they break out, and so on."
For NoDoji, I would ask why do want to trade anything other than your pet stocks if you can routinely extract money from them? Are you looking for leverage? I will tell you there are so many more pitfalls in futures than in stocks (reports, fast markets, getting filled or lack thereof in fast markets, sudden global developments, more noise, etc) that compared to futures, stocks are a breeze. If you want leverage, trade your entire 4x retail account and amp up. If you want more then find a good prop shop offering 10x-100x leverage to good traders. If you can routinely extract money from these stocks why go anywhere else?
The grass isn't always greener IMHO. It would be a shame to lose money finding that out esp with what you have already in stocks (mentors, experience, etc.). But if your sim account is doing well then maybe you're already there. Please be cautious. Best wishes.
For NoDoji, I would ask why do want to trade anything other than your pet stocks if you can routinely extract money from them? Are you looking for leverage? I will tell you there are so many more pitfalls in futures than in stocks (reports, fast markets, getting filled or lack thereof in fast markets, sudden global developments, more noise, etc) that compared to futures, stocks are a breeze. If you want leverage, trade your entire 4x retail account and amp up. If you want more then find a good prop shop offering 10x-100x leverage to good traders. If you can routinely extract money from these stocks why go anywhere else?
The grass isn't always greener IMHO. It would be a shame to lose money finding that out esp with what you have already in stocks (mentors, experience, etc.). But if your sim account is doing well then maybe you're already there. Please be cautious. Best wishes.
"exercise I underwent to overcome the "fear of flipping""
Schizo...that's a good idea for practicing getting used to flipping. I think flipping is a great tool to have in your box. I find it works best in periods of high volatility momentum. I'm curious, say you flip once and the market goes 10 ticks your way (you lost 20 on the first position, say) then it stops and comes back. Will you flip again? With the same stop of say 20 pts? How do you manage the stop after you flip? Are looking just to break even on the flip or actually follow the position?
Schizo...that's a good idea for practicing getting used to flipping. I think flipping is a great tool to have in your box. I find it works best in periods of high volatility momentum. I'm curious, say you flip once and the market goes 10 ticks your way (you lost 20 on the first position, say) then it stops and comes back. Will you flip again? With the same stop of say 20 pts? How do you manage the stop after you flip? Are looking just to break even on the flip or actually follow the position?
Notes to self:
1- Everyone of the people that shorted 81.84, managed to beat themselves up over a magnificent short opportunity. Including yours truly who managed to pull a near breakeven trade on a vertical down move by the market.
2-Ponders on the wisdom of posting real time trades and wonders if the motivation is to learn new, better techniques, and help others or if the motivation is purely egocentric.
3-Once again market shows who is boss and moves in its own time instead of any timeframe in the mind of participants, including yours truly.
4-Ponders on the wisdom of helping to attract traffic to a third party website instead of doing it somewhere else for a charity or something. Notices a handful of very giving individuals in the midst of a sea of takers and chest-puffers and down-outers like the oracle of wizards that particularly gets on my trader-self nerves.
5-Continues to note my own propensity to addictive behaviours like trading and posting, and concludes that all is ego based and self-destructive.
6-Takes the day off to ponder some more on the near $1 down move overnight in CL that he almost managed to lose money on. Do I really want to trade this thing?.