I guess the pop was at inventory
CL Redux
- Thread starter schizo
- Start date
Well, that seems to be the norm these day. You can't be too greedy on days like these.
Be that as it may, I do expect same professionalism for paper trades as with live trades. You can yak and gripe all you want (like me) but trades must be posted in real time. No exception!
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).cover one at 80.60 to go neutral overnight.
I need to confess that I sim traded CL today. I still don't feel fully confident trading live, but I'm getting there. I didn't call any trades because I was totally distracted with live trading and a bunch of non-trading-related tasks.
My opening trade was a breakout trade, but the breakdown failed. If trading live, I would've cut it off at b/e because breakouts need to move quickly in the direction of the break. However, since it was sim I allowed a 10 tick stop and doubled the stop to catch a reversal on a failed b/o. I didn't give the reversal enough room to grow, really botched that one.
Later I tried trading 1 lot again, but didn't like it at all, just like last time.
The reason I held that last trade so long despite the fact it went profitable several times was because I was using the "stops suck, don't use stops, just hold that POS until it retests that .44 support zone" trade management strategy.
Net $524 simbucks toward my sim Ferrari.
As usual my intention is to trade live tomorrow.
My opening trade was a breakout trade, but the breakdown failed. If trading live, I would've cut it off at b/e because breakouts need to move quickly in the direction of the break. However, since it was sim I allowed a 10 tick stop and doubled the stop to catch a reversal on a failed b/o. I didn't give the reversal enough room to grow, really botched that one.
Later I tried trading 1 lot again, but didn't like it at all, just like last time.
The reason I held that last trade so long despite the fact it went profitable several times was because I was using the "stops suck, don't use stops, just hold that POS until it retests that .44 support zone" trade management strategy.
Net $524 simbucks toward my sim Ferrari.
As usual my intention is to trade live tomorrow.
sometimes, I find it hard to even post and trade at the same time. To become distracted by other non-related events (be it non-trading tasks or simply trading more than one instrument) would totally throw me off. As I already said countless times, it's better that you become a specialist than to become the jack-of-all-trades who moonlights as a master-of-none.
Anyway, there's no need to rush. Opportunities abound every day. But if you plan to trade live tomorrow, I suggest you go easy with perhaps 1 lot at a time.
Morning I chased, and got stopped out at a loss on 2nd contract after I was able to average in and let 1st contract get out at BE.
After market close I put in a long order, I felt if this one which I considered a perfect trade, did not work, I was going back to just trading es.
Well, it worked, got 10 ticks or $ 100 real money. Just did 1 contract since was after hours.
Now I just need to not chase, only wait for perfect setups on cl, and have a stop and not move it farther away hoping it will not get filled.
For last trade, once trade moved in my favor, I moved stop a little bit up so it was below low candle. When I entered in trade, I had a wider stop since I did not want to get spiked out of a winning trade, but felt once the market moved in my favor if it for some reason decided to reverse, it would probably take me out. Also what helped in this last trade, was I took a break from looking at the screen since cl was moving real slow in after hours. This allowed me to stay in the trade instead of killing it. CL at least moved, ES seems frozen right now in after hours.
If you can get in on a trade in the right direction CL does seem to trend much better than ES with no pullbacks, but you want to wait to make sure you get in at the right price and in the right direction, if not its better to take the stop since if it reverses right where you get in, it can go 30 ticks or more against you pretty quickly.
With ES, the market seems to like to take 2 steps back before it goes higher so you can be a little slower and wait for a better price rather than jumping in on a trade unless market making new highs or lows on a real breakout.
After market close I put in a long order, I felt if this one which I considered a perfect trade, did not work, I was going back to just trading es.
Well, it worked, got 10 ticks or $ 100 real money. Just did 1 contract since was after hours.
Now I just need to not chase, only wait for perfect setups on cl, and have a stop and not move it farther away hoping it will not get filled.
For last trade, once trade moved in my favor, I moved stop a little bit up so it was below low candle. When I entered in trade, I had a wider stop since I did not want to get spiked out of a winning trade, but felt once the market moved in my favor if it for some reason decided to reverse, it would probably take me out. Also what helped in this last trade, was I took a break from looking at the screen since cl was moving real slow in after hours. This allowed me to stay in the trade instead of killing it. CL at least moved, ES seems frozen right now in after hours.
If you can get in on a trade in the right direction CL does seem to trend much better than ES with no pullbacks, but you want to wait to make sure you get in at the right price and in the right direction, if not its better to take the stop since if it reverses right where you get in, it can go 30 ticks or more against you pretty quickly.
With ES, the market seems to like to take 2 steps back before it goes higher so you can be a little slower and wait for a better price rather than jumping in on a trade unless market making new highs or lows on a real breakout.