CL Redux

kind of interesting PT, why 7605? if I were, I will eye at 7615, since 7599 is HOD, someone may gun down stop loss and shot a little bit just at your sell order. I do not like crude wiggling around. in one way it is a buy, in another it is a sell. I like to trade just in one way, that makes things easy

I am trading NG, better than CL, not lot of players there, very predictive.


Quote from EON Kid:

long 7573


trgt 7605
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Just started getting into futures. Either I'm an idiot or extremely ballsy, but when I see you folks setting up stops at 10 cents how do you manage to even stay in a trade for longer than 3-5 minutes?

Perhaps I'm asking to get blown out (I did this weekend..was up $1200 on Thursday only to short CL at $74.00 at then of the day Friday and buy back at 75.60 this morning...yeah I took a bath and then some) but overall for my one week of experience with futures to have lost $400 wasn't that demoralizing. Any ideas as to how I can improve my futures trading plan? Quite frankly I'm a noob at futures and it was probably dumb for me to go long/short even 1 car with $7K of available cash.

I'm even open to leaving CL and moving to another commodity future where there is significant leverage but not as much volatility. Many times with CL you can get stopped out because a massive wave of selling begins triggering a load of stops only for the damn thing to recover 3-5 minutes later. Therefore, I'm at a loss as to how you folks (based on the posts I've seen) manage to consistently make money when you don't give much room for the trade to breathe?
 
It all comes down to your style how much you could afford to loss, I particularity look for a 50 cents - 1 dollar target with a 30 cents it stop but it also depends of the day.

Today I would it put my life in the line that Oil was breaking the 76, but it didn't I was looking today for at least 70 cents end up losing 20 cents. I got out early because I though something was wrong it was talking to long to break, I guess at the end of the day I was right. It collapse all the way to 74.20
 
Quote from deltahedge:

Just started getting into futures. Either I'm an idiot or extremely ballsy, but when I see you folks setting up stops at 10 cents how do you manage to even stay in a trade for longer than 3-5 minutes?

Perhaps I'm asking to get blown out (I did this weekend..was up $1200 on Thursday only to short CL at $74.00 at then of the day Friday and buy back at 75.60 this morning...yeah I took a bath and then some) but overall for my one week of experience with futures to have lost $400 wasn't that demoralizing. Any ideas as to how I can improve my futures trading plan? Quite frankly I'm a noob at futures and it was probably dumb for me to go long/short even 1 car with $7K of available cash.

I'm even open to leaving CL and moving to another commodity future where there is significant leverage but not as much volatility. Many times with CL you can get stopped out because a massive wave of selling begins triggering a load of stops only for the damn thing to recover 3-5 minutes later. Therefore, I'm at a loss as to how you folks (based on the posts I've seen) manage to consistently make money when you don't give much room for the trade to breathe?
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Sounds like your investing, not trading. If your wanting to trade energy you might want to read the book "The Logical Trader" by Mark Fisher. Or subscribe to www.chartwhiz.com .. This is a technical market that is mostly run by the daytraders. You might want to sim trade for a month or so, if you were long just one car a month ago for a couple days your balance would be 0$
 
Quote from Speciaul_K:

Sounds like your investing, not trading. If your wanting to trade energy you might want to read the book "The Logical Trader" by Mark Fisher. Or subscribe to www.chartwhiz.com .. This is a technical market that is mostly run by the daytraders. You might want to sim trade for a month or so, if you were long just one car a month ago for a couple days your balance would be 0$
More...

Well my goal is to (typically) go flat at the end of the day and if i were truly investing I would probably read up a LOT more on the fundamental analysis associated with crude (i.e. assessing inventories, looking at certain spreads between months, etc.) My goal (at least when trading CL) is to scalp 20-30 cents per trade. I've just started dabbling into TA, but I must admit other than looking at some MAs and MACD the other analysis tools (i.e. Fibonacci, Elliot Wave, etc.) I have not taken the time to understand time nor do I really put much faith into such tools. Ideally I look for intraday oversold/overbought conditions and short/long appropriately.

Thanks for the book and website suggestion will definitely check it out!
 
Quote from mrbochin23:

It all comes down to your style how much you could afford to loss, I particularity look for a 50 cents - 1 dollar target with a 30 cents it stop but it also depends of the day.

Today I would it put my life in the line that Oil was breaking the 76, but it didn't I was looking today for at least 70 cents end up losing 20 cents. I got out early because I though something was wrong it was talking to long to break, I guess at the end of the day I was right. It collapse all the way to 74.20
More...

You have no idea how pissed I am that I bought back at 75.60 only to see the damn thing take such a beating by the end of day *sigh*. Moral of the story? Stick to your guns and believe in your theis? Or use tighter stops instead?
 
Most people get stopped out all the time and keep losing money with these foolish .10 -.15 tick stops, when Oil whipsaws around soo much , you need to give it room for a particular play to work out. However, most people here are NOT willing, can not not afford taking mora than the abovementioned "hit" just in case they do get stopped.
 
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