CL Redux

Picaso · Oct 28, 2010

Overall day looks bullish to me, but it seems they're going to try to have a go at closing the equities gap first.

Good luck/skill to everyone.

Quote from NoDoji:

I trade for a living and am also very much a work-in-progress.

Ah, the wisdom...

dejavu8 · Oct 28, 2010

Quote from Airwaves:

not looking great.
You still in your 81.20 short, startraitor?

edit: stopped

due to limited range of CL, this position can be averaged down with 10 more contracts for a 10+ tick exit with profit.

Picaso · Oct 28, 2010

Quote from dejavu8:

due to limited range of CL, this position can be averaged down with 10 more contracts for a 10+ tick exit with profit.

My apologies if I'm mistaken, but what are you selling?

dejavu8 · Oct 28, 2010

Quote from Picaso:

My apologies if I'm mistaken, but what are you selling?

because he is a maestro to take big heat for big price movement, any position can be handled well with good profit by applying appropriate strategy based on the position.

gov · Oct 28, 2010

Quote from dejavu8:

because he is a maestro to take big heat for big price movement, any position can be handled well with good profit by applying appropriate strategy based on the position.

Uh, yeah, that works right up until it doesn't....

Good morning all, range trade on CL today, but for some S&Gs, go have a look at the hourly bar on TF, truly a beautiful thing!

Best!

dejavu8 · Oct 28, 2010

Quote from gov:

Uh, yeah, that works right up until it doesn't....

it only works if you have large account, and average only at major reversal point. forget it if you have tiny account.

Picaso · Oct 28, 2010

sim

short .74 on a stop-limit

stop 20 ticks

:45 stop to be, Go Nodoji, go!!!

:49 stopped out be - missed that bounce in gold

Back to looking for a (live) long

gov · Oct 28, 2010

Quote from dejavu8:

it only works if you have large account, and average only at major reversal point. forget it if you have tiny account.

I know when it works and when it doesn't. And allow me to remind you that all our accounts are tiny, when compared with the ability to borrow literally any amount of money for nothing. That would be HSBC, BAC, and of course, Goldie.

Trading axiom number one: The future is unknown. Trade accordingly.

-grizzled old veteran (gov)

Picaso · Oct 28, 2010

Quote from gov:

I know when it works and when it doesn't. And allow me to remind you that all our accounts are tiny, when compared with the ability to borrow literally any amount of money for nothing. That would be HSBC, BAC, and of course, Goldie.

Trading axiom number one: The future is unknown. Trade accordingly.

-grizzled old veteran (gov)

Well said, besides, if you can afford add 10 cars to average down but are trading with just one car, then you're shortchanging your edge.

Edit: IMNSHO

gov · Oct 28, 2010

Quote from Picaso:

Well said, plus besides, if you can afford add 10 cars to average down but are trading with just one car, then you're shortchanging your edge.

Yes, exactly right. Many think that money management can substitute for a real edge. As you point out, it can greatly affect returns, yes. But when you begin using it to bail yourself out of a bad trade, and worse, thinking that "any" trade can be salvalged that way...well, screwed you are.

Well, I've packed my sack this morning with that lovely--and unexpectedly large--selldown in TF, so I wish you fair winds and clear skies. I am going to take the rest of the day to enjoy life.

All the best!