Crude Oil

cenettixx said:
There is absolutely NO way you will be successful without proper risk management. Hoping, assuming, lets roll the dice see what happens.

Trading is NOT gambling. You take a (calculated) risk and if it doesnt workout you reverse course instantly without a dent. That's called business.
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On longer-term trades, there can be a move in the opposite direction before it goes your way.

If I wasn't involved in such highly leveraged trades, it wouldn't be a problem.

If I had bought these contracts at 1:1, then I could afford to let it go down before climbing back to the levels I believe it will get back to.

Unfortunately, that's not the situation I'm in.
 
I love this thread so much. Farmer John don’t listen to the haters giving good solid advice. They are just hating on your future gainz.
 
zghorner said:
I love this thread so much. Farmer John don’t listen to the haters giving good solid advice. They are just hating on your future gainz.
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There's nothing I can do to get out of the situation I'm in.

Telling me I should have calculated risk better doesn't change anything for my present situation.

If it opens and I'm down $20k, I'll probably take that and be happy with it.
 
farmerjohn1324 said:
I also read that Saudi Arabia delayed releasing its oil prices until after the Thursday meeting. They would otherwise have been released today. All sides want to come to agreement. I think prices will rise on Thursday if I can hang in there.
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I am not sure about that. Saudi spoke out against the Russian accusations of going after shale. I think we should just take Trumps tweet at face value. The tarrif is his threat to the Saudi and Russians. He was actually throwing fuel to the fire.

What could help you is the Texas Rail commission forcing a cut with US producers. But apparently, they weren't part of the Friday meeting.

All guesswork. Not enough reason to hold a big position at these levels of volatility.
 
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