I will become a very rich man (Trade Records)

EighthWonder said:
Hi everyone,

This's my first post in Elite Trader. :thumbsup::thumbsup:

I want to leave my trading records here. I believe in myself will achieve my goal of being a rich trader with a colorful life.

First step, I bought a lot of QM (smaller CL contract) at 59.725 yesterday.

Now I am watching the CL market.

Good luck to myself. :D
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Why do you think your trades have positive expectation.

Aka.. an edge.
 
learner2007 said:
Could be due to this:

Aoccdrnig to rscheearch at Cmabrigde uinervtisy, it deosn’t mttaer waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteres are at the rghit pclae. The rset can be a tatol mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
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I love this post! Makes the case for defining ends and then working out the in-betweeners!
 
jl1575 said:
You are right.
I just found it was amusing first, and then I realized that he probably meant one lot (A= one, 1). Just normally people would use one lot or 1 lot, and I didn't pay much attention as well.
English is probably not his native language, and not mine either.
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Your guess is right. English is not my native language. I typed too fast so even didnt know 'a lot' would made you confused. I am glad that you guys finally understood me...:)

My tiny account starts with about $1350. Its a long long way toward my final goal...I will keep on recording my trades here to encourage me not give up this way.
 
Jack1960 said:
QM is not a good contract to trade. It is not very liquid. At times bid ask spread becomes lare. If you use stop limit, it will often run through your stop.
If you can have two QM, you can have one CL.
Trade CL
.
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You are right. Any major commodity contract is much better than its minor/micro siblings. However if I bought one lot CL instead, that meant I all-in my asset into an uncertain risky situation. According my current bankroll I cant afford any the probability of bankrupcy. Thats why I decide QM.
 
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777 said:
Why do you think your trades have positive expectation.

Aka.. an edge.
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My trading philosophy is that you cant measure a precise winning/losing probability/edge beforehand. The only thing you can do is TRY.

So how do I decide the direction to place my bet? Very simple, I only look at the currect trend of price movement. CL is now going UP on daily/hours basis. Thats enough for me. Then I can find an entry point with a reasonable stoploss to give it a try.
 
EighthWonder said:
My trading philosophy is that you cant measure a precise winning/losing probability/edge beforehand. The only thing you can do is TRY.

So how do I decide the direction to place my bet? Very simple, I only look at the currect trend of price movement. CL is now going UP on daily/hours basis. Thats enough for me. Then I can find an entry point with a reasonable stoploss to give it a try.
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I hate to say it, but CL would be your better bet here. I have looked at the QM vs. CL charts in the past. QM is ugly. It is counterintuitive that they should be so, but...Ick.
 
Given your lack of money, trading oil with QM is still not a good idea. If you have 25k you will be better off with UWT and DWT.
You can buy small quantities and scale in. I learned this technique from The Arora Report. This has helped me keep my risk lower when I a am concerned about risk.
When set up is really good I go to Cl
 
lawrence-lugar said:
To become "very rich" in trading, or any field or endeavor, is rare -- most people are lacking all the necessary fixed and dynamic variable elements.
puzzle.jpg

It's just a matter of time before they breakdown, or suffer a serious snag or setback. which will shake and whittle them to their core.
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Way to encourage him paper trader YouTube watching loogie!
 
EighthWonder said:
My trading philosophy is that you cant measure a precise winning/losing probability/edge beforehand. The only thing you can do is TRY.

So how do I decide the direction to place my bet? Very simple, I only look at the currect trend of price movement. CL is now going UP on daily/hours basis. Thats enough for me. Then I can find an entry point with a reasonable stoploss to give it a try.
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Do you backtest your ideas/ methods?
 
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