Goal Sit in a shack in the woods (with high speed internet of course) & make some money...enough to live a simple life & some left over to become somewhat wealthy
Type of Trading Daytrading. Try to catch the major swings of the day. Also some scalps.
Product CL - Light Sweet Crude Oil (Yummy)
Method Read the charts & act when I see an opportunity. Not sure how else to describe it. If price makes a 1-2-3 reversal at support in an uptrend then go long....not because it's a certain pattern with a certain name, but because price stopped going down & turned up & the context it occurred in supports going long. I pay attention to swing highs/lows, trend, volume, waves, support/resistance, prior day's high/low, climactic moves, levels where others are likely to be stopped, patterns (don't just blindly follow a pattern though), EMA's, time-of-day, & any other clues I notice. Same stuff a lot of other people look at I guess.
Position Size Starting with 1 contract. Would like to create some kind of progressive method to create the possibility of huge wins & small losses.
One idea I had was if up 20 ticks, then go to 2 contracts, if up 70 ticks, then 3 contracts, if up 120 ticks, then 4 contracts.
If 20 ticks made on 4 contracts, then back to 1 contract. Always reduce contract size if I fall below the tick level required. Not sure if that makes any sense; still thinking about it.
Me Right now I'm trading sim. I have a job, so I can't trade fulltime unfortunately, but I'd rather not get fired at the moment to have that opportunity. Need to make some moolah first. I have traded real money in the past & I lost enough to humiliate myself. Not sure if losing that money was good or bad; I'll tell you in 40 years or so. It didn't really feel that good though. The one thing I have never tried is starting a public journal. So here we go.
Type of Trading Daytrading. Try to catch the major swings of the day. Also some scalps.
Product CL - Light Sweet Crude Oil (Yummy)
Method Read the charts & act when I see an opportunity. Not sure how else to describe it. If price makes a 1-2-3 reversal at support in an uptrend then go long....not because it's a certain pattern with a certain name, but because price stopped going down & turned up & the context it occurred in supports going long. I pay attention to swing highs/lows, trend, volume, waves, support/resistance, prior day's high/low, climactic moves, levels where others are likely to be stopped, patterns (don't just blindly follow a pattern though), EMA's, time-of-day, & any other clues I notice. Same stuff a lot of other people look at I guess.
Position Size Starting with 1 contract. Would like to create some kind of progressive method to create the possibility of huge wins & small losses.
One idea I had was if up 20 ticks, then go to 2 contracts, if up 70 ticks, then 3 contracts, if up 120 ticks, then 4 contracts.
If 20 ticks made on 4 contracts, then back to 1 contract. Always reduce contract size if I fall below the tick level required. Not sure if that makes any sense; still thinking about it.
Me Right now I'm trading sim. I have a job, so I can't trade fulltime unfortunately, but I'd rather not get fired at the moment to have that opportunity. Need to make some moolah first. I have traded real money in the past & I lost enough to humiliate myself. Not sure if losing that money was good or bad; I'll tell you in 40 years or so. It didn't really feel that good though. The one thing I have never tried is starting a public journal. So here we go.
