Time to short Oil

Quote from AMT4SWA:

I have made a big bet that the economy would be TAKEN down, not only in the U.S. but all other parts of the world. This is the backbone of my macro based demand destruction play and my trade is following this trend. Everything I see and measure continues to support this position, so I am not worried about price flucuations against this MAIN trend. I will continue to hold SHORT until we break into the zone of $85 to $77 which I do feel is EXCEPTIONALLY probable going forward.
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k well i am now gna follow you mate..
(dint care how gay or lame that sounds) lol

Last week i made £1,819 at £2 tick.

If id just followed you, done absolutely nothing, not thought about the market, not looked at the markets, not even been near my laptop...,
just left my sell in place id have made £2,300 this week!!!


Instead liek a fuking twat i try working hard, sating awake all hours watcing every move in the market, streaming all the differnet enws and stuff in, cahsing in at suport and waiting for big bounces to resell...

And guess how much all that time and work earnt me this week??

£40!! £40 fuking quid, instead the £2,300 id have made by sleeping all week!! :( :( :(
 
I would say to study and analize this market to develop a system you can trust and then trade it....this will keep you out of the cycle of frustration.
 
Quote from spanish89:

k well i am now gna follow you mate..
(dint care how gay or lame that sounds) lol

Last week i made £1,819 at £2 tick.

If id just followed you, done absolutely nothing, not thought about the market, not looked at the markets, not even been near my laptop...,
just left my sell in place id have made £2,300 this week!!!
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lol spanish, you cannot follow traders like AMT when you yourself don't even have enough capital to hold 1 contract overnight, obviously you cannot ride out the volatility and can only scalp for now. I was in this position at first as well, you have to develop a smaller profit target system which you have to follow and call it a day when you have reached your target, otherwise you are going to chase and chase because of greed which will ultimately make you fail.

What contract do you trade? CL or QM?
 
Quote from mr888:

lol spanish, you cannot follow traders like AMT when you yourself don't even have enough capital to hold 1 contract overnight, obviously you cannot ride out the volatility and can only scalp for now. I was in this position at first as well, you have to develop a smaller profit target system which you have to follow and call it a day when you have reached your target, otherwise you are going to chase and chase because of greed which will ultimately make you fail.

What contract do you trade? CL or QM?
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:confused:

What you mean 'dont have enough capital to hold overnight?? :confused:


I use a sb firm not a broker mate, so i trade £2 per tick.

So my now £3,650 can give me $15s space if i do it at £2 tick.
 
Ive ordered a book called '7 deadly sins of trading' to try and help me not let myself get into this sorta mindframes when i have bad luck.. :(
 
Hmm, what is SB? I recall from your previous posts that you had around 4K pounds in your account so I assumed you cannot hold a position overnight considering the NYMEX Crude margin for 1 contract is 12,488 to hold overnight, meaning you would have to close your position at the end of every trading session to not get a margin call.

Try reading Trading in the zone by Mark Douglas to help you with emotional trading.
 
Quote from mr888:

Hmm, what is SB? I recall from your previous posts that you had around 4K pounds in your account so I assumed you cannot hold a position overnight considering the NYMEX Crude margin for 1 contract is 12,488 to hold overnight, meaning you would have to close your position at the end of every trading session to not get a margin call.

Try reading Trading in the zone by Mark Douglas to help you with emotional trading.
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SB is spread-betting firm.
They just the same as brokers, except you pay a spread cost, but all money made is tax free.

Like IGindex (use their chart), and ETXcapital (use them for trade execution).

Which is sorta cheating, cos ETX's actual updating of the price is upto 2seconds slower than Ig's chart updates to the realtime price...
So if i see on the chart oil crash 100ticks i have nearly 2seconds sometimes to close out any buys, or get into a sell trade.. :)
 
Ah I see, its like retail forex but they offer other items, you are basicly playing against the firm correct?

How much do they charge per tick on average? and what's the spread on oil
 
I just googled it and read into it, not a bad concept, never heard much of spread betting before I guess because it is not allowed in the USA, but since I am in Canada I can try it out.

Do they hold any margins or anything? or you just play with how much money you have in your account?

Why is it tax free?
 
Quote from mr888:

I just googled it and read into it, not a bad concept, never heard much of spread betting before I guess because it is not allowed in the USA, but since I am in Canada I can try it out.

Do they hold any margins or anything? or you just play with how much money you have in your account?

Why is it tax free?
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Aloha, theres no 'margin'. :confused:

Basically if you have £1,000, you can trade ftse at £1 tick (2ticks spread = £2 comission), and have a stoploss of upto 998pips.

And its tax free because of a glitch in uk gambling law. :)
 
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