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The Crude Dude Oil Trading System
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The Crude Dude Oil Trading System

  #211 (permalink)
Elite Member
Reno, NV
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: Currency--just started
 
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Thanks: 464 given, 106 received


lancelottrader View Post
Here are a few things that have helped me improve:

1. RECORDING MY TRADING SESSIONS: This has been a huge help. I watch replays of my trades and since I verbally announce the setup type, stop placement and target..and I can understand the reasons why I took the trade. Also..I can see exactly what my charts and indicators look like prior to a big momentum move. I can see events occurring on order flow tools, volume counts etc. Then, in the future when extremely similar patterns emerge, I know I have a high probability move. I can also see when I make the same stupid errors repeatedly and finally learn to stop doing it!

2. DOING A QUICK CHECKLIST BEFORE TAKING AN ENTRY: On a fast moving, tricky instrument like CL, it is very easy to get suckered into some bad trades. Often it will look like it's spiking up fast..order flow shows contracts coming in..and your brain says I have to get in now!! Then you jump in...and it suddenly starts going the opposite way fast..so you move your stop out to ride out what you think is a small pullback and before you know it ..you're 20 ticks or more down. I call that "Spikefoolery." It happens a lot. But the point is, I try now to run a quick checklist before entering. Some questions I will ask are: Has price already moved well past it's usual ATR,? Are we in a choppy consolidated period? Has price, so far, been making nice swings of 20 to 30 ticks..or is it just bouncy and choppy? Is this a time of day where price usually moves well? Are there any major or minor support and resistance levels in the way of my target?Is the momentum strong enough to break through these levels or is it weak and will probably bounce? Am I trading objectively or has some recent losses caused me to be overly emotional?Is my stop going to easily be hit or do i need a large one where the risk isn't worth it?
There are other questions..but this is an example of my thoughts before entry.

3. RESISTING TEMPTATION AND SAYING NO TO ALL TRADES THAT DON'T FIT MY PARAMETERS- This has been difficult for me in the past, but I am improving in this area immensely. From watching my replays..I know the types of trades that have the highest chance of working out. Now I try my hardest to wait for only those setups.

I am really getting a lot out of this thread as it appears that we have exactly the same issues. Or more exactly i still have the issues you had.
i have been trying to record my trading sessions for exactly the same reasons but the files are really large. i use Camstudio. Do you or anyone recommend something different?
Thanks for your work in this thread, i know you almost gave up on it but it does help some of us!
T.

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  #212 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
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trvlntrdr View Post
I am really getting a lot out of this thread as it appears that we have exactly the same issues. Or more exactly i still have the issues you had.
i have been trying to record my trading sessions for exactly the same reasons but the files are really large. i use Camstudio. Do you or anyone recommend something different?
Thanks for your work in this thread, i know you almost gave up on it but it does help some of us!
T.

I like a program called Screen Movie Studio. I have had it for a while because it works quite well and is pretty simple to use. I don't care for the built in codecs because they do seem to create big files..so I downloaded a codec called Xvid MPEG-4. It creates smaller files. Also, I save everything to an external drive so as not to use up disc space on my P.C. I've got a nice little 465 Gig Seagate expansion drive for about $50 . A 3 hour video takes up about 700 MB..so the drive can hold many, many videos.

Failure is not an option
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  #213 (permalink)
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Futures Experience: Intermediate
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Favorite Futures: Currency--just started
 
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lancelottrader View Post
I like a program called Screen Movie Studio. I have had it for a while because it works quite well and is pretty simple to use. I don't care for the built in codecs because they do seem to create big files..so I downloaded a codec called Xvid MPEG-4. It creates smaller files. Also, I save everything to an external drive so as not to use up disc space on my P.C. I've got a nice little 465 Gig Seagate expansion drive for about $50 . A 3 hour video takes up about 700 MB..so the drive can hold many, many videos.

Im glad i asked, i get a 1 gb file for less than 1 minute video. i have some room in my external hard drive but not enough to get 1 days worth of video. i will see about shrinking the files. thanks for the info

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  #214 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
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Trading Multiple Instruments.

The last couple of weeks, I have had good results from trading a few other instruments..rather than exclusively Cl. It took me a while to arrange my chart setups on my monitors..so that I could view things properly.

The instruments I am now watching simultaneously are Cl, NQ and GC. NQ and GC are being traded on SIM for now.

The advantages for me are that I can now wait for the absolute best setups in terms of volatility and price action. Some days..Oil is the "Star" of the day and I focus on that mainly. Other days it is NQ. Today Gold made some amazing moves.. which I caught several of. Somedays, there are great opportunities on all three.

The key for me is to have audible alerts at key price levels. This way if my attention is on one instrument I can hear an alert at a price level on another instrument. Then,I can quickly scan that instrument. Also, my order flow tool, Tick Strike often gives some indications something strong is happening..and I can again check out the setup on the instrument that is causing the ticking.

There is an unmistakeable look to my charts when a strong move is underway..and now I have more opportunities to catch one of those moves.

So I basically am looking for either a strong momentum move..or a great reversal at a key price level. On one screen, I have my 2 range "Timing" chart on all three instruments. This chart is great for showing when momentum picks up. It is kind of an early warning chart. On my other screen, I have the larger timeframes setup. So basically, if I see things setting up on something, I look at the higher timeframe for added confirmation...Then I run through my quick checklist..and if all systems are go..I take the trade.

I found out, by only watching Oil, I was often lured into less than optimal setups. However, now with three instruments being traded, I am more likely to wait and cherry pick the absolute best setup.

So far it is working well.

Failure is not an option
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  #215 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
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Are you selling these indicators anytime soon?
Also I trade NQ and CL but not GC.
Is GC commission similar to CL?

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  #216 (permalink)
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xylem View Post
Are you selling these indicators anytime soon?
Also I trade NQ and CL but not GC.
Is GC commission similar to CL?

No, I am not going to be selling any indicators. I think the commission on GC is pretty much the same as with Cl at my Broker. I don't know if it's the same with other brokers.

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  #217 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
Thanks: 20 given, 13 received

Glad to hear your not selling

I may look into GC as im currentyl deciding which markets to trade and Im so far settled on CL NQ YM. FGBL (time permitting) and GC would serve when CL is quiet.
BTW Lance I noticed there has been a MASSIVE CL buyer at 77.50 and below and he keeps getting crushed.

Any thoughts on this action at CL alltime lows?

Could be putin

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  #218 (permalink)
Elite Member
Tucson
 
Futures Experience: Intermediate
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Favorite Futures: CL, TF
 
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Since Oil is a commodity, it could be an actual buyer looking to take deliveries.... Refineries and the like, need to take delivery to maintain their business and maybe they have decided that price is adequate to catch some inventory. Also, it could be large traders taking profits on their shorts from above.

B


xylem View Post
Glad to hear your not selling

I may look into GC as im currentyl deciding which markets to trade and Im so far settled on CL NQ YM. FGBL (time permitting) and GC would serve when CL is quiet.
BTW Lance I noticed there has been a MASSIVE CL buyer at 77.50 and below and he keeps getting crushed.

Any thoughts on this action at CL alltime lows?

Could be putin


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  #219 (permalink)
Trading Apprentice
New Delhi India
 
Futures Experience: Master
Platform: Ninja trader
Favorite Futures: Crude
 
Posts: 1 since Nov 2014
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lancelottrader View Post
I think one main reason this thread deoesn't seem to get much response is that it doesn't have the typical themes you see on most trading forums. I think people are more drawn to threads about struggling SIM traders trying to test and experiment with various strategies and systems. These threads have, I suppose a more dramatic element to them. You know, 'The Endless Quest for the Holy grail" thing. Apparently people, as a whole don't care to view videos of actual live trades being taken in real time and having setups explained in that moment.

Also, my system is fairly simplistic and that doesn't apparently resonate well with people. There isn't talk of VWAPs and balance..or the latest indicator. People want to be able to have a system that says..when my indicators does this or this line crosses that..enter a trade. Unfortunately, there is no such system. You have to understand the context in which those systems work and learn to recognize when those conditions occur.

Now, to those individuals that do view this thread consistently, I only do this for you. Since there is little discussion from others or participation..the only thing I can get out of posting here is that I write possibly one thing..that helps someone improve. If I have helped anyone..even in a small way..I am happy. I, unfortunately..like so many others went through years of failure and lost a lot of money. I am not saying I am wildly successful now. Far from it..but damn..There is definitely a light at the end of the Tunnel.

I stopped losing money, consistently a while back..which was great!! Now I am consistently profitable..not in a big way..but enough to convince me that I will eventually be able to make a living from this. My Dream was always to be able to, regardless what happens in the world..that with my little computers..I can not only survive..but thrive. I think this will soon be a reality.

Another guy on here that I think has what it takes to make a good living from this..is Brian (AKA Panda Warrior). I can tell by his motivation and thought processes..trading style.. that he is on the right track. I wish you all the best, Brian. I am sure you have struggled like I have with this crazy endeavor,..but you never gave up. Good for you.

Hello
I am from India and search for crude oil forums and TA led me to this.
Seems a similar experience as yours with losing money ( in other asset classes) to finding crude and being consistently profitable to be about to make a living trading only this commodity.
Would study your thread in greater detail.
Regards

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  #220 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 624 given, 2,437 received



xylem View Post
Glad to hear your not selling

I may look into GC as im currentyl deciding which markets to trade and Im so far settled on CL NQ YM. FGBL (time permitting) and GC would serve when CL is quiet.
BTW Lance I noticed there has been a MASSIVE CL buyer at 77.50 and below and he keeps getting crushed.

Any thoughts on this action at CL alltime lows?

Could be putin

I really didn't notice that...as far as buying from one individual.That's interesting though.

Failure is not an option
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