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

  #341 (permalink)
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thank you for sharing this


lancelottrader View Post
I wanted to share an entry I made from my personal trade journal I keep. This was after a few weeks of poor performance. If any of you are going through a period like this, I think you will relate to how I was feeling. Since I am seeing some light at the end of the tunnel, I am glad I hung in there. Here it is:

It is the end of August 2014, and I am not sure if I should continue my trading endeavor. I am extremely depressed. I have put everything into this. I have spent the last several years trying everything I can to master this. I have several good weeks in a row...but then I still can't seem to handle the choppy, chaotic days. I know my system works best in certain market conditions but I seem unable to stop myself from trading..even when those conditions don't exist. This week I failed to even honor my maximum daily drawdown. My reasoning at the moment was, "Why should I stop trading just because I'm down 40 ticks or so..If I'm really as good as I think, then I should just keep taking all good setups." I finally stopped after being down 100 ticks. All my rules went out the window..stopped announcing my setups, stopped doing my pre-trade checklist..everything! If I can't control myself any better than this, I have to stop! As they say, this won't end well. Although I feel I have some good skills, my psychology is probably not suited for this. I'm starting to wish I had never gone into this. Trading is not my thing, obviously. I know I have to give this up and it is making me incredibly sad. What's really pathetic is that I think I really know how to trade well, but I always have these days when I do something extremely stupid...or maybe i should say ..INSANE!! I really think I have to quit and I need to figure out something else to do. This has gone on too long.

This is very much appreciated. There are lots of use hiding out there the bushes and do not want to be seen or heard, just of fear of being told we are not good at trading and we better get ourselves a true PHYSICAL job. By that I mean work for some one else, get up in the morning and go to work, drive in the traffic, deal with some demanding employer / boss...etc... I just had the same thoughts you had in August of last year. But I am starting to turn the corner. Watching your recent video was also a great encouragement. Thanks again.

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  #342 (permalink)
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west palm beach florida usa
 
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Today's trades with explanations

This recap gives a few tips on how to trade CL on a day like today where you have some fast up and down price swings.


Failure is not an option
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  #343 (permalink)
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Two instances of not following my rules cost me today. I see I am still capable of doing foolish, impulsive things.

I will do everything humanly possible not to let this happen again.

Failure is not an option
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  #344 (permalink)
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Tried TF live today

The original name of this thread was, "How I catch runners on Cl and TF". I recently changed it since I hadn't traded TF in a couple of years. I have been looking at it lately and reviewed a few months of charts. I had forgotten how well that it often moves and that my system works very well on it.

I also have come to the conclusion that exclusively trading Cl isn't probably the best course of action for me. There are days when the price action almost guarantees every trade I take will be a loser, but since I haven't been focusing on any other instruments..I get tempted into less than optimal trades. I tried for a while SIM trading NQ..but the point value being half of CL would mean double the contracts to get the same profit per tick. I'm not a huge fan of the ES .

I took some live trades on TF today and did well. I used a small contract size since I haven't traded it in a while. I may try this for the next couple of weeks. If CL is behaving in an erratic manner on a particular day, it would be nice to have an alternative instrument to trade. However, watching two instruments at one time is usually the most I will do. For my type of entries..too many instruments would be counterproductive .

I don't want to change things too much since I have been getting pretty good results. However I could possibly have even better results if I have the opportunity to trade two instruments and wait untill one of them is showing the type of market conditions that I know works for my system.

Failure is not an option
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  #345 (permalink)
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Futures Edge on FIO
Thank you for your update.

I'd love to see your TF chart settings.

Thanx!

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  #346 (permalink)
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Tf may be something I will trade with Cl


wshi88 View Post
Thank you for your update.

I'd love to see your TF chart settings.

Thanx!

My settings are basically the same as I use for CL. This video I made today shows some details.


Failure is not an option
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  #347 (permalink)
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Here's basically what my charts look like spread over two monitors. On the right side I have my 2 range entry charts and on the left, I have the instruments viewed in higher timeframes.

After plotting all relevant price levels and putting together a trade plan, I watch a maximum of three instruments . Right now, my main focus is still Cl..but I am also watching GC and TF. I have decided to only trade CL live this week..but if SIM trading on the other instruments shows good results, I will go live soon with them as well.

Even though I have been doing well with CL, I feel I have the ability to trade these other instruments also. I specialize in markets that are moving with momentum and if there is a long patch where CL is slow..or choppy , it makes sense to take advantage of something else if it is moving. At any given moment, I only want the best setups..in terms of volatility and price action setups. I am very good at recognizing those moments and capitalizing on them. My problem has been not being patient enough to only trade those moments. When watching only one instrument, there can be numerous temptations that are sub optimal.

Today, the markets weren't extremely strong..but I was still able to make close to 40 ticks on Cl..and on SIM between Gold and TF , I made about 58 ticks. Also, I only traded one instrument at a time. I assume I'll be at full leverage on all instruments, so I will only go in one instrument at a time. So, I stuck to that premise today..even though I was on SIM for TF and GC.

I use price alerts a lot. If I am looking at an instrument, I will set price alerts at possible entry areas before looking at another instrument. This way, if my attention is diverted for even a brief moment I will have an audible alert. This will help with not missing a good move if several markets get active simultaneously.

I felt trading this way today kept me very focused. Sometimes, if I'm watching only Crude and nothing is happening..my attention can drift. But everything is still the same...all trades are announced and checklisted.
I'll know for sure by the end of this week if trading multiple instruments works better for me than only trading CL.

Failure is not an option
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  #348 (permalink)
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Thanks for the charts.

I highly recommend the use of anaVWAP indicator. Today TF touched it 5 times, every time price touched it, it came right back down.

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  #349 (permalink)
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wshi88 View Post
Thanks for the charts.

I highly recommend the use of anaVWAP indicator. Today TF touched it 5 times, every time price touched it, it came right back down.

He don't need the VWAP the way he trade. I know it a great indicator and I use it my self and I love it.

He has is own method and it work perfectly for him that way.

When you want to succeed as bad as you want to breathe, then you will be successful
-Eric Thomas
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  #350 (permalink)
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TF


Longtime ago I trade the TF but I was on unirenko bar, since I learn to use more volume bar.

Because you have talk about it, I restart to take a look a it.

I think it will work really good the way, I trade.

Today I make good profit in Sim and I can trade it like the CL

Hope so the TF work fine for you

Thanks again for sharing your ideas

When you want to succeed as bad as you want to breathe, then you will be successful
-Eric Thomas

Last edited by Dervakon; September 15th, 2015 at 02:57 PM. Reason: Wrong word
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