So I decided to start a journal about my day-trading oil (QM and CL). I have been trading this method on and off for 8 months. I think that with a public journal I will be less tempted to break rules and stop trading the method to explore other styles etc... I have been trading for many years as a hobby and have recently taken an indefinite leave of absence from work to see if I am able to make a living at this.
I will try to post my chart every day, but in the meantime there is a screen shots of my entries/exits for the month of July.
Note: I was on vacation the first 2 weeks of July so I was not able to trade every day as I typically do. I do, however, only take 1 trade per day.
Here the QM Entries on the 1H chart
Here the CL Entries
and here the log for both Instruments
I always trade the 1 hour chart of RTH in either QM or CL (depending on appetite for risk = no real strategy yet). My stop is always a $1 trail stop and my goal is a $1 profit. However, I sometimes take less when I get nervous or when a major support resistance is touched.
My 2 main goals are:
- Reduce the frequency at which I take my profits too early. Only exit early when strong S/R is touched, and not just when feeling nervous
- Come up with a position sizing strategy to increase size in winning streaks and reduce it in loosing streaks
Today I had a stop sell at 56.30 but it got rejected as the price was already there when I placed my order, and then got away from me as I was trying to enter with a limit order. Next time the market moves this fast at my entry point I will enter at the market
Thanks for viewing, I will do my best to keep this journal up to date.