I will be trading Crude Oil starting this Monday. For every trade i make i will post the time/price for entry and time/price for exit along with some reasoning. I will also implement some sort of excel sheet to keep track of all my trades.
1. Don't risk more than 1% on any given trade
2. Have some sort of justification for each trade
3. Use some sort to Stop
4. 3 strikes your out
5. Set weekly goals
Any and all advice is welcomed.
The following 3 users say Thank You to nspatel for this post:
You are on right track already. Staying simple solves a lot of trading issues. Just a tip on crude. Unless you are scalping I have found a pretty wide stop is necessary but of course that is relative to target. Nice thing is on crude even day trading you can hit some decent targets so wider stops can be absorbed.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Last edited by liquidcci; June 14th, 2012 at 04:04 PM.
The following 2 users say Thank You to liquidcci for this post:
Today I will be using a 30min chart to spot trends/overall market view and a 5min chart to execute trades. I will only being trading within regular trading hours. Also, the Opening Range will be a guiding factor for a majority of my trades this week.
Goals for the week:
1. Get an overall feel for the market
2. Aim for 25 ticks per day
Last edited by nspatel; June 18th, 2012 at 07:59 AM.
I recently got locked out of my virtual Windows 7 machine due to the lack of an activation key. Due to this technical set back i will not be trading today. Hopefully i can have my VM up and running by tomorrow morning.
alright, got my windows machine all squared away for Monday morning. I've been thinking about what i want to accomplish this summer while trading. Instead of starting off with numeric goals, i would like to explore a more abstract area for the next couple of weeks. I would mostly be figuring out the best way to set up my trades entry points and stop loss, along with the best amount of time to hold a trade. I will be using the 5-min and 15 or 30min charts to figure all this out. Tomorrow morning i will play around with different entry points and stop losses along with time frames for each trade. I will record every trade i make along with some sort of caption.