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I Wanna be a Professional Trader on Crude Oil Market
Today 24.02.17 Morning session off. MCX Session started @5.00PM, Nearly 20 ticks down move from $54.35 to $54.10 level. Actually I was in Short side positional trades from $54.35 level.
My targets are usually near 10+ ticks based on calculated Stop levels around 10+ticks (i.e) 1:1 RR Ratio
Above enclosed trades 'll indicate my target.
7 What's your strategy or method used for stop placement?
My strategy or method used for stop placement based on recent Balance or Imbalance levels, may be VWAP line, Swing low or Swing High.,
As per Above chart, made short entry based on VWAP Line Stop followed
8 What do you believe about CL?
Based on my observation about CL, Its highly active Script of Commodity Futures Market and there are plenty of opportunities to trade and make some decent money, if you 've some level of knowledge about CL.
Based on dollar price of Oil, My local Commodity Exchange derive the price. So I Strongly believe if i follow US Oil Price move, it 'll reflect to track local exchange market.
9 What are your beliefs about your trading methodology?
There's no holy grail trading methodology. Anyway I m still developing some customized methods based on my limited understanding.
My Custom methodology based on Gom Tools by gomi. (FIO Indicator of the Year and FIO Programmer of the Year). So I believe i m using the right tool for my trading.
MCX CRUDEOIL Tick Size - 1 Point
MCX CRUDEOIL Tick Value - INR 100
MCX CRUDEOIL MINI Tick Value - INR 10
10 Points - INR 1000 (Brokerage and other Charges include)
USD/INR Conversion - 66.65 (Approximate)
$100 = 100 X 66.65 = INR 6600 (Brokerage and other Charges include)
Really great money if i focus the trade on NYMEX CL instead of Local Commodity Market. And aware about big loss if anything hits stop on NYMEX CL. Anyway no pain, no gain.
I 've some Plan to start this $50K Account after some consistent practice on SIM.
Rules :
1. Trade a minimum of 10 days
2. Only trade during permitted times
3. Do not hit or exceed the Daily Loss Limit
4. Do not allow your Account Balance to hit or exceed the Trailing Max Drawdown
5. Profit Target - $3,000
Rules 1 & 2 is OK , rest of the rules seems tough.Lets draft a trade plan to achieve this combine rules.
3. Do not hit or exceed the Daily Loss Limit - $1,000
4. Do not allow your Account Balance to hit or exceed the Trailing Max Drawdown - $2,000
5. Profit Target - $3,000
To achieve Profit Target - $3,000, out of 22 trading days we consider 20 active trading days 've to follow.
What's the Average Lot Size and Target Per day?
Average Profit Target above 15 Ticks - $150
For 20 trading days - 20 X 15 = 3,000
No of lots to be follow - Less than 3 lots (Upto 5 lots allowed for this size account)
So need high probability winning trade set up to achieve more than 15 Ticks/day.
