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My Journal for Crude Oil - CL Contracts
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My Journal for Crude Oil - CL Contracts

  #21 (permalink)
Brisbane Queensland Australia
 
 
Posts: 194 since Aug 2017
Thanks: 130 given, 301 received


Reefunit View Post
Hello All,

This is my first week of ever trading Futures ( Crude Oil , Specifically ) and I have a new found respect for anyone who does this for a living. There were times my nerves were shaking, due to me not being use to the leverage.

Here is my start -

Day One - Tons of Volatility and I started to scalp the market for a couple of hundred here and there. I turned my $4,000 Account into a 4,500 Account. I should of stopped, but this is my first day ever trading and I'm up 12.5 % on my account. It eventually turned out bad and I closed the day at around 3,700.

Day two, I had successful trades on Crude Oil and I wanted to "Check Out" Other Futures. Trading Other futures in which I had no background about was an eye opener as Gold moves very erratic compared to the High level of Volatility in Crude Oil.

Day Three - The market got in my head and I wasn't able to pull the trigger when my account dwindled down to 3,500.

Day Four - I managed to put on some trades in the European Session and got my account back to 3,700. I woke up for Work and traded the Day Session only to have it come back to 3,400.

Day Five - I really was a prisoner in my own head. The Crude Oil Market was just an absolute all out war and I can see why people don't recommend it as a beginner. I did make a Trade and was able to Manage 10 Ticks for $ 100. That built a level of confidence again. I bought 2 Contracts at Market, from a bounce and it just continued to sell off. I ended the week at $ 3,000.


Here is the Important Part that I learned.


1.) The best entries are the hardest entries. They seem like the last thing you want to do, but they work out. These are the areas in which you know we have moved far into the Under Value/ Demand or Over Value/Supply Areas.

2.) You can get an initial reading on your entry as you purchase. If you purchase 2 contracts, entering your trade in a a favorable area is where other traders typically get in as well. This can be a great place to sell a contract for a quick scalp as you wait for market to move in your favor. You can get a feel for the position and limit your draw down by purchasing the " Invisible " walls of volume in this market.

3.) The Crude Oil Market is unforgiving. If you miss the trade, don't click the "Market" Button. The consequences of doing that has cost me a large amount on my account.

4.) Understanding Market Profile helps me navigate this market.


5.) Having a smaller account means only taking the best set ups. The very Stretched Reversals are one that I look for and matching them up with key areas of volume.


I'm currently using Volume Profile and VWAP and my knowledge of Market Profile is limited.


All Feedback is Welcome.

Have you sim traded this at all and if not why not . Couple months of profitable sim with unswerving risk management will likely save the stress of instant big drawdowns trying to hit home runs , base hits win games . Build a system while sim trading , write down the rules and adhere to then . Quantify your trading , keep a journal , identify bad trades , correct them .
Good luck

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The following 2 users say Thank You to Ozquant for this post:
 
  #22 (permalink)
Lansdale, PA
 
 
Posts: 14 since Aug 2019
Thanks: 11 given, 32 received


Ozquant View Post
Have you sim traded this at all and if not why not . Couple months of profitable sim with unswerving risk management will likely save the stress of instant big drawdowns trying to hit home runs , base hits win games . Build a system while sim trading , write down the rules and adhere to then . Quantify your trading , keep a journal , identify bad trades , correct them .
Good luck

Ozquant,

I have changed the way I trade and only risk 1 % at this time. I'm still learning what markets I would like to Daytrade and it appears that I'm getting better results with the MES and MNQ. MGC has been hit or miss for me, as it doesn't move as "technical" and is much more difficult to daytrade. CL is just wonderful to daytrade, but I don't have enough capital.

I just started a journal and am quantifying all of my trades. This sure is very tough, but it is only my third week at this.


Thanks for the advice..

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