Oil At $138.80, I Sold At $135.67---- Should I Hold Or Cut Loss Now????!!

spanish89

spanish89

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ALoha yes its me.. lol

I cashed in on my ftse today by selling down at £2 per pip inadvance of the non-farm data, because knew when the bad news hit they would destroy dow after yesterdays rally... :cheesy::devilish::cheesy:


In evening about 1hour ago i saw how high oil had got cos the low dollar, and so sold £1 pip, 30secs later i had made £25 cash!! :D

Scared that i would miss out on the giant fall of a few dollars (£100s) i sold again on june 11th brent oil at $135.7



Now im trapped at -£217 loss, and so so scared that when it opens on monday it wont be a big drop!! :cry::cry::cry:

I only have an account of £954 now, no more creditcard or anything left in the world.
This all i have.


SO its basically all or nothing now...

Oil falls even just 5dollars over weekend when dollar strengthens and il make £500 profit!!

It does what i did lastime it hit $135, and fall to 119, il make £1,600:!:


However if it goes up and hits $142 (my stoploss is there so risking $650 cos thought that it wouldnt ever hit that, but if it did id still have about 350 left).






But what does everyone think is going to happen with oil over weekend and when opens monday morning????


I dont mind mocking or insults on the risks i take, i just want everyones opinion on what oil will do??



(its gone up $18 over last 2days though).
 
counter_violent said:
Does it really matter what happens....if you don't blow your pot this week...then next week or the week after...it's a cert
Click to expand...



:LOL:

I actually do wish i hadnt gotten into ths trade now...

But no-one could have imagined this though!!

$18 rise in 2days straight?!!

Its only cos the dollar!! :devilish:
 
counter_violent said:
Does it really matter what happens....if you don't blow your pot this week...then next week or the week after...it's a cert
Click to expand...

Oh, harsh! But true.

Spanish, who knows what oil will do? Stop gambling.

Try trading based on what it IS doing. No crystal balls available anywhere.
 
No one knows whether Oil ( or anything else ) is going to go up or down. You should of had a valid reason for entering this trade. One thing I have learnt is NEVER think it will go down just because it has risen so quickly.

You may get lucky if Oil falls now but you are not trading, you are gambling and there are not many rich gamblers around.
 
spanish89 said:
ALoha yes its me.. lol

I cashed in on my ftse today by selling down at £2 per pip inadvance of the non-farm data, because knew when the bad news hit they would destroy dow after yesterdays rally... :cheesy::devilish::cheesy:


In evening about 1hour ago i saw how high oil had got cos the low dollar, and so sold £1 pip, 30secs later i had made £25 cash!! :D

Scared that i would miss out on the giant fall of a few dollars (£100s) i sold again on june 11th brent oil at $135.7



Now im trapped at -£217 loss, and so so scared that when it opens on monday it wont be a big drop!! :cry::cry::cry:

I only have an account of £954 now, no more creditcard or anything left in the world.
This all i have.


SO its basically all or nothing now...

Oil falls even just 5dollars over weekend when dollar strengthens and il make £500 profit!!

It does what i did lastime it hit $135, and fall to 119, il make £1,600:!:


However if it goes up and hits $142 (my stoploss is there so risking $650 cos thought that it wouldnt ever hit that, but if it did id still have about 350 left).






But what does everyone think is going to happen with oil over weekend and when opens monday morning????


I dont mind mocking or insults on the risks i take, i just want everyones opinion on what oil will do??



(its gone up $18 over last 2days though).
Click to expand...

This is a tough one to call. You may be lucky that it turns around and you can take a profit.

At the moment oil prices are being pushed higher by low inventories, thus demand exceeding supply. There is no new output coming into the market which is another factor in the price rise. Some analysts are predicting $150. That doesn't mean to say they're right, of course.
 
alan5616 said:
This is a tough one to call. You may be lucky that it turns around and you can take a profit.

At the moment oil prices are being pushed higher by low inventories, thus demand exceeding supply. There is no new output coming into the market which is another factor in the price rise. Some analysts are predicting $150. That doesn't mean to say they're right, of course.
Click to expand...




Thanks man..

You think dollar will strengthen enough over weekend though to prevent oil from hitting the $142??

I mean look what happend at $135, and its been $18s straight increase now in 2days...


The big sell off must be coming soon as soon as the dollar gets string enough for them to get good value for theri cash...??
 
With a possible limit up stoppage on the oil market, I wouldn't 'hope' for any early slow down.:rolleyes:
 
zigglewigler said:
With a possible limit up stoppage on the oil market, I wouldn't 'hope' for any early slow down.:rolleyes:
Click to expand...



:confused::confused::cry::cry::confused::confused:

Um what is a 'limit up stoppage'??

Wont Opec have to slash prices again as people will just refuse to pay so much??
(People will always need oil and wil 1day physically fight for it)


But when dollar strengthens over weekend and the excitement of this big boom fades wont it then hit and fall??
 
come on spanish use the same strategy you are using for ftse !!!

put your stop loss 1000 dollars per barrel !!

i am sure that oil will never reach that price !!

you are safe as when you put your stop loss at 1point on ftse
 
phobos said:
come on spanish use the same strategy you are using for ftse !!!

put your stop loss 1000 dollars per barrel !!

i am sure that oil will never reach that price !!

you are safe as when you put your stop loss at 1point on ftse
Click to expand...



:LOL:

Trust me man if i could put my s.l at like $160 i would do it instantly!!


But i just now physically cant afford it!

there is 0 in my bank, creditcard been smashed up n binned as i was blocked...

i have no access to the cash to do it :'(
 
spanish89 said:
:confused::confused::cry::cry::confused::confused:

Um what is a 'limit up stoppage'??

Wont Opec have to slash prices again as people will just refuse to pay so much??
(People will always need oil and wil 1day physically fight for it)


But when dollar strengthens over weekend and the excitement of this big boom fades wont it then hit and fall??
Click to expand...

NYMEX rules, crude limit increase is $10.00 per barrel, $10,000 per contract.. If any contract is traded, bid, or offered at the limit for five minutes, trading is stopped for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction.

OPEC DOESN'T SET PRICES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

IT DICTATES SUPPLY RATES WITHIN THE CARTEL. 40% OF GLOBAL SUPPLY.

JEEZ!

But when the dollar strengthens over the weekend...? Please let me have a go on that crystal ball!
 
zigglewigler said:
NYMEX rules, crude limit increase is $10.00 per barrel, $10,000 per contract.. If any contract is traded, bid, or offered at the limit for five minutes, trading is stopped for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction.
Click to expand...



Um what does all that mean please in more basic terms?? :confused:

Sorry, i feel really dumb now. :(

I understand the $10,000 max per pip limit but not the rest...



Thanks for helpping me btw, i never should have got into this stupid oil wth only £900 account.


Im not gan trade it again till atleast £5000 min.
 
spanish89 said:
Um what does all that mean please in more basic terms?? :confused:

Sorry, i feel really dumb now. :(

I understand the $10,000 max per pip limit but not the rest...



Thanks for helpping me btw, i never should have got into this stupid oil wth only £900 account.


Im not gan trade it again till atleast £5000 min.
Click to expand...

Ignoring that you obviously don't understand what's bolded...

Exchanges have rules designed to stop markets from getting disorderly. One common rule is that if a contract's price moves too much then trading is halted.

If the price rises too much this is limit up. So if crude rises by $10/barrel in one day then trading is halted - "limit up" to give everyone a breather, hopefully calming things down a bit. This (and "limit down") is happening all the time with commodities at present.

Take a look at: NYSE, New York Stock Exchange > About Us > News & Events > Media Resources > Media Resources for an example of this.
 
spanish89 said:
I understand the $10,000 max per pip limit but not the rest...
Click to expand...

No, you don't understand. $10,000 max per pip????????????????

It's $10k total ontop of the whole contract value.

Spanish, for crying out loud, do your homework!

It's free. Google the hell out of all things oil market, Nymex, if you want to trade.

And don't simply wait until you have £5k to blow! That'll only make you a poorer fool.

Good luck to you, although I would never rely on it.
 
oh, um thanks for your help... :)

Um im really really scared...
But am going to hold the oil over weekend and hope that there will be another interest rate cut again, even though its unlikely.

But hope for the more likely that the sell off will come and monday reality will hit and oil will fall as the sell off happens.
ANd taht dollar will strengthen.
 
You cant beat a bit of hope.
I actually shorted oil for the first time today and took 70 pips out of it. I tried to post a screen shot but the attatchment wouldn't load for some reason.

Have no opinion on oil now hence no position. I fear that whether you make or lose on this trade. either result will be bad for you....
 
spanish89 said:
But am going to hold the oil over weekend and hope that there will be another interest rate cut again, even though its unlikely.
Click to expand...

Spanish, please, please do me a favour and close your position.

This is like watching a car crash in real time.
 
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