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

[arabianights]

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.

Interest rate cut by whom? You realise that (extremely unlikely event) would probably drive oil price up, right?

 

[chilltrader]

Anything can happen.

If Israel bombs Iranian nuke sites during the weekend, then Oil may gap up to 150$+ on Monday!

On the other hand, if politicians send good messages over the w/e then gap down to 132$

SO... pray that the Israelis don't do anything stupid )

 

[spanish89]

Pray that the Israelis don't do anything stupid )

Why you think i spend all my days trading from the church...?!

 

[shortorlong]

You set a stop Spanish, that's good, unfortunately you have set it at account destruction levels. that's very bad. You might be lucky with this trade, you might not. Either way you know now you need to rethink your trading strategy. It's a shame we all have to go through this .. but that's trading.
News here on oil:
BBC NEWS | Business | Oil price reaches a record high
but news is worthless IMO . it makes us believe the market should do this or that .. but we allways hear about it too late

 

[foredog]

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!!

Except all the buyers when it was up £18.01!!!!!!

 

[rathcoole_exile]

you need to rethink your trading strategy.

ha ! SoL, this bozo doesn't have the first clue.
"strategy" is about as far removed from his thinking as pampas grass on the moon.

Personally, I pray that oil limits up, clears this fool out and we never have to hear from him again.

 

[rathcoole_exile]

because knew when the bad news hit they would destroy dow after yesterdays rally...

you knew that ?

you are a genius My Lord.

we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy
we're not worthy

 

[rathcoole_exile]

i was going to say that you're such an idiot that you give traders a bad name

but on second thoughts, you even give idiots a bad name

you consistently spurn, ignore and reject the help and advice you have been kindly given over the last few weeks, and you continue to gamble in this most moronic fashion.
don't you even realise that oil is one of the toughest instruments to trade, even seasoned, profitable index, stock and fx traders hesitate before venturing down that particular road.

i hope you get bust out and then have the good grace to depart this forum forever. you don't deserve the attention you create through your own stupidity

 

[spanish89]

Ok mr big man tell me and everyone else exactly how you trade then??

When you sit down infront of the screen what 'exactly' makes you choose to trade and how 'exactly' you choose which way to trade it??

And then tell us exactly how many pips you made today doing that..



Cos there are so many bullshi***rs on here its incredible!!

 

[rathcoole_exile]

you were told this on 27 April. What is the point of people like toxic giving you advice when all you're gonna do is W*nk it away ?

27-04-2008, 10:39 PM #3 (permalink)
toxictrading
Junior Member


Join Date: Aug 2007
Posts: 46


--------------------------------------------------------------------------------

the chances of you being allowed to trade crude at a prop trading company as a new starter are probably about the same as elvis coming back to life and doing a duet with john lennon

its just too volatile, it may look ok via a spread betting platform, but bring up crude, nat gas etc on TT and it will make your bumhole shrivel up to the size of a pinhole

as crude lover said you could put up your own cash, but in all honesty, if you were able to put up £25,000 ( and i doubt that would be enough) and started trading it without the experience a contract like this requires and deserves then i would expect your account to be done and dusted within the day !
i know this post sounds negative, but you can do a great deal of damge to your account with oil.


The post above is recommended by: Arbitrageur

 

[spanish89]

Well tell me and everyone else exactly how you trade then??

When you sit down infront of the screen what 'exactly' makes you choose to trade and how 'exactly' you choose which way to trade it??

And then tell us exactly how many pips you made today doing that...??? :cheesy:

 

[counter_violent]

Anyone have an up to date daily oil chart to hand?

 

[MrGecko]

Anyone have an up to date daily oil chart to hand?

Levels marked. Left is daily, right is 4hr.

 

[Devilicus]

oil trade from today

 

[Aspire]

Oh_dear_God.jpg LOL!!

Well tell me and everyone else exactly how you trade then??

When you sit down infront of the screen what 'exactly' makes you choose to trade and how 'exactly' you choose which way to trade it??

And then tell us exactly how many pips you made today doing that...??? :cheesy:

Spanish, Never in the life time of this forum has so much excellent advice been directed at just one person and never in the history of time has so much excellent advice been so completely ignored. For this reason I am reluctant to help you but for some reason I want to give it a try anyway.

The first thing that you need to understand is that good traders don't just sit down and choose a direction to trade. They don't think they know better than the market and always get the direction the right. In fact they will often get the direction wrong. They just make sure that when they are wrong they don't lose too much and that when they are right they make enough to cover the losses and make a bit of extra profit.

You have to start thinking in terms of Risk/ Reward and probabilities of the trade winning or losing.... ie the complete opposite of what you are doing now.

 

[counter_violent]

Thanks Mr Gecko.
------------------------------------

Spanish, You are a very very very naughty boy.....now as a penance you have to do a very simple excercise...here it is.

You take these charts and count up candles and down candles....let us know your findings.

Next you mark off all the turns in price and count candles leading into and away from each turn....and then you introduce the time element.

The picture should become a lot clearer as to what you should and should not do.

Never ever ever trade against a price that has moved ahead of time. got it ?

 

[alan5616]

Well tell me and everyone else exactly how you trade then??

When you sit down infront of the screen what 'exactly' makes you choose to trade and how 'exactly' you choose which way to trade it??

And then tell us exactly how many pips you made today doing that...??? :cheesy:

If this trade goes bad for you, it will, hopefully, be a lesson learned. What you've been doing isn't trading but, gambling.

Trying to make money, on any financial instrument, trading against the trend, is a very high risk strategy. The oil market has been in an uptrend for many months. You know the old cliche "the trend is your friend". Your strategy, if I can call it that, has been to sell on a price rally. In an uptrending market you need to buying on pull backs. Imho, trading against the trend is strictly for the top flight pros.

Sorry to end on bad news but, in after hours trading, oil has gone to $139.12

 

[spanish89]

Oh_dear_God.jpg LOL!!
The first thing that you need to understand is that good traders don't just sit down and choose a direction to trade. They don't think they know better than the market and always get the direction the right. In fact they will often get the direction wrong. They just make sure that when they are wrong they don't lose too much and that when they are right they make enough to cover the losses and make a bit of extra profit.

You have to start thinking in terms of Risk/ Reward and probabilities of the trade winning or losing.... ie the complete opposite of what you are doing now.

Um thankyou for your reply, and i am going to try to understand the logic behind what you are saying as you seem very polite and friendly...

The thing that i dont understand is if you dont actually try and workout which direction you think markets heading that minute/hour/day/week... or however long timescale you trade,
You just get into 'a trade', if it goes well thats great, if it doesnt you just get out and hope for better luck nextime...

How is that actually trading not just pre gambling and chance??

 

[spanish89]

Im actually trading brent crude not nymex, so its a slightly lower price.

But i feel very happy in my decison though now, if i didnt i would have just got out of it and taken the loss..


Oils gone up a massive massive jump line..,
and so now reality will hit and its going to pullback.


Look at the chart for anything and it shows that is just what happens.

 

[counter_violent]

There is no hope for you....tata