WTI now @50.60 headed for $41 - $34

[Top Oil Trader + 469]

So its really funny, like i say i keep watching other traders or expert teachers, their ideas are good, suspport, or pivots or price action. Those are indeed good theories, and sometimes are good for a quick blimp. However, when these same people trade their new discovered secret trading techniques, which if you are lucky to get accepted to their program, (this is how they sell you that their regurgitated teachings have some worth)  you can buy for 3k - 6k or more, these same teachers get awful results in their own trading using these secrets. This of course will continue for ever. The smart traders turn into HFC types of traders, where they book $50 trades $200 and then in once trade give back $2000. Ask them. From that group, the ones who are considered really good traders, average about a 40% accuracy rate in their trades, make small profits and small losses, and at the end of the day, sometimes are profitable. The truth is you want to  wait like a lion for his prey, and go for the kill, and trade very infrequently. The lion does go to the zebra and takes a bite, no he only eats after taking the whole zebra down. If you look at the compulsive gamblers or compulsive traders out here, they have one thing in common. They trade small positions, and have small losses, but have 1 or 2 big losses, but one thing remains eventually they give it all back. So im not laughing at these people, but you see these people come here a lot, and tell us how great they are, but when you ask them to show you any evidence of a trade they are taking, silence.

[White_Dragon + 4]

https://t.me/joinchat/AAAAAFHqiSa2ximJmhETMA

Link for the group

 

[Top Oil Trader + 469]

Main reason why traders will not make it Crude. And how i do it differently.

1] Not using a system that works, and always modifying the system. I use a system that i have tested 100s of times, it is the same exact syttem daily.

2] Being scared when entering trades, you must be 100% comfortable with yourself after entering. Whenever i enter a trade i have absolutely no fear, its almost a joke.

3] Revenge trading, after losing a trade, you try to make it back immediately. If I lose $400 or $1200 i dont cry about it, and i will leave the trading and come back either tomorrow or hours later when i see a good setup.

4] Your account must be lalrge enough so that any loss wont hurt your ego or pride.

5] So if trading crude which needs 2300 per contract, my suggestion would be use 20k, but only trade 1 contract.

6] Only trade when its absolutely sure.

Here is my latest trade. My last trade was of of loss of -160. I was tired so went to sleep and woke up 4 hours later.

 

 

[Top Oil Trader + 469]

Right now wti is 51. Usually at this point in most cases it has to go up, even though its down 200 ticks already. So lets see. These are the hardest trades to take, since you are literally catching a falling knife, and the most obvious thing to do here would be, to be short. But in crude when it seems to most obvious to most, is when it is not.

Edited December 6, 2018 by Top Oil Trader

[aakash kapoor + 16]

We won't see 49 today then ?

[Top Oil Trader + 469]

Still possible, but i need to play the current direction

[Top Oil Trader + 469]

however it did go from 53 - 50 so a nice move down.

[Top Oil Trader + 469]

looks like reversal wont hold and back to 49

[Top Oil Trader + 469]

so had to reverse, its all in and out, if you are wrong reverse. no big deal..

[Top Oil Trader + 469]

though i had a 350 loss on a 1 long reversal now up 1210 on 4 shorts

Edited December 6, 2018 by Top Oil Trader

[Top Oil Trader + 469]

49 coming soon.possibly 48

[Top Oil Trader + 469]

took profits exited shorts.. when it moves fasts u cant take a risk

[Top Oil Trader + 469]

could reverse again may go long

[Top Oil Trader + 469]

profitable 100

[aakash kapoor + 16]

After correction, it should go to 49 finally

Time to short again ? 

Edited December 6, 2018 by aakash kapoor

[Top Oil Trader + 469]

in other words u can be scared to take losses, or lower profits when the price reverses. Once you start hoping you are right, the speed of crude could blow up your acct if trading a low funded account. Not only that if you move past the margin requirements u may owe your broker money.

[Top Oil Trader + 469]

when i have a target, i dont hope for it, once i see that what i though wont happen i go with the flow.. it may just be a temporary reversal but, i dont sit there and hope. Now unless the reversal is a fake, then i stay in a position.

[Top Oil Trader + 469]

so as you see an amazing reversal, will now  kill all the shorts. this is why this is not for everyone, if you are pigheaded big ego, then dont do crude. Never.

[aakash kapoor + 16]

Low funded accts can also be managed easily, if one does proper risk management. I know this specifically, because i started with $200 and now have over $5k which is a lot for me because i'm still a student. I only trade with 20% of risk involved, and exit if i see any trend against my call. And once i get my charts right, i go all in and exit at a reasonable target which i generally keep low because i don't want to be greedy.

Edited December 6, 2018 by aakash kapoor

[Top Oil Trader + 469]

if it goes above 51.4 once more its all over for shorts for today

[Top Oil Trader + 469]

From the looks of it, it would seem for now 49 was the low for crude. And that the reversal today could be quite significant. After all opec did say they agreed to reduce production, so longer term that is good for crude, even with all the problems.

[Top Oil Trader + 469]

aakash u cant start with 200.  since the min for a contract is 2300, unless you are referring to cfds. i dont bother with cfds.

[Top Oil Trader + 469]

actually i did speak to a broker today who said u just need 2k. but most brokers its between 2.3 - 2.5k. Based on the nymex its only 1k, but you need to follow your brokers requirements.

Edited December 6, 2018 by Top Oil Trader

[aakash kapoor + 16]

2 minutes ago, Top Oil Trader said:

aakash u cant start with 200.  since the min for a contract is 2300, unless you are referring to cfds. i dont bother with cfds.

Yeah i'm talking about cfds only, i find it tough to trust people(brokers) with my money. 

Edited December 6, 2018 by aakash kapoor

[Top Oil Trader + 469]

well if it works for you good. im not sure the requirements for cfds.