I am also trying to learn crude oil trading and I had blown my crude oil mini account twice (5000 rs on each occassions). This time got inspiration from this thread of vijkris and tried to be more disciplined. Started from 7753 RS on 22-May and reached 10889 Rs on 22-Jun (including brokerage). For me it is a great achievement considering my past experience . This time tried to limit my loss to 300 to 400 rs on each losing trade and tried add more lots to winning positions. Adding lots to winning positions were key. (Learnt the importance of adding to winning position from Subhadeep dada's pivot thread).
Key learning from this one month journey
1.) Still not able to avoid trading on range days . But this time limited my loss by using strict SL and trading only one lot in ranging days.
2.) Added to winning positions. Usually stars with 1 lot. Then adds 1 or 2. Then again 1. On very strong trending day, adds 1 more.
3.) Earlier I used to make profit on one day and next day with over confidence, I used to trade with 5 lots in start of the day. Which leads to me to trouble as if I get a loss on that particular day, next day I wont be having enough margin to trade 5 lots. So this time avoided trading with entire lots while beginning the day. (Learnt the importance of this from one of the post of headstrong007)
4.) Profit is 40.4% by end of month.
5.) Success rate is still poor for me. Out of 24 days, 9 winning days and 16 losing days. Success rate is 37.5%.
6.) Plan is learn Subhadip da's pivot/2MA method in detail from and try to reduce the loss making trades.
Key learning from this one month journey
1.) Still not able to avoid trading on range days . But this time limited my loss by using strict SL and trading only one lot in ranging days.
2.) Added to winning positions. Usually stars with 1 lot. Then adds 1 or 2. Then again 1. On very strong trending day, adds 1 more.
3.) Earlier I used to make profit on one day and next day with over confidence, I used to trade with 5 lots in start of the day. Which leads to me to trouble as if I get a loss on that particular day, next day I wont be having enough margin to trade 5 lots. So this time avoided trading with entire lots while beginning the day. (Learnt the importance of this from one of the post of headstrong007)
4.) Profit is 40.4% by end of month.
5.) Success rate is still poor for me. Out of 24 days, 9 winning days and 16 losing days. Success rate is 37.5%.
6.) Plan is learn Subhadip da's pivot/2MA method in detail from and try to reduce the loss making trades.