Crude oil day trader's journal

[bashasm]

My setups through trial and error will be recorded here. I will be trading with one Mini lot crude only till I improve significantly, after which will be trading with one Mega lot crude only.

This is not any advice or tips.

All the budding traders can comment and we all can learn from each other.

 

[bashasm]

Today in the two trades got 6points as they were short lived
Biggest mistake happened when I placed a limit order for buy at 4144 at the pivot level, expecting the price to touch and bounce (assumption). Where as the price broke throught it and the 14 points SL got hit. So overall profit turned into 8 points net loss.

 

[Just-Trade]

Everyday experiences have to be recorded. It moulds our ways of trading in right direction.
Good Luck n Happy Trading!

 

[Shantala]

It is less important how much you gained or lost than how you play the game.

1) What was your SL and target for 6 pts gain? Is it 3 pts SL and you got out at 6 pts with 1:2 RR?
2) Have you risked 14 pts for a reward of more than 14 pts?

 

[bashasm]

Everyday experiences have to be recorded. It moulds our ways of trading in right direction.
Good Luck n Happy Trading!

Sure sir. I will review my trades every weekend.

 

[bashasm]

It is less important how much you gained or lost than how you play the game.

1) What was your SL and target for 6 pts gain? Is it 3 pts SL and you got out at 6 pts with 1:2 RR?
2) Have you risked 14 pts for a reward of more than 14 pts?

As a beginner even I get one point is enough for me to pay back the brokerage (Finvasia)
My SL was 6 points (which was decent for the crude), but my Trialing SL hit both the times. I did something wrong, will work on it and improve
The last trade was a pure blunder (more of a gambling) as I had expected the price to be rejected at the pivot level, I should have waited and checked for the confirmation, which I did not and the price fell down very good. Instead of assuming the reversal, I should have followed the trend. I got the lesson and hopefully won't repeat the mistake.

 

[bashasm]

Shorted at 4075, SL 10 points

 

[bashasm]

SL hit with the spike

 

[bashasm]

Sold crude at 4109, no SL as I will there in front of the sytem to manually close the trade (due to the spikes not keeping the SL)

 

[bashasm]

Target buy order set at 4099