Crude oil evening session for employed for part time income

GENIETRADE

Well-Known Member
#1
Crude Oil throughs good trading opportunity to those who are employed but cannot devote full time for trading.

Before I proceed, let me caution you that trading is odds game. Profits and losses are part of a game. Rigid and mechanical rules cannot earn you money. The trading success depends on where you exit the trade rather than where you enter the trade. There were many experiments conducted on this idea and the idea is vouched.

Let me explain some pre-requisites before how to win this game.

1. Keep a diary and trade atleast 10 days on mock. (it is nothing but paper trading).
2. After 10 days start with minimum quantity ie 1 mini lot. Important here is how do you react when actual money at stake. I suggest you to write in your diary every feeling which is felt during the trade. (I will give some of my feelings during a trade......to guide you). It helps to know your true self.
3. Never look for tips, advisories whether paid or free. 99% are fake and remaining 1% have no time to spare for you as they are busy in minting money.
4. Have a capital of atleast Rs.50000 in your trading account. So that your maximum one day's loss is Rs.1000 ie 2% of your capital. 20 trading days in a month so your maximum loss is Rs.20000 even if you make loss on every single day. You will still be left with Rs.30000 to trade Crude mini 1 lot for next month.
5. Always remember to put stop loss first then profit target. Risk to be managed first at all times. Profit will follow.

I like to keep strategy simple without much jargon.

Select 5 PM hourly candlestick. 5 PM candle ends at 5.59 PM exactly. Note down closing price of that candle. Now draw a horizontal line on the closing price. Now switch to 5 minutes timeframe. Look for any candle which does not touch the line, initiate the trade. This candle must close and donot initiate trade while such candle in formation. If it is above the line, go long. If it is below the line , go short.
Keep a target of 20 points and SL of 20 points.

Now, suppose you are long and target missed by say 2 points and price reversed to hit your SL. Let it be. It is part of game. Nothing wrong in the trade and we just followed the rule. If it hits target book and close trading for the day.
Suppose if your first trade hits SL, reverse the trade and keep target and SL of 20 points. Like wise you continue until profit target hit.
Suppose if four rounds failed you will loose 80 points + brokerage. (that is maximum of Rs.1000). You should be mentally comfortable loosing this much per day.
If you are not, donot try this strategy.

Good luck.
(Any doubts or querries you may ask in the thread)
 

marimuthu13

Well-Known Member
#8
Inventory days, USA holidays to be excluded if its shown negative results or marginal profits only ..

But we can omit those days only from backtesting results...
 

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?