Crude oil evening session for employed for part time income

jyotixxx

Well-Known Member
#52
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)
Are you following the trades in the method mentioned above in spirit or you have further refined them? Thanks in advance
 

GENIETRADE

Well-Known Member
#53
Are you following the trades in the method mentioned above in spirit or you have further refined them? Thanks in advance
To be frank, the method mentioned has drowned by trading account by Rs.2 lakhs. Things are refined for simple reason that no two intraday charts are same. Rigid mechanical rules wont make money. This is very costly lesson I learnt. But now there are rules which guide my trades by 80% and the remaining 20% are discretionary in nature. Basically the rules are for risk management and they stop me when I become stubborn with my trades even in loss.
 

GENIETRADE

Well-Known Member
#54
NSE - turned a positive trade into negative one. Overall Rs.1200 loss. It is excused as I am not a regular trader in NSE.

MCX - The winning spree continues. Made about Rs.2600. Will post the statement tomorrow morning.
 

jyotixxx

Well-Known Member
#55
Do you mind to enlighten us on your rules? I understand that those rules cant be applicable to others directly. But we always learn something from those to refine ours own
 

jyotixxx

Well-Known Member
#56
I am more interested in MCX coz I have found less guidance in TJ on MCX. I am too a loser on MCX and now I avoid it totally, and only trade on Nifty index and Currency
 

GENIETRADE

Well-Known Member
#57
Do you mind to enlighten us on your rules? I understand that those rules cant be applicable to others directly. But we always learn something from those to refine ours own
Entry is not the decider in winning this game. How do you manage the trade and where and when do you exit the trade are. My entry points are such that my exits are smooth whether the trade goes into profit or loss. I trade when volatality peaks. I wait patiently to judge the order flow. I use higher timeframe charts like 30 minutes or above. This technique is explained by Amlikar of this forum in his threads. It is difficult to understand his method as it needs lot of practice and patience to execute the trades as per his method. He selects a price level and decides who defends that level ie bears or bulls. For example, yesterday in crude 4130 is defended by bears after 0630 PM. He posted his trades in his threads and he rarely made losses. Hope this explanation is of some help to you. Good luck.
 
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ayush2020

Well-Known Member
#59
Entry is not the decider in winning this game. How do you manage the trade and where and when do you exit the trade are. My entry points are such that my exits are smooth whether the trade goes into profit or loss. I trade when volatality peaks. I wait patiently to judge the order flow. I use higher timeframe charts like 30 minutes or above. This technique is explained by Amlikar of this forum in his threads. It is difficult to understand his method as it needs lot of practice and patience to execute the trades as per his method. He selects a price level and decides who defends that level ie bears or bulls. For example, yesterday in crude 4130 is defended by bears after 0630 PM. He posted his trades in his threads and he rarely made losses. Hope this explanation is of some help to you. Good luck.
Hii, how to catch this volatile in evening session?? can you plz give link of Mr. Amlikar?
 
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