You can also direct the feed from Ib to a program like ninja trader on left and real time paper trade directly from a chart which keep track of your P+L simultaneously I wanted to take a minute to talk to the newer traders about something that they might
not ready for but will soon enough experience. I am numb to this feeling but still remember it well and we now have over at least ten"new to oil futures" members in the group.
This is about the anxiety you will experience each time you place a trade. There will an instant
high intensity nervousness that you be charged with the minute the computer "dings" and you are filled and suddenly you have a position in the oil futures market.
Heaven forbid it goes against you even for 7-10 cents(the stress will increase in direct proportion with the losses)as you will see the negative number start to geometrically progress as the vehicle starts to navigate in the opposite direction you are hoping for. You first urge will be to panic and cover and you will scratch your head wondering how you lost $70-$189-or $200 so quickly the other mistake would be to not have your stop order in place and of course the way oil moves that number will be far worse.
Before you even start to trade Oil futures you might set up your personal risk parameters
I use a .25 cent stop I have found that my entries are most often that close in proximate that
this functions best for me. If you are an active day trader you will need to decide what your tolerance level is and check the fear at the door-If you have an account over $200,000 than
use .35 cents stops I will give you very good entries and you will find especially if you are day trading that you are waiting for it to come to you + trying to pinpoint tops and bottom very very rarely will you get it on the nose but we have(for me a success makes twenty five cents before it loses it). For the trader with less money stay with me on the .25 cent stop level If you find yourself getting stopped out that means you need to fine tune your entries and trade less.
Now I am giving you a tremendous amount of help but I can't pull the trigger for you unless you are part of my new fund I am putting together. So after I give the ranges you will need to wade out into then trenches and buy or sell. Stay close to my ranges don't be a cowboy and trade in the middle unless you have a good reason to do so. That is not money making that is gambling. We are in the business of making money.
To all traders in this vehicle we get several point ranges almost every day between the high and low and YOU MUST HAVE PATIENCE believe me it will surprise you nearly every day it will over reach and panic down on every reasonable move it makes as you start to identifies these gluttonous ravenous buyers and these heart stricken panic people you will well on your way to making some serious cash because you should more often than not be buying or selling these situations on the opposite side .
Expect the stress and you will not be filled with the emotional astonishment keep it mathmathical and soon you will not feel it maybe even miss it a little. Make sure you have a predetermined stop order in place and acceptable level of risk for each and every trade. There are ways to have them generated automatically as you place your buy and sell orders.
Your entire account will not disappear this way. Make sure you are not taking profits too quickly if you lose quarters and make eights and think you will be a winner at day's end you are sorely mistaken. If you are too nervous to keep the trade on adjust the stop or better yet use a trailing stop so that you lock in a certain amount of profits when it moves in your favor.
Not to so that if news comes out you should just throw $250 away likely you should reverse the position in that scenario we will keep you up with the expected economic events but missile strikes and reco's from GS are the "hammer to the forehead" we have been talking about in our
writings.
Stop outs are part of the game sadly. I made nine attempts Friday to make quarters to halves and was stopped out twice if that happens to you on your first two trades you are likely to start weeping as you never probably never lost $500 bucks so fast in your life.
Keep to the entries and trade don't get in the way of a news event but we will get to that another day. If you need further help email me and set-up a one-on -one phone consultation.
I am urging all new member to paper trade in real time for a minimum of three weeks before placing there first trade in the actual market. This will gain you the skill needed to negotiate the software and perhaps fine tune your entries and track a simulated P+l to see how you actually would have done in reality. Take the time and do this correctly and you will be rewarded handsomely run out half-cocked and you are likely to get punished. I have said this many times the knowledge it takes to be a successful trader is similar to other loft professions
as Dr."s etc. You guys are getting a great deal of my knowledge so it like working with cheat sheets but you will still need to bring yourselves up to certain level just to take advantage of what I am giving you and it is a lot. If you do the work on your end this blog may just end up being the very best investment you ever made and that is my goal.
and drop an email chrgr06@yahoo.com to schedule
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