https://www.bigmiketrading.com/trading-journals/17308-day-trading-crude-without-indicators-882.html#post365470
" Question which are specific to a trader asking the question should be asked via PM. Questions like, what is your OR, what is your indicator on your chart, what time did you enter the trade etc. should be asked via PM." Please
follow this next time. I will answer since i need to answer another question also.
Have been trading CL for 2 years. Yes.
I will take this opportunity to answer some related issues since lot of traders are struggling day after day and they
watch BTR411 clearing 100 ticks per set up, mf breakout clearing $500 here and $700 there etc.
I have said it many times but it's worth repeating. Without proper equity account a day trader makes his job harder
beyond imagination.
With a 20K account most brokers will let a trader trade 3-4 cars. My recommendation always has been
1 car for 25 K equity account. This means one need to have 50K account for 2 cars. I have traded myself and
see other traders push the envelope in terms of trading maximum size and then not been
able to handle the PRESSURE.
Even more important than equity account is ones financial situation outside trading account.
I personally ONLY know of 2 traders who are successful beyond anyone's imagination. One has a full time business
and trades 4-6 cars a set up and does very well. He has very little pressure to make money and does very well.
The other one is full time trader for last 30 years and it's tough to describe his success. I have compared
my trades with his. In majority of the cases we are on same side of the trade but his results are just out of this
WORLD. He has no pressure because most IMPORTANTLY he knows what he is doing plus financially he is like FORT KNOX.
He did not started with 10K, 20K to make millions. He started out financially VERY secure, learned his craft like all of us and never looked back.
He has NO FEAR. NONE. Why? because as long his premise and set up is correct market can move 100 ticks against
him and it will not make any difference whatsoever in his life, his account. He can loose 5 days in a row on full size
and it will not make a difference. By the way one will have to go way back in his trading career to find 5 loosing days in a row.
I am financially quite secure but have lost a life time of savings in REAL ESTATE during 2007 bubble. So i still have
SCARS left plus large losses during first year of trading.
I know every set up of these 2 traders and trade them daily but i can not match their performance primarily due to
losses i had in the past. The day i get over that HUMP watch out.
I got lot of e-mails from traders and they keep on struggling primarily due to in sufficient equity accounts and i am
pretty sure that their financial situation is not conducive to day trading . I will say to the traders who have reached out to me that you know everything you need to know. Take care of financial side first.
Bottom line day trading CL is not hard. It has ATR of 140-200 ticks on more than 70% of the days.
It should not be HARD to grab 40-70 ticks a day from this provided one is financially very secure and use
common sense in day trading.
3 traders. Same method, set ups but different execution based on fear.
Mfbreakout= Trading with moderate fear, moderate results.
Mentor #1= Some Fear, good results.
Mentor #2= No fear EXCEPTIONAL results.
I bet a traders execution gets screwed depending upon the level of FEAR on has while trading. A common sense trading approach
plus strong financial security will take care of FEAR and your method will look like the best in the WORLD.
" Question which are specific to a trader asking the question should be asked via PM. Questions like, what is your OR, what is your indicator on your chart, what time did you enter the trade etc. should be asked via PM." Please
follow this next time. I will answer since i need to answer another question also.
Have been trading CL for 2 years. Yes.
I will take this opportunity to answer some related issues since lot of traders are struggling day after day and they
watch BTR411 clearing 100 ticks per set up, mf breakout clearing $500 here and $700 there etc.
I have said it many times but it's worth repeating. Without proper equity account a day trader makes his job harder
beyond imagination.
With a 20K account most brokers will let a trader trade 3-4 cars. My recommendation always has been
1 car for 25 K equity account. This means one need to have 50K account for 2 cars. I have traded myself and
see other traders push the envelope in terms of trading maximum size and then not been
able to handle the PRESSURE.
Even more important than equity account is ones financial situation outside trading account.
I personally ONLY know of 2 traders who are successful beyond anyone's imagination. One has a full time business
and trades 4-6 cars a set up and does very well. He has very little pressure to make money and does very well.
The other one is full time trader for last 30 years and it's tough to describe his success. I have compared
my trades with his. In majority of the cases we are on same side of the trade but his results are just out of this
WORLD. He has no pressure because most IMPORTANTLY he knows what he is doing plus financially he is like FORT KNOX.
He did not started with 10K, 20K to make millions. He started out financially VERY secure, learned his craft like all of us and never looked back.
He has NO FEAR. NONE. Why? because as long his premise and set up is correct market can move 100 ticks against
him and it will not make any difference whatsoever in his life, his account. He can loose 5 days in a row on full size
and it will not make a difference. By the way one will have to go way back in his trading career to find 5 loosing days in a row.
I am financially quite secure but have lost a life time of savings in REAL ESTATE during 2007 bubble. So i still have
SCARS left plus large losses during first year of trading.
I know every set up of these 2 traders and trade them daily but i can not match their performance primarily due to
losses i had in the past. The day i get over that HUMP watch out.
I got lot of e-mails from traders and they keep on struggling primarily due to in sufficient equity accounts and i am
pretty sure that their financial situation is not conducive to day trading . I will say to the traders who have reached out to me that you know everything you need to know. Take care of financial side first.
Bottom line day trading CL is not hard. It has ATR of 140-200 ticks on more than 70% of the days.
It should not be HARD to grab 40-70 ticks a day from this provided one is financially very secure and use
common sense in day trading.
3 traders. Same method, set ups but different execution based on fear.
Mfbreakout= Trading with moderate fear, moderate results.
Mentor #1= Some Fear, good results.
Mentor #2= No fear EXCEPTIONAL results.
I bet a traders execution gets screwed depending upon the level of FEAR on has while trading. A common sense trading approach
plus strong financial security will take care of FEAR and your method will look like the best in the WORLD.
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