Warning to all dirty spekulants (sp)

[AtW]

No icon for big mistake, so this will have to do

You are making the usual beginner mistakes:

Changing targets, changing stoplosses and increasing your risk, altering your tradeplan, not having a tradeplan, overleveraging, letting emotion get in the way, the list goes on...

Add to the list: Posting on CUK instead of watching oil price like a hawk!

[SantaClaus]

Sorry, edited my above post, think it conveys what I wanted to say better.

[SantaClaus]

Add to the list: Posting on CUK instead of watching oil price like a hawk!

Yep, but I wouldnt trade oil, too volatile for me.

Start with the nice gentle EURUSD and work your way up.

[AtW]

Start with the nice gentle EURUSD and work your way up.

Carry trading with yen.

[Andy2]

Oil has broken down its range.
wait for the new range to establish and start trading again
rinse and repeat

[DimPrawn]

Oil has broken down its range.
wait for the new range to establish and start trading again
rinse and repeat

WHS.

My mistake was stupidly large stoploss. Next time small stop just outside the range. If it breaks, only a smallish loss, hopefully well offset by the number of times it trades in the range and by the big profit if it breaks in the right direction every now and again.

[SantaClaus]

WHS.

My mistake was stupidly large stoploss. Next time small stop just outside the range. If it breaks, only a smallish loss, hopefully well offset by the number of times it trades in the range and by the big profit if it breaks in the right direction every now and again.

You could always wait for a retest of old support and then sell.

But this time look for confirmation using price action (such as a 4hr pinbar), with a smaller stop above pinbar.

[DaveB]

So, from what I can make out so far the way to do it is :

• Pick a market you are comfortable being able to track.
• Don't bet more than you can afford to lose.
• Have a plan and stick to it.
• If the plan doesnt work, stop and re-evaluate. Dont try and change it on the fly.
• Dont get greedy, profit is profit, dont be afraid to close out earlier rather than later.
• Make sure your stop losses will only be a small percentage of your total available funds.
• If the market breaks against you dont try and follow it, stop and wait for it to stabalise again.

Not that I've ever tried it, this is all hypothetical and based purely on observation.

[DimPrawn]

So, from what I can make out so far the way to do it is :

• Pick a market you are comfortable being able to track.
• Don't bet more than you can afford to lose.
• Have a plan and stick to it.
• If the plan doesnt work, stop and re-evaluate. Dont try and change it on the fly.
• Dont get greedy, profit is profit, dont be afraid to close out earlier rather than later.
• Make sure your stop losses will only be a small percentage of your total available funds.
• If the market breaks against you dont try and follow it, stop and wait for it to stabalise again.

Not that I've ever tried it, this is all hypothetical and based purely on observation.

Spot on. Don't let emotion get to you, DON'T increase your stop loss, don't panic, trade very rigidly.

[Jeebo72]

don't panic.

That's the one that gets everyone, whether spread or purely buying equities ...