Friday, April 25, 2008

Oil Spikes on pipeline attack



We are up about $5 from the lows yesterday.
There were reports of attacks on a Nigerian oil pipeline.
I'm so glad I got out of that short position. I guess I should have reversed and gone long, but I shouldn't be trading Crude Oil in the first place because I dont have any edge trading it and it is one of the most volatile futures contracts to trade. With swings of 3-6 dollars intraday ($3-6,000 on 1 contract), you better know what your doing when trading crude oil.
No trading from me today. I'm ridding my bike to work and working on my trading plan.
Have a good day.

4 comments:

tapeworm on 9:16 AM said...

if i were u, i would attend church regularly...as least send some TV preacher some cash

i'm happy for u, but do u realize u r almost psychic...think about it...u called what was going to happen when u blew up, and u called this (thankfully, u got out)...it could be something in your subconscious that not only detects what is about to happen, but positions u to get blasted at the same time

since i'm not a psychologist, i would ignore everything i say, but its worth a thought

Ian on 11:43 AM said...

Really glad you survived the week intact. Recording all this info must be a great form of trade diary.

I'm terrible with discipline sometimes so can really appreciate the predicament you found yourself in this week.

It always gets me in trouble even when you know the rules. When something like that happens, I try to review the fundamental rules again and once again understand why they work:
Plan, plan, plan, stick to it, stop losses, size of position and risk/reward ratios.

HPT on 7:34 AM said...

MWF,
I self sabotage myself. I put on trades against my own trade signals sometimes. I lack discipline for doing so and I'm stubborn for not taking small losses. I have some things I need to work on.

Ian,
I Agree 100%. Being able to follow the plan is sometimes hard to do when it involves taking a large loss.

Best Dog Videos on 9:13 PM said...

Unfortunately, we are genetically wired to cut profits short and let losses run (see work by Thaler). That is why we need to work so hard on discipline and staying with our trading plan. This is one of the major keys to trading success.

- Your friends at Best Dog Videos

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