Day trading crude oil challenge I’m hoping to make 100% interest trading crude oil using pluss500 for my brokerage, uk.investing, using Heikin Ashi candlesticks, showing 5 and 1 min time frames with support and resistance lines.
6 trades 5 losses 1 win -£0.55p
Welcome back yet again I have been able to work and trade today so that is a bonus.
In the first two trades, I failed again adding to a long list of losses I was 8% down and feeling a bit upset with myself.
Gave myself a shake opened again and here we are back where I started at £500 fingers crossed it’s up again from here.
Nope opened another three trades all went wrong and I ended up the day at the same place I started haha.
Trade 1 short -£9.40
Stupid trade – Trade passed through pivot slightly I got excited and wanted in after the big drop that just happened that I wasn’t part of but watching.
As usual, it moved against me but this time I followed the wave and adjusted my stop.
In a way a good move to help save my losses but if I had stuck to my original plan I would be a lot better off than I am now.
It’s so hard to decide on a fixed plan and strategy when the market is always moving and evolving.
Trade 2 short -£10.45
STUPID TRADE – The markets going down it must be I need to be in now and get some of that profit back.
Nope, the market thinks different, I open it bounces as always and closes me out this trade lasted 2 mins.
I opened at the bottom of the red candle and the two greens after that wiped me out 20 pips.
I’m thinking my stop loss might be a bit tight I will start making a note about this Maybe 25 or 30 pips could be better for this strategy
I was just too keen to trade again seeing it fall and I just need in. Then I was out again.
Trade 3 Short +£41.34
GOOD TRADE – I opened this trade following the wave theory close just above the last wave and there was a support line just above that as well.
So I jumped in set my stop loss and profit call was down to 81.50 100 pips from open.
My profit would’ve been £51 if I stuck to that as it reached it but I saw that I was back at £500.
Stopped my greed losing the trade and closed at £41
Really don’t know why I changed my stop to 10 pips instead of 20 and you can see the result on the next two trades
In a mass Panic and wanting to be in an again I over trade yet again I really don’t learn, do I.
Opened as the price had bounced off the pivot line but looked like it was going to continue down.
As you can see on the chart it did but just after it closed my position.
You couldn’t make it up if you tried that’s about a £60 drop in 10 mins.
Oh well, we live and learn don’t we or maybe I don’t we will see if I can keep on trading.
Well after 6 trades and 5 fails 1 success I’m only 55p down.
If that isn’t something to be happy about I don’t know what is it means my loss control is working.
I think I know what’s happened I’m paying far too much attention to the 1 min chart that’s making me over trade and have a bad losing streak.
Tomorrow I’m going to ignore what’s going on with 1 min chart just it is a confirmation from now on.
I’m managing to keep a handle on my losses and keep my account in good shape.
In total my day trading crude oil in 10 days my results are 37 trades,26 losses, 11 successes and I’m only £20 down wow.
Before I lost 7k in 10 trades if I stuck to this plan it would’ve been £6,720 left in the account to trade another day I’m happy with that.
That means Some of the plan is working, I just need to keep on working on the rest of the plan that isn’t working until it starts working if you know what I mean 😜😜.
Then I can put that deposit on my Nissan GTR
My dream car 😴🛌💤.
Quote from google results above how much on average do day traders make it’s actually quite low 3-5% so at the top end 5%.
I could earn a massive £25 a month from my £500. So my first week at +26% was brilliant but I have blown that back down to -4% now and struggling to get past it.
I just need to focus and get back on track now no over trading only good opens not stupid ones from now on.
I’m just so impatient I need to be in and trading.
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