Trading Tips – Results After Sixty-Eight Trades – Experience with Day Trading Crude Oil | 12 trading tips from documenting my trades
Thursday the 26th marks 3 full months of day trading the markets for a living.
And I’m surviving! If you asked me about taking 8 months off a year ago, there’s absolutely no way I would’ve believed an escape like this would be possible. But when you stop and think about it, what it really comes down to is the willingness to sit down and figure out how to make your plans work.
Living in Toronto is making it difficult to make it as a trader, especially with how my expenses have been lately. Frankly, I need to start earning more money! The goal is not just about more, like the general Wall Street mentality. The goal is reaching a point of predictability.
Speaking of trading, I’m finally back on track since the week of May 16th. Since then, I’ve placed 4 trades that were profitable, no losses. Prior to that though, I was on the worst stretch of my life. I honestly thought I forgot how to trade during the first two weeks of May.
Let’s get into the full results.
Trading Tips – Results After Sixty-Eight Trades – Experience with Day Trading Crude Oil | 12 trading tips from documenting my trades
Results
Total Results
41/68 = 60.29%
Since Last Report
5/13 = 38.46% | Down (5.16%)
As you can see from the results, I experienced a pretty terrible stretch of trading from April 27th until May 16th.
Until this past week and a half, I had really gotten away from the habits that made me successful in the first place. For whatever reason, I stopped using the tools previously learned while paper trading.
The good news is that since my largest trading blunder, I’ve been doing a much better job at managing risk.
As for an analysis of the results, I only profited on 5 out of the last 13 trades. What can be learned from this and used going forward? A lot of the things mentioned in the Revisions for May were spot on, but I left out some of the basics. I started placing too much emphasis on making money, as opposed to seeking out good trades.
I began paying too much attention to volume and quotes instead of using a more all encompassing approach. All of the details matter, but the winning strategy is starting to become clear.
The plan is to release a more detailed breakdown of my trading strategy on crude oil in the near future.
However, for the near term and after 3 months trading experience, here are the 12 trading tips that I find to be working thus far:
Top 12 Trading Tips
- Managing risk is the first priority. How much money are you will to risk to see if you are right?
- Follow crude oil candle sticks and pay less attention to oil being flat, up, or down – Trade on resistance.
- Utilize Bollinger Bands – They provide insight on potential stops, and entry prices.
- Pay attention to On Balance Volume (OBV) – It really helps to understand demand.
- Pay attention to which equity is getting the most volume – UWTI or DWTI.
- Don’t Rush – Patiently wait for a setup.
- Follow both 15 minute and 5 minute Candles.
- Using RSI helps – Relative Strength Index.
- Determine entry by the low price of the day + stop limit max.
- Trade the US market – more volume and volatility.
- Take profits by moving up the stop limit.
- Set tight stops to get out of losers quickly.
Final Thoughts
The featured photo chosen for this post, showing the water front shot, has 3 special meanings. The first significance is that I’m heading to the water front immediately after releasing this post to consume adult beverages, enjoy the weather, and take photos.
The other is that you can see one of the companies I own in the distance. Thirdly, the Raptors play the Cavs in Toronto tonight.
How do these 3 things relate back to the 12 trading tips? They don’t. But trading has providing me with a lot more time to enjoy days like today.
In conclusion, I went through a bad start to May but am still in good standing to reach my goals for the month. I can still make more in May than April because I’ve been managing risk so well in comparison. The other positive is the average profit per winning trade is becoming far greater than the average loss per loser. This is because Im exiting trades with stop limits instead of a limit orders. As long as I continue to build on those 12 trading tips, the future is looking bright.
I am not a licensed investment or tax adviser. All opinions are my own. This post contains advertisements by Google Adsense. This post also contains internal links, affiliate links, links to external sites, and links to RTC social media accounts.
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