Crippled, I will have to redeposit when I feel like it. For now demo trading. Iran has shale oil too, what is that going to do for the glut?
If oil keeps dropping I will have enough margin to make an entry with my crippled balance. Chip and a chair is all you need.
API numbers are crap, actually beyond crap. That hasn’t stopped oil from being pushed up, let’s see what the night does.
EIA report wasn’t bad, a lot of pluses. Enough to maybe get to $50. I entered, long and netted a 20% balance increase. Entered Again Long, let me see if I survive the night with my margin or not.
Target $48 with my Forex Broker, $47.50 cme quote. Greed style trading, If I am not margined out overnight and this starts to move towards the target I will lock in the gain and initialize a larger position to utilize my margin. I trade in a way that direction has to be right or I am done like dinner.
My Account Balance increased 120%, I over extended myself and was margined out to 1/4 of my original account balance. However, I managed to claw my balance to the starting amount. At the moment I have a long position, if successful my account balance will be up 30%. $49 plus possible with Equidistant Channel in play.
I am not margined out and the market is not really doing anything? Well, this is where the Forex swaps will begin to eat away at your position. Everyday you hold a position they stick it to you with swaps, that is over and beyond the difference between the cme quote and the price with your forex broker (not constant, it changes) Thinking of using indicators relying on forex broker data, is that wise? There is only one way to trade oil, get the direction right and don’t over margin yourself to where you fall prey to the forex broker.
The difference between the CME and Forex broker is starting to narrow, when the market was trending the difference was almost a $1.00 (HUGE!!!) now it’s starting to move towards (0.50). I have seen the difference as low as 0.10 cents between the CME and the Forex broker. Yes to be fair, the data on the CME website is delayed by 10 min, and the Forex broker is quoting at possibly current pricing, but a $1.00!! Seriously?? What is my point? MARGIN MARGIN MARGIN. Narrowing and Widening that difference can be the kicking you into a position (indicators) or kicking you out of a position (margin).
Yes I am the dumb money (not the end user of the commodity). I can trade up to 10000 barrels of oil with the broker. Hard to imagine trading that amount and the money involved. One day…
AND AGGRESSIVELY with Maximum leverage. ;). Everyone has to have a dream.
Perhaps trading 10000 barrels is not really a dream. With 100:1 leverage, I can boost that to 500:1. With that kind of leverage, if I get a good run of successful trades I could catapult myself into position to trade 10000 barrels.
As per my previous post griping on the swaps, sure enough I have been dinged with swaps making my long entry that more of a pain. Forex brokers is good to learn and hone trading techniques, when you truly become a winning trader, a futures broker may have to be looked at. Get rid of the middle man! I will keep tossing money at my broker, even if I feel like my trades are being milked for mostly their gain. If you become successful trading through Forex brokers, you will be really success trading directly in the futures market. The great thing about Forex brokers, there is no shortage of them. Start out with a demo account, don’t be pressured into real money deposits until you are satisfied the platform/service they provide is going to work for you. I won’t comment on past and current forex brokers I have dealt with. Don’t believe you need to deposit huge amounts, some have no minimums, others have a $200 USD starting balance.
My long trade actually worked out minus the thieving swaps. After exiting, I re-entered, hit my tp, exited and re-entered again. The move, stalled. Before the end of the day, I exited to avoid the thieving swaps. I know there will be a dip tonight, at that point I will re-enter. I managed to increase my account balance by %60 from my starting balance last week. I am going to do some analysis to determine some entry points and exit points. I am trying to become a skilled trader with assessing direction, entry and exit. The trend is up and a moving towards 50 plus, I will assess some pullback support points and set and pending order.
I don’t think it’s good to enter until the Frankfurt/London session. Wait and see what they are up to and what the run of news is going to be (positive or negative). The fact is we are at an inflection point, this a Sell point or an entry for to the next resistance level. I have to get the direction right or my account will be crippled.
How long will the news that Libya is about resume shipping oil after 1 month stoppage? By morning this news should be in Full Swing. Singapore/Japan session will start to send this down, if not the Frankfurt/London may clue in. This possibly may get pushed up, but Libya is to big to ignore.
Well, I made a good trade and my account was up %100 from the starting balance. I re-entered my sell and the market went the other way. I was margined out at a price that never happened. I will see what the outcome is going to be with this broker controversy. At the very least I am going to get exactly how they calculate margin so I can better predict the margin if the price goes one way or the other. I ride the wire and I want to maximize margin and maximize volume to take advantage of the volatility. I am experimenting with the margin to achieve my trading objective. I suspect this broker has a dealing desk or something although they claim to be ECN broker.
Having just read the whole thread for the first time, please excuse my asking, but what proportion of the funds in your account are you actually exposing to risk on any individual trade, here? :33:
Add the spread to the platform high is the magical number I was magically closed out of my position at. Suspicious to say the least. If anyone suspects STOP HUNTING is not happening, let this demonstrate it is happening!! I suspect the Stop Hunters are the liquidity providers. Let’s have a look at the who the villains are shall we?
To come the Liquidity provider showcase.
3 to 1 I am finding is a good ratio to survive the volatility if you get the direction right that is. I don’t care about funds, I will refund my account if required. What I care about is surviving the trade with my leverage and maximum margin allotment.
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Meet your liquidity providers
As I caught the thieving broker red handed they are ignoring my emails. At the moment with my short play I would be hitting my TP. As it is, my balance is crippled unless I redeposit. It’s ok, I will carry out paper trades and hone my analysis until I am ready to toss more money at this thieving broker. I have a number of demo accounts to play with, not a big deal.