Unfortunately you cannot win them all.
Up $140 on Oil
Up $120 on Nat Gas
Ooops getting smashed on Soybeans down $412
Important to remember losses are inevitable.
Soybeans can make and break you…in the same day! Lately I’ve been staying away from them, unless it’s a very small position.
Yes they can. I normally trade bean oil rather than Soybeans. That oil trade almost turned sour as it missed my take profit target and I closed for a $380 loss. But than goodness I re-entered long and picked up $500 on the turn so I finished $120 up.
Do you always use OHLC bars? I tried them but could not get used to them. I miss the visual feedback of candlesticks.
I hear soybeans are a tough trade.
Yes I like them and that is what my first mentor used so I got use to them. However I agree that candle sticks are far more visual and I believe in some cases easier to read and understand.
Anything is tough to trade. There are no easy trades. The big issue with the grains is that the traders regularly run stops and the grains are very seasonal and susceptible to weather conditions.
At $12.50 a tic they can give you good profits or kill you with big losses.
Might be looking at a short here on the 4H, we’ll see if it’s a fake out. If it bounces back down I’m getting in with a small position.
You maybe right.
I like the small bear flag on the 1 hour chart so there is a strong chance of another measured move down. But the daily price is at the 50% of the Fibonacci and a lot of the time you will get a bounce off the 50% before price resumes down.
I’ve lost enough on this instrument so no trade for me.
Using a trailing stop on the GBP. Up $112
Just moved my stop.
Still not a bad day
They still look bearish long term, on the weekly. I have a very small (236) short I’ll hold for a while.
Yes that weekly looks good. At the top of that channel. Hope it goes well.
For sure such things happens no matter your actions or goals anyway for whatever reason being done here. I am not able to make them possible anyway. IT’s remember to learn to handle losses anyway for everything there, correct ? So do I .
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