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Wednesday, May 28, 2014

/CL Update - So...what does a BAD day look like?

Had to go work today, so I purchased a couple of contracts this morning (sweet crude oil, natch) thinking they would go up when the market opened. I took off, went to work, came home around 2:30 and Yikes!

Here's what a bad trade looks like. I'm long 2 contracts and I'm down $2,620. (Since I'm ahead in total YTD by $5,000, this is NOT a trade I want to sell right now!)

This is where emotions and control of them come in. It would be simple for a lot of novice traders to go nuts and quick, quick sell these at this big loss hoping not to lose even more. That would not be me. These are July contracts. Good for a long time yet. I am going to sit on them until the price goes back up. Patience and no fear! Gotta have it.

You will notice the chart plunges as well as the Active Trader ladder doesn't even have my buy-price (104.16)showing, it's dropped so much.

$104.16 is the price I paid. I have a sell order set for $104.21. We shall see....

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