Well, oil bounced half way up to my Long, but still has another $400 thereabouts to go...the bouncing ball. Still, it always nicer when the losses are out of profits and NOT my principal.
This weekend I am taking a serious look at my charts and see if I can get a trading plan down with some more specifics.I want entry and exit points with SOLID confirmation indicators. I'm afraid my nature is to be a bit of a cowboy and a little too reckless in life. When things are going well, it seems to be working, but then reality catches up.
In my heart, I wanted to avoid technicals. As Sosnoff always says, technicals ONLY reflect the past. They do not actually show where the underlying is going to go.
So to put your faith in technicals is a difficult thing for me. I don't invest in them readily. BUT given that the stock market is a crap shoot, you have to rely on
SOME kind help (Tarot cards, anyone?) so it might behoove me to take technicals a little more seriously in this Futures game. I dunno. We'll see if it works, right?
For starts, John Carter's book "Mastering the Trade" is en route from Amazon, and it's got a lot of futures trading in it, so there's a start. As I get through it, I'll
share what I learn, if I think it's helpful to anyone else. And I hope you readers will continue to do the same here.
I appreciate the feedback and would love to get an Oil Futures group together to Skype and swap information. firstname.lastname@example.org, if you're interested.
Happy Trading (while I hunker down and wait to get the rest of the way to the top to sell that sucker!)