Traders in our trade room took part in a rare Friday session trading Crude Oil futures on Friday July 7, to make up for my “fun in the sun”, earlier in the week.
That brings up one of the major benefits of trading for a living: I didn’t have to ask a boss for permission to enjoy my life and my family.
Freedom in life because of trading is possible for those who become serious about this profession. It takes time to get to that stage in your trading career but for those with a professional approach, it is possible.
We ought to live life. Lailah Gifty Akita
Your Trading Rules Keep You From Inconsistency
Let me set up the trading session for you.
- Non-Farm Payrolls were released (better than forecast)
- We don’t trade right before NFP or the actual release
- We stand aside a few minutes after NFP for a more stable market environment
We stood aside and watched the Crude Oil chart with one of our trading strategies, Counter Punch Trader using the 377 tick chart, applied to it.
To be honest, the chart was a mess and for a new trader, it probably was slightly intimidating. It was dangerous price action to trade in but our rules were very clear.
Do Not Trade
The new trader will learn that having trading rules will lessen the fear and allow them to profit when the market reverts to more “normal” price movement.
We have clear and defined rules with a trade plan that is standing the test of time and is an overall winning trading plan, so it made our decisions very cut and dry.
Simple, in fact. Simplicity is one of the keys to ongoing success as a trader.
We just follow the rules that come with every trading system we offer.
The Crude Oil Trade
Once the smoke clears and we are allowed to trade, we wait for the setup to print directly on the chart. In a fast moving market like Crude Oil, not having to guess what to do is vital to having a profitable trade.
This trade took 2 minutes and when the market started moving, our trading system starts to shine.
- We knew exactly where to enter this trade instead of guessing
- If we choose to trail our stop looking for the home run trade, each stop placement is put right on the chart to follow
- Big moves deserves big targets and your price targets will adjust to the market using our trading systems
This wasn’t a huge trade but making $120 per contract with two minutes of work following a proven trade plan and trading system is not something to ignore.
I have a video below that will show this Crude Oil trade playing out in real time in front of our trade room members! Make sure you watch it to see how fast this market moved but how easily we handled the pressure.