by Gavin M.
Here at Equity Sense, we put our money where our mouths are at. It wasn't me but Mike who pushed the alert to clients to think about taking a long at $58 because we were going to do it. This alert was sent out yesterday. Overnight oil popped 60 cents and if you're a futures trader, you know 60 cents = $600 per contract.
While oil, in the chart above, did pop to 59.50 or so, I was pretty happy with my profits. You don't always have to hit a home run each day. Trading is not a sprint, it's a marathon. You will have some lows and some highs. However, it is always about the journey not the destination.
This oil trade worked out very well for me and is the main reason why I didn't take big trades today. It always feels nice when you wake up to profits. It allows you not to take in more risk than you would. It is a state of mind we try to teach our students to have as it really helps to reduce losses.
The worse thing you can ever do to yourself is to end up negative for the day when you clearly were ahead at the beginning. If you're in need of help, we're always here.
Traders from Equity Sense will be writing on this blog on positions and other market-related things.