Oil At $138.80, I Sold At $135.67---- Should I Hold Or Cut Loss Now????!!

counter_violent said:

Does it really matter what happens....if you don't blow your pot this week...then next week or the week after...it's a cert

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counter_violent said:

Does it really matter what happens....if you don't blow your pot this week...then next week or the week after...it's a cert

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spanish89 said:

ALoha yes its me.. lol

I cashed in on my ftse today by selling down at £2 per pip inadvance of the non-farm data, because knew when the bad news hit they would destroy dow after yesterdays rally... :cheesy::cheesy:


In evening about 1hour ago i saw how high oil had got cos the low dollar, and so sold £1 pip, 30secs later i had made £25 cash!!

Scared that i would miss out on the giant fall of a few dollars (£100s) i sold again on june 11th brent oil at $135.7



Now im trapped at -£217 loss, and so so scared that when it opens on monday it wont be a big drop!!

I only have an account of £954 now, no more creditcard or anything left in the world.
This all i have.


SO its basically all or nothing now...

Oil falls even just 5dollars over weekend when dollar strengthens and il make £500 profit!!

It does what i did lastime it hit $135, and fall to 119, il make £1,600:!:


However if it goes up and hits $142 (my stoploss is there so risking $650 cos thought that it wouldnt ever hit that, but if it did id still have about 350 left).






But what does everyone think is going to happen with oil over weekend and when opens monday morning????


I dont mind mocking or insults on the risks i take, i just want everyones opinion on what oil will do??



(its gone up $18 over last 2days though).

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alan5616 said:

This is a tough one to call. You may be lucky that it turns around and you can take a profit.

At the moment oil prices are being pushed higher by low inventories, thus demand exceeding supply. There is no new output coming into the market which is another factor in the price rise. Some analysts are predicting $150. That doesn't mean to say they're right, of course.

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zigglewigler said:

With a possible limit up stoppage on the oil market, I wouldn't 'hope' for any early slow down.

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phobos said:

come on spanish use the same strategy you are using for ftse !!!

put your stop loss 1000 dollars per barrel !!

i am sure that oil will never reach that price !!

you are safe as when you put your stop loss at 1point on ftse

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spanish89 said:

Um what is a 'limit up stoppage'??

Wont Opec have to slash prices again as people will just refuse to pay so much??
(People will always need oil and wil 1day physically fight for it)


But when dollar strengthens over weekend and the excitement of this big boom fades wont it then hit and fall??

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zigglewigler said:

NYMEX rules, crude limit increase is $10.00 per barrel, $10,000 per contract.. If any contract is traded, bid, or offered at the limit for five minutes, trading is stopped for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction.

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spanish89 said:

Um what does all that mean please in more basic terms??

Sorry, i feel really dumb now.

I understand the $10,000 max per pip limit but not the rest...



Thanks for helpping me btw, i never should have got into this stupid oil wth only £900 account.


Im not gan trade it again till atleast £5000 min.

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spanish89 said:

I understand the $10,000 max per pip limit but not the rest...

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spanish89 said:

But am going to hold the oil over weekend and hope that there will be another interest rate cut again, even though its unlikely.

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