V good call, Nick! Unfortunately I did not take the trade...
RealMacro
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@vteodorescu, Most did not my friend. This trade was a very difficult one. This trade as one for more advanced experience traders with a lot of confidence, a lot of patience, with correct position size, trading around it trying to improve cost basis till it broke. It is so difficult to have the media screaming in your ear about OPEC and how Oil is going to $60 plus, and the Saudi's will do what it take because they are price setters etc... to block out. If you go back in my Facebook page and read the comments for months you will see I was pounding the table OPEC is crap, News is Crap. It will break down DEMAND is the only thing that matters. Not that I believed anyone would listen. More so to get them to start seeing news events in a different light. Expose them to Evidence based trading and not News driven trading. As I have said before, people love the Buy Sell today profit tomorrow. But the bigger trades are Buy Sell today see you in three months we will talk then. ;)
Again this is more advanced trading with a lot more experience and confidence. Which takes time. But we all need to start somewhere and need to be aware of how longer time trades work. I hope some got the point. :)
vteodorescu
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@MineThis1, Thank you, Nick! for the good words and sharing the greater vision with us the less experienced. I do not trust the media much either, they are clueless, paid to serve their masters and with short time spans to produce copy. On the other hand, to get the real view you need time to absorb the atmosphere and sometimes we do not have that time. Then its best to not take the trade, I think. Learnt this at the mental game school... :)
RealMacro
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Good thing OPEC decided to cut output! :P As I have always said look at demand! Not cuts.