aderoy

USOIL - Setting Limit-SELL & Limit-BUY orders on a small account

FX:USOIL   CFDs on Crude Oil (WTI)
I analysed historical oil (US OIL ) prices against key historical drivers and events.
This top-down analysis helped me to set both Limit-SELL and Limit-BUY orders on a small trading account to take advantage of these event-induced fluctuations in oil prices.

I achieve the following with this approach:
- I don't have to micro-manage the account
- I check every few days if my SELL or BUY orders (with entry price, SL and TP levels already set) have been picked up by my broker
- If order has been picked up, I manage the open orders with pre-defined SL and TP levels or amend as I see fit
- When I'm happy with the profit, I manually close the order(s) even if current price has not reached my TP target
- I set new Limit-BUY / Limit-SELL orders after I've closed closed out running trades.
- I have peace of mind not chasing trades with a small trading balance

My view is to have a hands-off approach in the management of this small account.