USOIL - Setting Limit-SELL & Limit-BUY orders on a small account
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.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.