Live Trade Room Guidelines & Rules
These rules are put in place to help and protect all the Traders in the room. We want to build a focused Community which we can then open up, we are all working towards the same goals. :-)
Trading Times & What You Will See
General Trading takes place from 9am - 12noon EST.
The Trade Room is generally open by 8.30am and stays open until Crude Oil Close at 14:30, more than often we stay open until 6pm EST.
There may be additional trades after 12 noon, quite often there are - We will often open the room up for general Chat & Questions at 12 noon for the afternoon session, although not always.**
A projection of the Traders screen may be seen, or may not. In general the Trader does show some charts, for at least a portion of the session. This is however rarely before Dow open (09.30am), and ordinarily from 10am - 11am after some TA has been applied.
The Trader will often draw on the charts showing Trades and Technical Analysis in REAL TIME - It is recommended that you pay attention.
A COUNTDOWN TIMER is sometimes placed at the top if the screen to show countdown to “Events” ie : Time remaining to Crude Open at 9am, time until Dow open at 09.30am etc & DATA if important !
Daily News events to watch are placed on the “Announcements Tab”.
IF you would like any advice, please PM "Bon" - He will try and help.
** Please Note - Atendees on FREE Trial are able to watch ONE morning session from 08:30am - 12 noon. At 12 noon we shut the room to SUBSCRIBERS only - This is to ensure that Subscribers are given utmost attention for the afternoon session and Q&A.
This will conclusively show you the profitability in our Live Trade Room - The rest is UP TO YOU.
CLICK HERE FOR A TRADE ROOM SCREENSHOT
Entering for the First Time
1) You can only see Moderators in the Trade Room. This is to protect other Traders from unnecessary PM's etc. Please only PM Bon, other Moderators are able to be PM´ed but they may not reply as they are busy and focused on their own work. There is no member chat in the Trade Room between 9am and 12 noon, this is disabled so that the Live Trade Calls are clear, and to keep out any “noise”
2) When you enter the Crude Oil & Futures Live Trade Room for the first time, please watch and digest what is happening before asking any questions. You will find that sitting and watching for a day or so will get you onto your feet and will answer any initial questions that you may have. Reading this whole booklet is very important, none of us have time to be explaining simple call signs which will become apparent after a good session of absorption.
Some people like to watch for a whole morning before engaging in question asking, this is good advice IMO. Some people click in 30 mins, but it really depends on the person, their experience, the activity that day and of course the time of day that you first enter - A 9am start and you are likely to see some action, a 11am start and you may not.
Some people watch for a few days before doing anything, do not feel any pressure to do anything other than what makes YOU feel comfortable. A few days of watching and absorbing, you will get into it, you must give it time and PATIENCE is KEY.
Trader SMITH is the one to watch. He is a Professional Crude Oil Trader and it is his charts you will be observing if there is a Projection showing, and it is his live calls you should watch.
3) Please understand some basics about Futures and how they work. There is plenty to read and digest in the Trading Basics section of our site - Completely free information which will help you understand.
4) Most calls are on Crude Oil (CL) by default. If another instrument is being looked at and/or traded, then the Trader will be specific. Gold, NQ or YM etc. If you don ́t know what CL is, then you should !
5) You have to observe in real time where the action is. You should have a 1 minute chart open with Live Data on the CL (also NQ and YM if you intend to trade those too). We would also recommend a mid term chart 5min, and a 30min chart. In general, all trades are posted and made from the 1min, with the others as trend/pattern confirmers only (for trend purposes, momentum over/undersell etc, different chart patterns).
YOU WILL pick it up as you go along, if you watch the chat/trades and your charts in real time - It TAKES TIME, it is not a 5min click (normally
).
Trader SMITH will often stay out of the market when you may think he should be trading. HE may in fact be trading his own account, he many not, but you have to realize that these markets move fast and often he is looking for more substantial trades for our daily visitors, trying to keep risk at a low and and always having longer term trades in mind. Sometimes trades are too quick to call, if the Traders determines this then he will not mention.
6) Please make sure you have REAL TIME DATA for your charts. Trading with DEMO on Delayed Data is not going to help you follow.
How To Follow The Trades ?
i) CL Crude Oil is priced in Dollars ie : $74.36 (74 dollars 36 cents) We rarely speak of the $ amount, and quote the cents only, this
is pretty simple to follow if you have a chart open with Live Prices.
ie: b50 or 50b - BUY .50 s36 or 36s - SELL .36
ii) Standard Trades are 5/10 profit take scalps - This is a DEFAULT Trade. ie: b50 - .50c entry, profit on one half of position at 0.55c, and last half at 0.60c
It is true to say that although this is categorized as a Default Trade, we often do NOT take the 10c profit, we leave for a wild runner - This is completely up to the individual Trader. There has to be discretion here, most are far too fast and you must watch price action and make decisions. Over days and then weeks you will see the consistency and profitability that our Trades brings to the Live Trade Room, you will begin to make your own decisions and you will begin to see the entries and exits on your own, and be able to Manage you own Money much better !
iia) Single Contract Trades: take profit @ 5c. Please note that it is very hard to make money trading one contract, as the runners are where the real profits are !
Money management is critical !
iib) Multiple Contract Trades: take profit at 5c, Stop moved to +1 or +2 on remaining. If trading 3 (or more) Contracts pull the bulk (2/3/4 etc) off at the first target and leave the runner small.
iii) ++ Trades are open trades - These are longer trades and targets will be posted. ie. ++b50 tgt 80 - Buy the .50
iv) Any targets given may or may not be met, you can take your profit whenever you like. Indications of closure will be given in real time. Trader Smith may give various areas for closure, and continued trailing, differnet Traders have varying levels of risk - A few of the people in the Trade Room trade very big size (10 lots+), so can trail and have multiple exits for trades.
v) The 5/10 trades are often completed automatically via the Trading dome, it is set with the two targets and stops for auto fill - Midst trade it is possible to change by dragging the targets/stops - Personally, after the first 5 is hit and filled, I mostly always move the 10c second fill away so the target is larger than the 10c, it does however depend on the Price Action.
vi) Standard STOP is at .20c - These STOPS will often be moved to B/E or +1/+2 as soon as possible, normally as soon as the first profit target is hit. Often depending upon the Price Action, the stop is moved during mid trade, rarely a full 20 is hit - It is normally possible to see a move against you happening, and to move the stop to a more reasonable 10c +/-
Please note that some traders in the room stay in the trades even though the Trader is FLAT. The Trader may make calls for “trailing trades” even after he has flattened - If you follow the Price Action in real time, then you will soon realize what is happening.
Daily Terminology
It would be wise to check out the Trading A-Z which covers many Trading Terms.
Abbreviations you will see in the Trade Room
w50 - To watch the upcoming .50 area for Price Action.
w25 - To watch the upcoming .25 area for Price Action.
s25 - SELL the .25
b25 - BUY the .25
++ - Longer Term Trade, let the runner go for sure
** - RISKY Trade. Please take note.
You DO need to watch the real time trades. A SELL might be made without a BUY, this will be a short position. Covering a SHORT position with a BUY is not necessarily a good BUY position. SO, you must watch and be aware of how the trader is placed, position wise - He will often indicate when he is FLAT but you must keep aware !
25f - FILLED at .25
b/e - Break Even. ie. Stop moved to b/e
brk - Break of trend line or S / R (support & resistance).
BH - BonHook - this is a BullHook, ie, a hook up in the price action indicating a trend reversal, and BULLISH.
fng - Fake & GO - Watch for a (spike) retrace of the trend as a fake, then a continued movement as per the "real trend"
mkt - Traded at MARKET. This may override a pre-determined order, if the MKT moves quickly with momentum.
MA - Moving average
PB - Pullback ie. W 20 PB
P - Pending ie. .25b P - order is in for a .25b, pending to be FILLED
TA - Technical Analysis
x or cnx - Miss, cancel. ie x50b, cancel the .50 BUY (or just cnx)
Words you will see in the Trade Room
BonLines (BL) - Lines of Support and Resistance shown on the charts.
BonVergence - Bon terminology for Divergence & Confluence Look them up if you need to...........
BonFluence
Bonji - Bon terminology for a DOJI Candle. Look it up if you dont know what a Doji is
fade - Reversal scalp. For instance, if the price is trading down towards 83.80$, and SMITH says fade .80, then it will be a .80b for a quick scalp, there will often be a S/R line there which targets the pullback entry. Bring to B/E as soon as you can, tight stop and runner to go wild or .10c
flat - Or to FLATTEN is to be out of the trade, and tradeless.
grinder - Price action walking up the fast moving average (MA), grinding up (or down)
half - Multiple contract players only, or for your information. Confirming that HALF has been taken off, and remaining left in the trade.
hold - HOLD the trade if not yet FLAT. A hold can be made for varying reasons.
next - The next level the trader is looking for the price to hit ie. If the market is trading at 80.54$, the trader may say 80.80$ next - This means he is looking at this being the next stopping point/ or entry target.
PA Price Action - You must watch the Price Action when trying to work out what the Trader is doing. If you don ́t
know what PA is, then watch the charts for a few hours and you will see for yourself. It is how the technical chart action and patterns develop as the price moves. This unfolds a specific picture at all times !
peel - Similar to half, an expression to denote the peeling off of a position, not in full but partially taking off contracts
shakeout - Generally a fake movement taking out stops, market pullback to take stops, then goes on in direction, hence
shaking out some traders tank Freefall of price
wash - Is to Flatten, normally quickly if the Price Action moves against you.
wedge Chart pattern - plenty on this in the FORUM wobble A lull in the existing trend
If you do not know what to be FILLED is, or what a Doji is, or any other terms herein, then you need to go do some more Basic Training.
All pretty straight forward. Any Questions after this, then please do not hesitate to "Private Message" Bon - Click on his name in the chat room, and choose Private Message from the drop down menu.
What More Can I do To Progress ?
LOTS
The first thing you must do is focus and spend some time in the Trade Room, watching the action in real time. Things seem confused at first, but in a short space of time you will see how easy it really is.
It is our intention to allow people in the Trade Room to learn if they so desire - This is why the Trader Smith speaks the way he does, and why he gives details on screen via drawings. When there is a Projection of the traders screen you must take notice at all times, he could draw and make notes on screen at any time.
You can not expect it to click in 10 or 15 minutes. CL is fast paced and we try to make things as simple as we can. Given a few months you too will be able to Trade Crude Oil on your own.
Other things to do
Ask questions in our Free FORUM This is an excellent resource and there are plenty of seasoned traders there to help you progress and learn.
Visit the main site and read the Learn To Trade Tips
Research and focus. There are some great links in the main www.BonTrade.org website, read them, research them, learn more about waves and divergence, and confluence - All the things we talk about in the Trade Room - These are the aspects that are important.
Best Trading to you all.
Anyone following these trades does so at their own risk, the trades are made to show visitors how a Professional Crude Oil Trader enters and exits the market in real time - Any Trading of Futures or Stocks is very risky, please do not trade with money you can not afford to lose. Please see our Private Policy & Disclaimer. The trader may have a market position at any given time without prior notice, the trader may not get filled on a position even if a call is made. Some days there may be no trades or very few, some days there will be a lot, market waves will dictate this, not BonTrade - We make no guarantees to trade during your visit. Full Disclosure here.
