Today’s video is a quick lesson on how important ‘trade management’ is to overall trading success. You’ll see how the Crude Oil futures trade was exited very nicely prior to this huge Crude Oil drop that we not only saw yesterday, but the continued drop in oil we’re witnessing today. Once you’re in a trade you can’t become complacent, you need to move stops and objectives according to what’s happening in the market. I hope this quick video helps you in your trading – have a fantastic weekend!
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Dear Mr.Mitchell,
It is nice that you keep moving up the stop loss. And is it because most of the time market is in side ways and stopping out is less painful? (this is with respect to crude oil)
Why is that you have not doubled the stop loss of crude near 104 or so?
If you did not enter this trade on long side, would you short at around 104 as there was inside vertical bar on daily chart?
with best regards,
S.Selvaraj
Yes it is very important to keep moving stops while in a trade – it’s all about ‘trade management’. I exited this long crude trade up at 104.83 and took a point profit before the huge move down…and it was based on that inside vertical bar – sorry for the delay in getting back to you.