When I first started the OTR, we took fairly small trades in general, with an occasional 70 or 80 tick winner. But as the room progressed, some members kept hitting bigger and bigger trades. This of course was facilitated by large daily ranges in crude that occurred late last year and early this year (see image below).
As you can see, two week ranges for the day session were exceeding 2 points (or $2000 per contract) with relatively good frequency.
This resulted in some members closing trades for upwards of 155 ticks and the record before that being 144 ticks.
For this reason we are instituting a challenge and a title for room traders who capture trades in the following three categories (thanks to Mike for helping with these contest categories).
· 50 Tick Club-OTR traders who have made 50 or more ticks on a single leg.
· 100 Tick Club- OTR traders who have made 100 or more ticks on a single leg.
· 130 Tick Club- OTR traders who have made 130 or more ticks on a single leg
The rule for getting one of the above titles is simply to announce your trade entry and exit to the room live in real time.
We are instituting the above titles for several reasons. One, it is fun. Two, it encourages better trade placement and use of room statistics to maximize profit and skill level. Three it helps new members to learn and better understand how to accomplish such feats of skill.
To learn more about how important it is to get caught in big trades, see the following articles on our sister site, MarketTradersJournal (free membership is required)
We look forward to seeing you in the 100 tick club or better in the Oil Trading Room soon!