NexusFi: Find Your Edge


Home Menu

 





Become very knowledgeable on trading crude oil


Discussion in Commodities

Updated
      Top Posters
    1. looks_one Tiffsgreta with 9 posts (4 thanks)
    2. looks_two dyst with 3 posts (2 thanks)
    3. looks_3 huracan with 2 posts (3 thanks)
    4. looks_4 Schnook with 2 posts (2 thanks)
      Best Posters
    1. looks_one Big Mike with 6 thanks per post
    2. looks_two Trailer Guy with 3 thanks per post
    3. looks_3 huracan with 1.5 thanks per post
    4. looks_4 Tiffsgreta with 0.4 thanks per post
    1. trending_up 9,756 views
    2. thumb_up 31 thanks given
    3. group 17 followers
    1. forum 28 posts
    2. attach_file 0 attachments




 
Search this Thread

Become very knowledgeable on trading crude oil

  #21 (permalink)
 
Blash's Avatar
 Blash 
Chicago, IL
Legendary Market Chamois
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518


Tiffsgreta View Post
I wonder if anyone has any advice on how I could become very knowledgeable on trading crude oil. I am thinking books or websites that I could read from the ground up. If anyone has any advice, I would love to hear it.
I have a futures account, and I have not invested in oil - it seems so volatile.
Happy Day to you!
Greta

Be aware of Crude oil inventory reports. OPEC meetings...... https://www.opec.org/opec_web/en/311.htm

I use https://www.tradethenews.com/ their squawk.... absolutely the best IMO.

Your biggest advantage trading CL is going to be account size. You have to be able to withstand some heat.

Don't worry about placing wavy lines on your chart. Try to look at the price action and its volume as either going on sale or getting expensive.

What do you buy and sell in your regular life? Why do you buy and sell when you do?

Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Trade idea based off three indicators.
Traders Hideout
How to apply profiles
Traders Hideout
MC PL editor upgrade
MultiCharts
Exit Strategy
NinjaTrader
ZombieSqueeze
Platforms and Indicators
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Just another trading journal: PA, Wyckoff & Trends
29 thanks
Tao te Trade: way of the WLD
24 thanks
Diary of a simple price action trader
21 thanks
My NQ Trading Journal
14 thanks
HumbleTraders next chapter
10 thanks
  #22 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,168 since Jan 2013
Thanks Given: 57,433
Thanks Received: 26,276


Tiffsgreta View Post
I wonder if anyone has any advice on how I could become very knowledgeable on trading crude oil. I am thinking books or websites that I could read from the ground up. If anyone has any advice, I would love to hear it.
I have a futures account, and I have not invested in oil - it seems so volatile.
Happy Day to you!
Greta

It is volatile enough to tear your head right off without warning. You should know that it attracts a lot of people who see an opportunity but do not see the risk. It's an easy thing to go broke in, and quickly.

If you're just starting in futures, it may be wiser to try something else first. Stock index futures (especially ES, the S&P futures contract, and actually MES, the micro version of the S&P contract) are slower and sort of boring by comparison... and are far safer and may be a better initial choice. I would look around a little first.

I don't mean to discourage you if oil is definitely your choice.... Well, actually, I do mean to discourage you , at least about oil. My suggestion is to be extremely cautious if oil is what you try the first time out. Money gets lost in oil very fast.

I would look around this forum and absorb as much as you can, about oil and also about futures trading in general. Also, I would avoid any offers from anyone to show you something special that will help you, if it is not free or low-cost and publicly available. It will help them, not you.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Reply With Quote
Thanked by:
  #23 (permalink)
 
Tiffsgreta's Avatar
 Tiffsgreta 
Kanab utah/usa
 
Experience: Beginner
Platform: Zaner 360, Sierra Charts
Broker: Gain Capital, DeCarley Trading
Trading: ES, Options
Posts: 53 since Nov 2018
Thanks Given: 359
Thanks Received: 34


Thank you Bob! You have posted me some great thought for action. Much appreciation for you
Greta

Started this thread Reply With Quote
Thanked by:
  #24 (permalink)
 
Tiffsgreta's Avatar
 Tiffsgreta 
Kanab utah/usa
 
Experience: Beginner
Platform: Zaner 360, Sierra Charts
Broker: Gain Capital, DeCarley Trading
Trading: ES, Options
Posts: 53 since Nov 2018
Thanks Given: 359
Thanks Received: 34


Blash View Post
Be aware of Crude oil inventory reports. OPEC meetings...... https://www.opec.org/opec_web/en/311.htm

I use https://www.tradethenews.com/ their squawk.... absolutely the best IMO.

Your biggest advantage trading CL is going to be account size. You have to be able to withstand some heat.

Don't worry about placing wavy lines on your chart. Try to look at the price action and its volume as either going on sale or getting expensive.

What do you buy and sell in your regular life? Why do you buy and sell when you do?

Ron

Great info Ron - I am dabbling in trading and have stuck mostly to grains and a nat gas spread. still working on my own direction. thank you!

Started this thread Reply With Quote
Thanked by:
  #25 (permalink)
Vroon5
Brussels+Belgium
 
Posts: 5 since Aug 2020
Thanks Given: 0
Thanks Received: 1

If you are still open for more options, you try fxview. They post crude oil fundamentals on socials like facebook. Also they post charts with resistance and support levels. Can be really helpful for tracking events.

Reply With Quote
Thanked by:
  #26 (permalink)
 
Tiffsgreta's Avatar
 Tiffsgreta 
Kanab utah/usa
 
Experience: Beginner
Platform: Zaner 360, Sierra Charts
Broker: Gain Capital, DeCarley Trading
Trading: ES, Options
Posts: 53 since Nov 2018
Thanks Given: 359
Thanks Received: 34

Thank you Vroon5 - I appreciate any all input!
All my best
Greta

Started this thread Reply With Quote
  #27 (permalink)
Mozart2112
Minoqua Wi USA
 
Posts: 122 since Sep 2019
Thanks Given: 69
Thanks Received: 83


Blash View Post
Be aware of Crude oil inventory reports. OPEC meetings...... https://www.opec.org/opec_web/en/311.htm

I use https://www.tradethenews.com/ their squawk.... absolutely the best IMO.

Your biggest advantage trading CL is going to be account size. You have to be able to withstand some heat.

Don't worry about placing wavy lines on your chart. Try to look at the price action and its volume as either going on sale or getting expensive.

What do you buy and sell in your regular life? Why do you buy and sell when you do?

Ron

Completely agree on price action and volume - nice analogy "either going on sale or getting expensive"

Reply With Quote
Thanked by:
  #28 (permalink)
 TraderGee 
Irvine, CA
 
Experience: Intermediate
Platform: NT8, AlgoBox, Bookmap
Broker: NT, Amp
Trading: NQ CL GC
Posts: 30 since Apr 2019
Thanks Given: 13
Thanks Received: 20


Blash View Post
Be aware of Crude oil inventory reports. OPEC meetings...... https://www.opec.org/opec_web/en/311.htm

I use https://www.tradethenews.com/ their squawk.... absolutely the best IMO.

Your biggest advantage trading CL is going to be account size. You have to be able to withstand some heat.

Don't worry about placing wavy lines on your chart. Try to look at the price action and its volume as either going on sale or getting expensive.

What do you buy and sell in your regular life? Why do you buy and sell when you do?

Ron

I agree Ron you gotta be able to withstand the heat from time to time. CL is it's own beast and technical analysis can go right out the window. I use to trade the inventory report and it was almost to say free money. Since the oil crash in April I just don't see the EIA report like in the past and have pretty much ignored them. I'll go in from time to time on any given day on an impulse or responsive PA (context in mind) other than that I've been treading very differently since then.

Follow me on Twitter Reply With Quote
Thanked by:
  #29 (permalink)
futok2
milano italy
 
Posts: 2 since Feb 2016
Thanks Given: 0
Thanks Received: 1


TraderGee View Post
I agree Ron you gotta be able to withstand the heat from time to time. CL is it's own beast and technical analysis can go right out the window. I use to trade the inventory report and it was almost to say free money. Since the oil crash in April I just don't see the EIA report like in the past and have pretty much ignored them. I'll go in from time to time on any given day on an impulse or responsive PA (context in mind) other than that I've been treading very differently since then.

Yes, be cautious.

Reply With Quote
Thanked by:




Last Updated on September 19, 2020


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts