Tiffsgreta 

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

Tiffsgreta 

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.

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

Blash 

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!

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.

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

Blash 

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"

Blash 

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.

TraderGee 

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.