Discussion in 'Commodity Futures' started by Sponger, Jan 16, 2007.
Anyone out there trading the miNY Crude Oil futures contract?
Almost daily. Great day trading contract when it has these big ranges.
Same question already to OldEuropean in the Index forum...
Do you trade the miNY contract at any time day or night (since it trades virtually 24 hours), or do you stick to a certain time frame only?
I'd like to know what you consider the "liquid" trading time frame of the day - at what time in the morning would you start trading it, and at what time in the afternoon would you end trading to avoid the extremely thin volume that occurs overnight?
I just did my first futures trade, and it was the QMG7 contract - so I appreciate your feedback!
Remember that CL (NYMEX/GLOBEX) has more liquidity than QM (NYMEX/GLOBEX).
I trade it during pit hours at the NY merc. That is when it has the most volume. It often moves big over night, but I'm not a swing trader, and I sleep at night.
CL may be the more liquid contract, but worthless for day trading during pit hours. Any pit traded contract is. Slippage is just way too nasty, and QM has plenty of volume anyway.
Thanks for the feedback all!
Jayford, I appreciate the input and guidance - intraday that contract sure moves - I'm hooked!
I am a position trader and my average trade duration is about two months.
I usually open and close QM positions during European morning hours. It's sufficiently liquid and slippage is absolutely no problem.
CL has been trading on globex side by side with the
"open outcry" CL ... for a while now.
QM ( half size ) contract is only screen trading ( globex )
didn't know that. Cool!
QM is big enough for me. I prefer trading numerous contracts anyway to scale out. Commish isn't an issue as I only make a few crude trades per day.
Back in 1987, I had been trading about two months, and I used to call in CL trades. I had no idea what I was doing, and fills would take minutes! yep, I killed that account.
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