Heard of CL for a long time, decided to give it a try today

Discussion in 'Energy Futures' started by BPtrader, Sep 24, 2009.

  1. so I typed CL, got November and December choices.

    Which one?

    I have no clue.

    So I chose December, just like ES. Some bidding and asking numbers popped up, seemed working......

    But then I thought November, so I chose it too, and some bidding and asking numbers popped up, interesting......

    I looked at the volume, November has a bigger volume, so I decided to trade November CL. The more traders, the better.

    Did I make a right decision so far?

    I knew that inventory report was coming out, so I waited until that minute. Suddenly it dropped like a rock........

    It was my first time trading CL, I was adjusting my chart......., so I hesitated a few more seconds when it was dropping, and shorted at about the bottom of that drop: 69.28, then it started to climb up, back to 69.50s within 3 or 4 minutes. I thought I was going to be killed if CL bounced back to 70.

    But I got lucky, second wave of selling saved me, and I covered at 69.25.

    Whew, what a relief.

    OK, that was my first time trying CL. Did I select the right month (November)? Anyone trading December?

    Also, about NG, which month is a good choice: October, November or December?
  2. auspiv


    Let me get this straight, you waited until the very minute of the crude release to try trading oil for the first time ever? Then proceed to buy the bottom, sit on a fat loser, and cover for 3 ticks profit?

    I'd call that jumping in the deep end.

    As for what contract to trade, go to the exchanges website and determine when the roll dates are or just trade the contract with the most volume.
  3. bigb


    Yes, November would be the correct month.

    P.S. Be careful with this one....She's a quick mover. You could try QM instead to mitigate risk. It's the mini of CL

    Good Luck
  4. what is cl?
  5. bigb


    crude oil
  6. Is this some kind of joke post? Sorry, but some things never cease to amaze me!!

    I don't like being mean and love to share ideas and help others, and of course seek help from others myself - but what you did was suicide. Plain and simple!!

    Why does everyone insist on trading oil!? I suppose I shouldn't moan - there needs to be a buyer for every seller!
  7. nice to hear a true story !
  8. True! But boy you either need to be a nutter or have very large balls!!

    It is good to hear a true story though, you're right. Everyone learns from it and that's the point!
  9. Long term trends are nice on Cl. It anyway beats AG stocks. ;)
  10. Arnie


    QM is the mini CL contract...not as thick. Better to learn on QM than CL.
    #10     Sep 24, 2009