Newbie Help

Discussion in 'Energy Futures' started by Zee, Sep 23, 2008.

  1. Zee

    Zee

    hello everyone

    i'm an ex-stockbroker who have been out of the market for a while. i have grown a profound interest in trading crude oil futures and been watching it for couple of months. I'm really glad to have found this forum which i just started reading. I have several questions and would really appreciate your honest opinion. Basically i would day trade and will be trading from my home.

    1. which platform/software/ is best for trading crude oil futures.
    2. are there other forums that you might recommend that i should look into.
    3. how are you making your buy/sell decisions. News, technical anaylsis.
    4. Any sites that can benefit me about news, or related stuff.

    thank you

    Zee
     
  2. nkhoi

    nkhoi Moderator

    1) any broker that offers future contract
    2) why? bore with one already?
    3) search button
    4) keep refresh your browser, traders post news thru out the day.
     
  3. mr zee

    I suggest you try trading 100 shares or so of USO

    or its equivalent before going right into the wacky world of futures

    there are traders out there who will take your money so fast
    you will cry at night unless you have a plan etc
     
  4. Zee

    Zee

    i'm not gonna put a dime into it until i feel confident that i have the knowledge and a system that works, but i got to start somewhere, crude oil futures interests me because by profession i own gas stations and the fluctuation of prices took my interest. currently i want to demo trade and see how i do ..
    i appreciate any input you guys can give me ..

    thanks
     


  5. LOL

    Did you call?? :D :D :p


    Aloha mate, in regards to the platform it all depends on how you like to trade??

    For example you like very very fast instant execution??
    Or prefer sites that have loads complex signals and indicators??

    Barely anyone on here trades oil, but the best tips you can get are from a guy called AMTSWA (hes in the 'time to short oil' thread, and from me 'in my 5& t 10% profit per day thread)


    In relation to the market fundamentals news all you need is to do you daily research with on google news, just google 'oil'.

    And join the 'ransquawk' radio channel (free trial that never ends) LOL


    And for market direction i would advise only selling at the moment, but scalping using S&R levels, and then its extremely easy to take 30 t 80 ticks per trade with the down trends.

    You also need to keep the dollar/eur chart open all times too though.


    Oils got less volatile now hurricanes are over, but still no way near as easy as the last 1year was to trade.




    Goodluck though


    And
     
  6. Zee

    Zee

    thank you spanish89 for your feedback

    i love reading your posts.. apparently you are doing exactly what i want to do .. ( ofcourse in a couple of months) when i have a better understanding of this...

    as i said i would be trading from home (florida, USA), and would want fast executions since i would want to daytrade.. what would you recommend ..
     
  7. Yes, definitely demo trade first so you get used to the market jumping 50 cents to 2.00 literally in seconds and sometimes all at once in one massive order. Nkhoi's right, you can use pretty much any front end to trade futures, but Ninja is supposed to be decent and I think they offer demo accounts--if not do a web search, plenty of people do offer demo trading. As far as websites check Platts and Bloomberg which are both good free sites for energy news, and Rigzone is another one I heard about recently, but none is real time, so if you ever get serious about it you might want a live news wire. There are many websites that can teach you some basic technical analysis if you look around, and the EIA website is a wealth of information for fundamental information. Good luck to you...
     
  8. As the previous poster said, start out with a slower moving market. Crude oil has vicious, jaw-dropping retracements that are not the thing for rookies to cut their teeth on. Consider the 5-year note as a better starting point.
     


  9. Aloha and cheers mate. :)

    I know over in USA there differnet laws that dont let you use spreadbetting firms, but if you can get around that i would recommend using ETX CAPITAL (formerly tradindex) for your executions, and just get a free acount with IGINDEX, and have a small chart of crude oil in 1 corner of your ETX platform screen.

    +even smaller USD/EUR chart in other corner.


    And in regards to your actual style of trading, its different for everyone..,
    but if you like to earn ALOT of pips 100 - 600 per day, quite easily, and have maybe only 1 losing trade for ever 19-50 profitable trades, then i could give you some tips on the style that me and AMTSWA use to trade, which is basically the most profitable and logical way to trade crude oil.

    :)
     
  10. piazzi

    piazzi

    #10     Sep 28, 2008