Newbie Trying to Buy Some Shorts for Crude Oil

aCTUALLY Im tryin to learn right now. Im wondering how to purchase some crude oil wti options? It doesnt have a symbol like apple or microsoft. Whenever i type in crude oil wti it says doesnt recognize the symbol. So what would i type in the symbol area to see what kind of options there are?

 

Options on futures.I would avoid USO as it is not a great tracking symbol. Keep in mind that if you trade options on WTI, the contract size is 1000 not 100 like stocks. And, you never want to hold an option into expiration.

 

why is that? becuase it cost so much more to purchase?

 

so is there a list or way i can find what kinds of oil options they are?

 

If you have never traded futures, this might not be the best idea, but you can view the option chain on your platform when enabled or on the CME website.

 

see that the thing i click on the options chain and where it is saying symbol i dont know what to put. I try writing crude oil wti and well obviously thats wrong . so im wondering 1) what kind of symbols do options have 2) where can find a list of options for lets say crude oil?

 

Symbology for futures are different than stocks.

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude_quotes_globex_options.html

 

ah yes this is what i was looking for thanks!!

 

Just be very wary of options if your not familiar, I don't dabble because I only know enough to get myself in trouble.

Just a warning sign to me was in your title " looking to short oil" and then your referring to options.

Just know what your buying or selling. Understand the difference between Selling a Call and buying a Put and the obligations and risk involved.

You can really screw yourself up with just a bit of knowledge.

 

yeah my broker jsut sent me a free ebook on options. so im reading this now. i just see options as a much safer way of investing so its something i would like to know more about