I was having so much fun trading S&P futures, (I won my trade 3 times in a row. Profited about $1700.) that I decided to try oil futures. CLV20. Anyone can see that oil prices will be up in the future. Just no telling exactly how long that will take... Now what I forgot to take into consideration was the bid/ask spread of this contract. Seems like I'm starting out $23,940 in the hole!!! I'm just hoping I break even before I'm forced to sell for a huge loss. The ask price is 0.26 above the listed contract price. The bid price is -3.42 below!!! What a rip off.
When I open a trade I am always in the hole by the difference btw my TP and Entry. From there you got to know how much % you're willing to be drawn deeper by the market. Prospect Theory. Good luck.
Didn't we just go through this discussion in another thread, where I gave a "NO", the angel on the other shoulder thing? The $5kish margin, which they just raised today, by the way, by like another 500 bux per contract??