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Need advice on CL basics
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Need advice on CL basics

  #11 (permalink)
Market Wizard
whitestone, new york
 
Futures Experience: Intermediate
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patbateman View Post
Crude is volatile and very news oriented. I think forex is better for any traders because of low slippage, much smaller tick (pip) sizes, and the idea of trading multipule pairs. This does not make crude bad however.

Vince Virgil is trading the cl,and is heavily influenced by Al Brooks...Look under CL trader,he has video recaps now,very good

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  #12 (permalink)
Market Wizard
whitestone, new york
 
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bobarian View Post
Vince Virgil is trading the cl,and is heavily influenced by Al Brooks...Look under CL trader,he has video recaps now,very good

sorry,look under cl trades in elite section

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  #13 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
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ctnz View Post
chaching

Crude to a trader is like the attraction of flame to a moth, chances are you will get your wings burned off. Not a market to learn on by a long shot. If you want to learn to climb, don't start with Mt. Everest.

A minimum of a 20 tick stop is required and that's tight but I know people who use a $1 and .50 that is 100 and 50 ticks (That is a $1,000 and $500 stop). You need deep pockets to trade even a single contract. I once lost 76 ticks on crude in one second. Get the idea.

The best trading hours are those that work on your setup. What is best for me and for you is two very different things.

Mirus and zenfire will work fine. The big news is the 10:30EST Wednesday crude oil inventory report.

This is NOT a market to learn on! I suggest you go trade another futures market to get the hang of futures first.

Crude is one mean SOB. You can make good money on crude but chances are you will end up like the moth in the big pile with the other dead moths.

In World War I they learned cavalry charges against machine guns didn't work but only after all of them were killed. Don't make the same mistake.

Sorry if my comments are not positive but trading is not a nicey nice business. There are no do overs and they keep score with real money. On a good note CL loves fresh meat.

Alright, CTNZ...

Don't sugar coat it...Tell it like it really is!

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  #14 (permalink)
Elite Member
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bobarian View Post
Vince Virgil is trading the cl,and is heavily influenced by Al Brooks...Look under CL trader,he has video recaps now,very good

Yes Bobarian, this is true. I know the guy is pretty acrid when it comes to speaking, but I like the 1 chart approach...can trade from your Ipad as long as you have a solid connection.

VV

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  #15 (permalink)
Membership Revoked
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' I once lost 76 ticks on crude in one second. Get the idea.' heard of stops? unless it jumped it,happened to me once with CL. I do love the close button,but damn I know what you mean.

This week CL fell 100 tics after inventory in maybe 1-2 seconds,if that.


I love the long time frame,keeps me from getting Ventricular fibs!

LOve taking 10 tics with enough cars and calling it a day in 30 minutes early at NY open. My game plan,sitting all day is suicide or maybe not....

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  #16 (permalink)
Trading Apprentice
Toledo, OH
 
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Low volatility plus low tick value

Hello,
Good advice given so far overall. I can tell you about money managers with 8 figure accounts that put CL at the end of theit trading preferability scale for many differeent reasons. There is absolutely no reason to want to trade it as a beginner or intermediate. I would also stay from thick markets like ES.
I recommend NQ, YM and TF. That ought to be plenty. You could add the grains like soybean, wheat and corn.
Good luck!

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  #17 (permalink)
Trading for Fun
Vienna Austria
 
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I used to be in the same situation as you, traded Forex mostly until i got really upset by the ridiculously stupid Price action and its slowness. Also im not a huge fan of unregulated markets.

Anyways friends of mine from another forum started to post CL and Index trades on CFD Brokers and the priceaction caught my attention. The GREAT thing about crude is that its so volatile. I know many people don't like this, but if you like to be in and out of trades within minutes and or scalp ticks then crude is the way to go. A 1 Minute chart on Crude will give you so many opportunities to trade .. you can basically do it all day. Which is great if you understand crude and have monitored it for quite a while. Because if you do not absolutely understand EVERY detail of what is happening then you will get .. for the lack of a better term: Raped.

I disagree with some of the posters here in their expressed opinions, you can trade crude with stops as tight as 5-10 ticks. I trade crude with my average stop being 10 ticks and my average takeprofit being 10-15 ticks. But it requires great practice... it really does and if you are new to futures i would definitely recommend you get acquainted with something that isnt as "volatile".

As for the Disaster Scenarios people elaborate here with losing 50 ticks in seconds... well not that i want to step on anyones shoes but you have to be really stupid or have a really large account balance to enter trades during the very specific news announcements when crude moves. I trade Crude from 9-12 and from 14:45-17:00 and then from 18:00-21:00 i avoid inventories and high impact news environments like its the plague.
Either way its very unlikely to loose that many ticks in a surge movement unless you are prepared for it, and if you are able to read PA (crude has very specific movements though) this shouldn't happen.

Either way most people are telling you the right thing (stay away from crude) but for the wrong reasons, if you are a intraday small timeframe trader or scalper then go for it especially if you can take 10-20 tick stops, if you cant stick to slower instruments.

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