Need advice on CL basics - Commodities Futures Trading | futures io social day trading
futures io futures trading


Need advice on CL basics
Updated: Views / Replies:3,725 / 16
Created: by chaching Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 1  
 
Thread Tools Search this Thread
 

Need advice on CL basics

  #1 (permalink)
Elite Member
Chicago
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Interactive Brokers + Kinetick
Favorite Futures: CL/GC
 
Posts: 15 since Sep 2012
Thanks: 71 given, 10 received

Need advice on CL basics

Hi all,

I've been trading forex for about a year, on and off. First did sim, then in September I went live. Right now I'm thinking about trading CL in a year or two using Brooks Price Action. After searching in the forum I found a lot of useful information but there are two things missing:

  1. Where can I find the basics for CL trading? Forex is the only thing I have traded, I have no idea how much more I need to know about CL, e.g.
    1. Are the best trading hours the open outcry hours 9a-2:30p EST?
    2. Are Mirus and Optimus the best brokers for US clients in terms of CL?
    3. What about data feed provider?
    4. What are the impact of news, rollover dates, and anything else specific for CL? If somebody can recommend some books, articles, threads which cover these in detail I'd be grateful.
  2. As a newbie to CL I would like to find somebody in futures.io (formerly BMT) who does trade CL using Brooks Price Action. I haven't found anybody actively doing this but again I'm new here so please kindly tell me if you know the answer
Thank you so much for your help. Have a nice weekend.

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Trading Apprentice
Nelson, New Zealand
 
Futures Experience: Advanced
Platform: NinjaTrader, RCG
Broker/Data: Rosenthal, Collins Group/ Continuum
Favorite Futures: Hang Seng at the moment.
 
ctnz's Avatar
 
Posts: 35 since Jan 2012
Thanks: 2 given, 91 received


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.

Reply With Quote
The following 5 users say Thank You to ctnz for this post:
 
  #4 (permalink)
Elite Member
Tampa, FL
 
Futures Experience: Beginner
Platform: NinjaTrader, Sierra Chart
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: 6E, M6E, 6J
 
Xav1029's Avatar
 
Posts: 1,374 since Dec 2011
Thanks: 1,452 given, 3,354 received


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.

+1 on this

I tried to learn on CL as well, and did good on SIM, just like many other traders do. Went live and was down 50 ticks in 2 minutes. CL is a beast, second only to SI IMO. Took me a little to get my ego in check and start on a much smaller instrument. I don't think I really learned anything useful about trading futures until I switched instruments to something more beginner friendly.

London Calling
Reply With Quote
The following 2 users say Thank You to Xav1029 for this post:
 
  #5 (permalink)
Capt. Johnny Jameson
Fort Lauderdale
 
Futures Experience: None
Platform: NinjaTrader 7
Broker/Data: CQG
Favorite Futures: ES
 
Devil Man's Avatar
 
Posts: 645 since Oct 2009
Thanks: 1,884 given, 899 received
Forum Reputation: Legendary


ctnz View Post

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.

Chaching,

DOUBLE DITTO! Big Oil aint the place to start with futures!

Reply With Quote
The following user says Thank You to Devil Man for this post:
 
  #6 (permalink)
Elite Member
Chicago
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Interactive Brokers + Kinetick
Favorite Futures: CL/GC
 
Posts: 15 since Sep 2012
Thanks: 71 given, 10 received

Thanks guys

Then what futures instrument would you guys recommend for beginners? ES? Anything else?

Reply With Quote
 
  #7 (permalink)
Capt. Johnny Jameson
Fort Lauderdale
 
Futures Experience: None
Platform: NinjaTrader 7
Broker/Data: CQG
Favorite Futures: ES
 
Devil Man's Avatar
 
Posts: 645 since Oct 2009
Thanks: 1,884 given, 899 received
Forum Reputation: Legendary


chaching View Post
Then what futures instrument would you guys recommend for beginners? ES? Anything else?

my .02 says mini dow YM

Reply With Quote
The following 2 users say Thank You to Devil Man for this post:
 
  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


chaching View Post
Then what futures instrument would you guys recommend for beginners? ES? Anything else?

Please check out:
Webinar: Where to start as a trader? (Part I: Instruments and Brokers)

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #9 (permalink)
Trading Apprentice
Nelson, New Zealand
 
Futures Experience: Advanced
Platform: NinjaTrader, RCG
Broker/Data: Rosenthal, Collins Group/ Continuum
Favorite Futures: Hang Seng at the moment.
 
ctnz's Avatar
 
Posts: 35 since Jan 2012
Thanks: 2 given, 91 received


chaching View Post
Then what futures instrument would you guys recommend for beginners? ES? Anything else?

Something with less volatility. If you have a setup and if you don't, what are you doing trading, take your setup and back test on different markets and see where and when it works best.

If you have traded Forex then why not trade the currencies. Try the mini Euro, 1/10th the tick of the big contract but a very cheap place to learn to trade live. If you can trade it successfully there then move to the full size. A 20 tick loss is only $25 instead of $250.

The amount of the win is not important in the least, consistency is everything. You just add contracts as your account gets bigger. Runners are your big money makers. People seem to think they will make a million dollars a year trading a few contracts and taking 50 ticks on every trade. Ain't gonna happen so don't even think it, much less try it. If you can take 10 ticks a day consistently you can easily make 6 figures. Good traders don't trade more, they trade less. As your account grows so does your confidence and experience.

If you haven't back tested your setup you are either lazy, stupid, or both. I appreciate you are asking for help but get off your ass and do your own homework instead of asking to see ours. If you think trading is just clicking a mouse a few times a day and the cash will come flowing in door you got it way wrong. There is a lot of hard work with no shortcuts, and most of it is front loaded meaning you do it up front. I played blackjack for a living and we used to say "it was a hard way to make an easy living" but that isn't anything compared to trading.

I will get down now from my soapbox and end my tirade. Until you have invested blood, sweat and tears you are going nowhere. I am not apologizing for what I have said because I believe it is the truth, but I did let you have it with both barrels and maybe you didn't deserve that. Luckily it was only rock salt instead of 00 buckshot.

Good trading

Reply With Quote
The following 5 users say Thank You to ctnz for this post:
 
  #10 (permalink)
Elite Member
NY, NY
 
Futures Experience: None
Platform: T4, NinjaTrader
Favorite Futures: All!
 
patbateman's Avatar
 
Posts: 235 since Mar 2012
Thanks: 113 given, 193 received



chaching View Post
Hi all,

I've been trading forex for about a year, on and off. First did sim, then in September I went live. Right now I'm thinking about trading CL in a year or two using Brooks Price Action. After searching in the forum I found a lot of useful information but there are two things missing:

  1. Where can I find the basics for CL trading? Forex is the only thing I have traded, I have no idea how much more I need to know about CL, e.g.
    1. Are the best trading hours the open outcry hours 9a-2:30p EST?
    2. Are Mirus and Optimus the best brokers for US clients in terms of CL?
    3. What about data feed provider?
    4. What are the impact of news, rollover dates, and anything else specific for CL? If somebody can recommend some books, articles, threads which cover these in detail I'd be grateful.
  2. As a newbie to CL I would like to find somebody in futures.io (formerly BMT) who does trade CL using Brooks Price Action. I haven't found anybody actively doing this but again I'm new here so please kindly tell me if you know the answer
Thank you so much for your help. Have a nice weekend.

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.

"A Jedi's strength flows from the force."
-Yoda
Reply With Quote
The following 2 users say Thank You to patbateman for this post:

Reply



futures io > > > > Need advice on CL basics

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Back to Basics, ryanmnly's Strategy ryanmnly Elite Trading Journals 593 November 2nd, 2012 12:25 PM
My story - master the basics jamiej83 Beginners and Introductions 2 March 30th, 2012 12:38 AM
When The Market Opens, It's Back to the Basics Quick Summary News and Current Events 0 August 6th, 2011 07:20 PM
AR01 Market Structure Basics AR01 Trading Journals 23 February 16th, 2011 06:10 AM
Some Basics webart The Elite Circle 14 May 28th, 2010 06:44 PM


All times are GMT -4. The time now is 06:15 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.14 seconds with 20 queries on phoenix via your IP 107.20.115.174