Hi guys, first post here. I tried the search function but could not find what I'm looking for.
What is the best way to trade oil that's not futures?
I'm currently trading oil CFD on MT4 with a 4 point spread since I'm trying to develop a successful strategy while saving up money to open a proper (10k minimum) futures account.
1) Is there a better (cheaper) way to do this?
2) What do you think about the way I'm going about this by getting in couple of months with trading it on CFD with 2-3 setups and proper risk management before opening a futures account?
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The following 2 users say Thank You to Big Mike for this post:
I scalped USO once but then got a huge tax bill from the IRS claiming I owed money and I had to hire an accountant to straighten it out. USO is a limited partnership which makes your taxes more complicated. Interactive Brokers never transmitted the basis to the IRS. So now I don't feel it is worth scalping something that makes my taxes more complicated.
The following user says Thank You to jodistrict for this post:
I think I'm just gonna stick to trading oil as a CFD on mt4. It's more similar to trading futures and I'm already familiar with the instruments and whatnot. Also the fact that it follows CL movements and prices also makes it more appealing to me.
The following user says Thank You to juveman11 for this post: