Oil At $138.80, I Sold At $135.67---- Should I Hold Or Cut Loss Now????!!

[prop]

and spanish one more thing because its driving me insane

oil does not move in pips it moves in ticks,

 

[jasy22]

hey spanish i reckon you should sell some more oil at these prices !
i spoke to my mate and he told me oil is going to go to under $100 dollars a barrel on thursday at approx 5pm, get short mate, remember me when you make the millions

How is it possible your mate knows this, is his name rasputin, or is he married to a saudi princess?

 

[jasy22]

Maybe when he saw his princess naked he thought he thought hed go short, haha!

 

[prop]

i was taking the p1ss, i cannot believe you have just asked that question

 

[jasy22]

i was taking the p1ss, i cannot believe you have just asked that question

I know you was taking the ****, it wasn't a real question just a jokey one!
I guessed you were an oil bull like me.

 

[prop]

i am neither a bull nor a bear to be honest, oil trading scares the sh!t out of me

 

[Dope007]

jasy22 the $ fall only explains a small amount of the rise though. Oil up over 100% but the $ fell 50%?

If the $ is the main reason which many do claim then oil is definately overvalued. How long it remains to be is anyones guess though!!!

 

[grantx]

Prop,

At the risk of sounding stupid, what's the difference between pips and ticks? Don't both refer to the smallest price movement; a reflection of convention??

Grant.

 

[Lee Shepherd]

Prop,

At the risk of sounding stupid, what's the difference between pips and ticks? Don't both refer to the smallest price movement; a reflection of convention??

Grant.

PIPs or 'price interest points' or 'percentage in points' is a term used for FOREX trades, for oil this is measured in cents per barrel or commonly refered to as 'points' or 'ticks'. Points and ticks is also a term used to describe indices trading. A tick also incorporate's points of points, ie, ftse trading at 5850.5, it would need 5 more ticks up to gain another point.


This can be confusing for newbie traders and they often refer to indices as being 'pips' and 'points' for FOREX. Although holds no real difference whatsoever, these are the terms and this is what they are called. A dog is a dog and nothing else.

A question for Trader_dante: Having never worked in a prop house or arcade, Do they allow traders calling pips on indices and points for FOREX?

 

[trader_dante]

A question for Trader_dante: Having never worked in a prop house or arcade, Do they allow traders calling pips on indices and points for FOREX?

In my experience, a prop house would allow you to work for them no matter what you call increments, as long as you have a proven track record of making money.

We were once told by the guy that heads up our training that one of the most successful traders didn't know what the FOMC was.

 

[Lee Shepherd]

In my experience, a prop house would allow you to work for them no matter what you call increments, as long as you have a proven track record of making money.

We were once told by the guy that heads up our training that one of the most successful traders didn't know what the FOMC was.

Intersting in a funny kind of way.

Thanks for clearing that up. I wont feel so stupid when I ask what a dow jones is.

 

[timsk]

We were once told by the guy that heads up our training that one of the most successful traders didn't know what the FOMC was.

Tom,
Please enlighten us all, what on earth has a Faculty of Occupational Medicine Certificate got to do with trading? Also, as everyone now knows what FOMC stands for, does this mean that none of us are ever going to be really successful?
:cheesy:
Tim.

 

[counter_violent]

In my experience, a prop house would allow you to work for them no matter what you call increments, as long as you have a proven track record of making money.

We were once told by the guy that heads up our training that one of the most successful traders didn't know what the FOMC was.

Are you having a Steffi Graff ?

 

[MrGecko]

Are you having a Steffi Graff ?

Is that something to do with fib levels??????

 

[Lightning McQueen]

Are you having a Steffi Graff ?

I thought he said he was off for an Eartha Kitt

 

[Lee Shepherd]

I thought he said he was off for an Eartha Kitt

No, he's gone to the doctors about his Pat Cash

 

[trader_dante]

Are you having a Steffi Graff ?

LOL, no I am not! If you knew how much he was making...

But the original point is, each strategy requires a different knowledge base to make it work.

I just saw a post by Mr Gecko saying unless you can explain what several complicated terms like "Contango" mean then you have no business trading the Crude Oil market. I respect Mr Gecko immensely but I simply don't agree with that particular statement.

I look at the charts and when price comes into the blue rectangle it's decision time. Which side of it are we coming out? Is the price action tipping its hand? That's it. (see chart)

On Friday afternoon I had to smile to hear one of our Bond traders telling another trader emphatically that the Bund and T-Note were a sell because of some news that came out and that the fact that the price rose meant it was a better sell! That day was the first time I have traded the T-Note in my life and it was from the long side and I made money because the price tried to go lower, failed and then headed up...it's not rocket science!

 

[counter_violent]

LOL, no I am not! If you knew how much he was making...

He was making 250k a week...I think...

But the original point is, each strategy requires a different knowledge base to make it work.

I just saw a post by Mr Gecko saying unless you can explain what several complicated terms like "Contango" mean then you have no business trading the Crude Oil market. I respect Mr Gecko immensely but I simply don't agree with that particular statement.

I think MrGecko was simply trying to point out that Spanish89 is a nugget and as such has no business even trading, let alone trading Oil.

I look at the charts and when price gets comes into the blue rectangle it's decision time. Which side of it are we coming out? Is the price action tipping its hand? That's it.

Absolutely...as I also tried to point out in post 36 which were comments on the charts kindly posted by MrGecko.

On Friday afternoon I had to smile to hear one of our Bond traders telling another trader emphatically that the Bund and T-Note were a sell because of some news. That day was the first time I have traded the T-Note in my life and it was from the long side and I made money because the price tried to go lower, failed and then headed up...it's not rocket science!

 

[shadowninja]

Stock Futures Trader Having Rough Day Video

 

[MrGecko]

Firstly, Spanish, you do not know anything near enough about the Oil markets to be trading it. Do you Understand Contango? Crack Spreads? Inventories? Output? Distressed Cargo? Do you know what the Geo-Political factors driving oil prices are? like War?? Cost of Carry? Do you know who Platts are? Basis risk? What is the difference bewtween WTI and Brent?

Yeah, OK, confession time gents; in hindsight I was quite overzealous here (apart from the first sentence. I got a bit excited). You could probably trade oil without an understanding of any of these terms, infact.

I will add the caveat, though, that you would need a thorough understanding of something to trade it. - TD, in your example, it is the the behaviour of price which you have a comprehensive understanding of, not the fundamentals and fancy terms. So I will change my position to "Not knowing any of these terms means you wouldn't be a very good fundamental trader in oil". I readily accept that you could profitably trade it using PA, without all the jargon.

You could go even further and say that you don't need to know what the bloody contract is if you have all the PA.