WTI @ $75.75, headed for $64 - 67

[ATK + 355]

1 hour ago, Top Oil Trader said:

why you should never trade options. First hardly any retail players can make money on options. Unless you know how to write options dont bother to buy them, since youll always  overpay which will put you at a  disadvantage. if you insist on doing option, spend some money on books or courses by najaran from chicago. dont listen to some  strategy by some trader who himself has no clue. i do gurantee you, you will lose your money if you listen to someone, unless you yourself know exactly how to price options, and know the strategies available. Options are for professionals only, not for gamblers.

Yeah everyone don't you know that JJ is the only person on this entire planet that knows how to trade?

I mean why should any of us even bother buying and selling anything because we will never get to the same level of sophistication as the All mighty JJ lol

 

[Top Oil Trader + 469]

so if someone does know how to trade options, then let them give us a good option to trade, instead of just saying they can trade options, talk is cheap. I know there are very few retail options traders who make money, unless you are a saliba or a najaran or at least know what they know u dont stand a chance

[Sheikh Imranul Haque 0]

What about Brent?

[ATK + 355]

7 minutes ago, Top Oil Trader said:

so if someone does know how to trade options, then let them give us a good option to trade, instead of just saying they can trade options, talk is cheap. I know there are very few retail options traders who make money, unless you are a saliba or a najaran or at least know what they know u dont stand a chance

Lol I did just that last week with my USO 14.0p play option that expired Nov 2. 

But because you  think that your are the only person capable of trading, you just ignored it. 

@Dan Warnick forced my hand and made me reveal my trade lol. I'm glad I did though

Edited November 7, 2018 by ATK

[Dan Warnick + 6,100]

7 minutes ago, Top Oil Trader said:

so if someone does know how to trade options, then let them give us a good option to trade, instead of just saying they can trade options, talk is cheap. I know there are very few retail options traders who make money, unless you are a saliba or a najaran or at least know what they know u dont stand a chance

What exactly is so difficult about it?  I get the impression that you read the warning about options trading on your broker's website and decided it was not for you.  Further research, especially for those as brilliant as we all are, reveals that they are not difficult at all.  Just like any other trading instrument, one must study and test before risking real money, but after you become competent it is just as common as any other tool.  And you JJ, more than anyone here, should know that when the big boys tell you "you should stay away" from something, that means you should look even closer to see why they discourage you from doing it.  

[Dan Warnick + 6,100]

11 minutes ago, Sheikh Imranul Haque said:

What about Brent?

He's a pretty nice guy, really.  Misunderstood sometimes, but he means well.  Why?

[ATK + 355]

9 minutes ago, Dan Warnick said:

He's a pretty nice guy, really.  Misunderstood sometimes, but he means well.  Why?

😂😂😂

[Top Oil Trader + 469]

look unless you are using a married put, bear put spread, protective collar, or one of the smarter strategies, and you understand those strategies you have no chance. if you just buy a put or a call your wasting your money. so what im saying is this, if you follow some dude who claims he makes money on options, ask him to give you a trade he is doing and check him out, but dont follow this person blindly, like i said talk is cheap

[catch22 + 244]

1 hour ago, Top Oil Trader said:

look unless you are using a married put, bear put spread, protective collar, or one of the smarter strategies, and you understand those strategies you have no chance. if you just buy a put or a call your wasting your money. so what im saying is this, if you follow some dude who claims he makes money on options, ask him to give you a trade he is doing and check him out, but dont follow this person blindly, like i said talk is cheap

Pot calling the kettle black dont you think? Talk is cheap...

[ATK + 355]

36 minutes ago, catch22 said:

Pot calling the kettle black dont you think? Talk is cheap...

It's just funny because he can't even see my option trade post where I made 10 grand by...... wait for it..... buying puts! 

Lol options aren't super hard to understamd, you should definitely practice before using real money because you can lose fairly quickly, but it's not this crazy concept where only the best of the best can use it lol

[Top Oil Trader + 469]

usually  in all cases when the bottom hits, is when the worst traders come out and predict further falls. this happens in every market. in otherwords before it falls, when it is at the top, they predict it will go up further, after it crashes and its almost at the bottom is when they predict further pressure. this is unfortunately the standard view of the retail trader, but is most prevalent in retail traders who tell their peers they know how the market works.

But this could be very valuable to you as a retail trader, because when you see, the truck driver, or the uber  driver come out and predict something, say that it will go lower, that is when you need to start going long. So am i saying they are always wrong? no. Only they usually start predicting when the action is almost over.

[Top Oil Trader + 469]

and as you can see, when in fact this guy predicted crude would hit 60 from 61.2 what happened crude shot up to 62.2. So again, the worst traders will predict further down prices just before there is a spike and many times just before the final low. And this is always what happens at the end of a move, the worst traders, or it could be people who dont have a clue trading, will predict further lows at the lows of the trend, and thats when it spikes. never fails. and when you find that person, all you need to do, is simply trade opposite to everything they say. even if its 100% sure its going down, when that person says its going down, go long immediately

[ATK + 355]

11 hours ago, Top Oil Trader said:

usually  in all cases when the bottom hits, is when the worst traders come out and predict further falls. this happens in every market. in otherwords before it falls, when it is at the top, they predict it will go up further, after it crashes and its almost at the bottom is when they predict further pressure. this is unfortunately the standard view of the retail trader, but is most prevalent in retail traders who tell their peers they know how the market works.

But this could be very valuable to you as a retail trader, because when you see, the truck driver, or the uber  driver come out and predict something, say that it will go lower, that is when you need to start going long. So am i saying they are always wrong? no. Only they usually start predicting when the action is almost over.

You mean like when we hit $64 back in July and you said it was going to $62 only for it to reverse ?

[Top Oil Trader + 469]

163.8% last 3 weeks

[Top Oil Trader + 469]

today was about 30% alone

[Top Oil Trader + 469]

sorry i dont give you the exact entries anymore, but i did give you a couple to show you how its done, besides im not in front of pc anymore todays shorts i took in a library from a laptop at 61.35, and earlier longs from  yesterday  once i that trader said  wti now going down, it proceeded to up like 140 cents since that call, so thank for that insight, all the best, i would have gone long anyways, but it was a good confirmation

[Top Oil Trader + 469]

but as you can see wti is so volatile that if you play daily options, u dont stand a chance, so you can predict all you want, the volatility  will make it not worth your while, and since contract carries no time value, u can simply get in and out, if you enter correctly and take the money and run. Options is good for a long strategy, but in and out daily, retailers are wasting their  time, since as u see, wti starts at once price and comes rignt back to it.

[ATK + 355]

20 hours ago, Top Oil Trader said:

look unless you are using a married put, bear put spread, protective collar, or one of the smarter strategies, and you understand those strategies you have no chance. if you just buy a put or a call your wasting your money. so what im saying is this, if you follow some dude who claims he makes money on options, ask him to give you a trade he is doing and check him out, but dont follow this person blindly, like i said talk is cheap

 

53 minutes ago, Top Oil Trader said:

sorry i dont give you the exact entries anymore, but i did give you a couple to show you how its done, besides im not in front of pc anymore todays shorts i took in a library from a laptop at 61.35, and earlier longs from  yesterday  once i that trader said  wti now going down, it proceeded to up like 140 cents since that call, so thank for that insight, all the best, i would have gone long anyways, but it was a good confirmation

So basically other people need to provide exact enteries/trades but it's okay if you dont. 

Makes perfect sense!

[ATK + 355]

6 hours ago, Top Oil Trader said:

but as you can see wti is so volatile that if you play daily options, u dont stand a chance, so you can predict all you want, the volatility  will make it not worth your while, and since contract carries no time value, u can simply get in and out, if you enter correctly and take the money and run. Options is good for a long strategy, but in and out daily, retailers are wasting their  time, since as u see, wti starts at once price and comes rignt back to it.

I just LOVE proving you wrong

I actually suggest against options with longer term trades (at least with buying puts/calls) with oil mostly because premiums tend to be more expensive and lose their value fairly quickly as your expiration date approaches. 

The reason I trade weekly options, (options that expire the same week) is because of cheaper premiums along with the EIA weekly report creating enough volatility to give you some solid intraday swings. I usually buy options on Monday and sell on Wednesday/Thursday. 

Don't take my word or anyone else's on it, everyone has different trading styles, practice on paper and see what works for you.

Like I said before, options aren't hard to understand, but do require some practice. Don't become discouraged because of what random people say over the Internet. Learn a process that works for you and fine tune it as you learn from your accomplishments and mistakes. I've had my shares of bad weeks with options, but I always used them as a learning experience 

Edited November 8, 2018 by ATK

[ATK + 355]

2 hours ago, Top Oil Trader said:

sorry i dont give you the exact entries anymore, but i did give you a couple to show you how its done, besides im not in front of pc anymore todays shorts i took in a library from a laptop at 61.35, and earlier longs from  yesterday  once i that trader said  wti now going down, it proceeded to up like 140 cents since that call, so thank for that insight, all the best, i would have gone long anyways, but it was a good confirmation

Just to let everyone know, because I'm sure JJ is talking about me in this post, I bought USO puts w/ a strike of 13.5 with an expiration date of Nov 9, USO currently at ~13.0 and I'm still well in the money. My premium cost averaged at 0.22 with the current premium at 0.52

 

 

Edited November 8, 2018 by Rodent
violating community guidelines

[ATK + 355]

Okay mods I'll play nice! I will stick with the regular discussion.

I'm sorry if I discouraged any of you guys from posting. JJ and I have a bit of a rivalry,  but regardless I think the more mature thing to do is for us to just ignore one another and go our separate ways. I will stick to the general discussion for now on!

[Top Oil Trader + 469]

since i have been away did not have use of my fast computers or 55 inch screens, had to do with 2 laptops i bought  before i travelled, didnt think i would actually place a trade, but maybe, turns out these where the best trades i ever made well at least in crude, i had 12 back to back trades with 1 164 loss, that was a mistaken entry only not a bad placed trade, so i just closed it as soon as i opened it, with that loss.

but i am surprised this 14 inch laptop was able to so accruately tell the directions in crude but long and short, and daily i have longs and shorts, though on most occassions i let the longs go, even though they are potential runners, i guess its possible i still dont trust these laptiops for trading to much, but cuising with crude has been fun, even though i had to constantly trade from different locations, and sometimes i didnot have access to internet and had positions open for many hours and still was profitable

So now if you want to make lets say 5k a week, with an account of just 5 to 10k  all you need is a cheap 14 inch laptop and a strategy and of course u need to trade something that moves like eminis or crude or a fast pair

[Top Oil Trader + 469]

the problem i find with crude is that its way to easy to trade, whether long or short, sometimes i see a long or short, its so obvious i chose not to take it, since i cant believe they want to make it so easy. but indeed, though the oil big boys are smart, maybe their systems are not yet as sophisticated as the ym or forex, where the systems are a lot more sophisticated. one thing is sure it moves fast, u go for coffee your dead, so u need lots or preparation, though i use price action, each chart does contain probably 25 indicators each with varying parramaters, however they each only go on with the appropriate parameters, when certain things happen, and therefore at most is see maybe 4 indicators, but the appropraite ones for that time frame for that move, so if i told you i use the demarks it would be of no relavance to you since i only use them if certain things happen and not with the defaults, and in essense these customized indicators only act as confirmations to the price action.

so yes my charting is something you will never see anywhere, not in a 20k course, not on youtube or in any book. I dont think you will ever see it, unless i decide i want to share it, and by then it will so obvious to you what is happening, you will say, ah, this is indeed the holy grail, but its a dynamic holy grail that changes based on time of day, action, and other elements

[Top Oil Trader + 469]

since i will traveling a lot today, may just keep the longs from uk session, and give the shorts a break for today

[Osama + 248]

2 hours ago, Top Oil Trader said:

will traveling a lot today, may just keep the longs from uk session, and give the shorts a

Oil breaches $70