The Selloff of 2018

[cbrasher1 + 272]

I work in the oilfield, if it goes much lower it will not be profitable and we'll all go home....I do hope SA gives Trump the dupe back and cuts production, it may be good on the consumer end but is not good on the production side.  I have been following posts and such, hope to learn some things...

[A/Plague + 50]

On 11/27/2018 at 1:11 PM, cbrasher1 said:

 

 

Edited December 14, 2018 by A/Plague

[cbrasher1 + 272]

On 11/27/2018 at 9:59 PM, A/Plague said:

learn to live modestly and work will be enough ... eat cheap oatmeal and work it is good for your health

I am living off ham and cheese sandwiches, goin on an 80 day hitch, working on catching up on some bills but not gonna live like a rock star when I get that done, I'm older, gotta plan for the future unlike these youngsters lol 😀

[cbrasher1 + 272]

On 11/22/2018 at 4:48 PM, Top Oil Trader said:

a shame i dont continue this post.

I was at the airport going home, no laptop, i gave me two laptops away while i was in the middle east. So now im at the airport with a phone and my acct, and im deciding well i dont really have my charts here, can i look at the account trading software which is weak and make a crude trade between the flights. so i look at it and i see a short, take 1 short, close $700 profits in 10 minutes. wow that was easy. 12 hours later as i get of next flight i look again and wait i knew it would be going up, so i wait take 2 lot, and get on next flight i started being down 20 bucks, before i get on plane im up 440, after short flight check the acct again im up 1470 i close and get in cab home. 

So at this point i really dont need 17 screens to trade crude i really just need a phone. and i can usually quickly see the direction. Now that im back home, what a delight to see the charts again.

But so you understand, i will never create a website showing how i do it. However my goal is to take a $350 account and turn it into 100k. I think i could probably do it now, but will wait  a little longer, as im getting in and out.  my 55 target unfortuanately was not the low, and even here its not the low. even though daily i do see the retrace i rarely bother in last week to go for the retrace. IN many cases its about $1.

Whats funny is i get offers to trade currencies as a prop trader now, but since i got  so good in oil, in one account im up 27k on 7 shorts, its really hard to trade currencies now. and i cant find any shop for crude, so i have to do it on my own. 

 

ONe thing is sure, if you are still a beginner or even if you have many years behind you, trading crude raw, is not a game for   everyone, now if you do options like some people do here, well with just $200 a well place long or short, if placed against the prevailing view, can get you a nice return. I would say options is safer, and i noticed after a while, that indeed many of you most of you trade only toptions, specially if your are still guessing, and its less riksy since u need like a 10th the captial to trade options that to trade the raw  contract. but in many cases an option that is up in the morning will be down in the afternoon, with a loss.

 

 

 

@Top Oil Trader I will send you 350 @ 25% fee on your end for services 😁

[Oilfuturestrader + 10]

Now that OPEC will begin tomorrow... Where will oil go next. Qatar has left OPEC... OPEC wants a major cut between all countries at same time to stabilize prices. Russia seems to be on board and some african countries. Clearly Qatar is not happy with the behind the scenes plan. If opec cuts the GLUT will be made up by USA production I believe. Just more supply will be created from USA instead of OPEC. Canada (Alberta) is already cutting because they are feeling the pain of lower prices. Their break even is probably too high.

I still think a massive capitulation of the 40s... needs to occur before we go back the 75. This occurred in 2009 when oil hit 30s...

[Oilfuturestrader + 10]