Quote:
Originally Posted by Jene
Those are all worthless sites which perpetuate the massive fake oil business. Do you really think you can take any of those postings seriously? Complete novices in their underwear trading trillions of dollars worth of oil on their home pc's? Not likely. Oil trading is the for the few, not the many. It is basically a closed business.To break in at your level would be harder than going to the moon.Any oil offer you see on the Internet will be fake. That also applies
to Gold, Urea, Sugar, etc.
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I am a futures trader...sometimes futures in crude. The crude market is the largest market in the world. Yes it is true that forex can trade 3 trillion a day and futures 60 billion a day...but with futures positons they are accumulated and sustained by the funds much much more than forex, so the volume of actual money changing hands is much larger than forex. I would like to state that if you are a U.S. citizen, you cannot legally trade commodities (if you call it that) on MT4 (I would love MT5 to be efficiently futures able...but as you know Metaquotes is on the take). In fact most brokers will not even let you have an account if you are U.S. These instruments that are traded like crude futures are CFDs (Contracts for Difference)...not a regulated futures contracts. Crude futures have a much larger liquidity than its CFD counter part...and it is doubtful if it even has the liquidity of options on those futures...so, volatility can be much greater in CFDs as well as poor fills; and, possible that CFDs may not even follow futures as well. So, just because you have an EA that trades this CFD, be advised that fundamentally the EA could be wrong...and of course you have to battle your broker before you battle the market. I would caution anyone using an EA on crude CFDs. I do however use MT4 Soybean CFD and my indicators to help with entry signals...on a daily to 4 hour chart. The futures and CFDs never move together tick for tick. Yes oil trading is not for the novice...especially CFDs. I not saying that an EA can not be successful at CFDs...but these instruments are way out of reach for the Ma and Pop forex traders.
CH = Crude Oil (c) April (H) futures contact.
Note: This is the symbol in MT4...but it is a CFD not an actual futures contract where you can take delivery of the oil. In CFDs there is no commodity at all. They call it CH just because it only follows the April contact (not tick for tick).
Oil Trading
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