NYMEX:CL1!   Light Crude Oil Futures
When crude got hammered on the attempt to rally we figured this commodity was due for more selling and thanks to our friends at OPEC they indeed sold. We were short (options) on the close Wednesday looking for the weakness into the OPEC meeting and was paid for it. However, let me share a hard lesson. When learning to trade my hardest hits came from trying to stand in front a falling market. LEARN from my experience....it hurt. Those were my largest losses in my trading career. Standing in front of Crude while this fell would've left you in a huge hole or worse...with a blown out account. DON'T try to play hero while markets are tanking. If you missed the trade....WAIT! There will be many many more opportunities. If you were short then congrats...hit the cash register for we are in the 70-68 range we spoke of.
Yes there is no bottom in this market (At the moment at least) The only way to pick bottoms is to have unlimited funds..If you have unlimited funds you ain't a bottom picker
LOL...totally agree glennjoy1. The biggest demise of most traders is countering a charging/falling market. They become impatient and blind to their setups. Have a great weekend.
glennjoy1 PRO glennjoy1
Thank you OffTheFloorTrader keep up the great posts
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