5% - 10% profit per day trading

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http://biz.yahoo.com/ap/090309/oil_prices.html

"Oil is rallying primary due to the speculation that OPEC will cut production," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "The market in the last week or two has paid more attention to supply because the OPEC cuts have shown up in the data."

The government said last week that U.S. crude inventories fell for a second week in three, halting a trend over the previous six weeks that saw inventories jump more than 30 million barrels.

Most analysts expect OPEC to announce a cut of at least 500,000 barrels a day, though the cartel's biggest producer, Saudi Arabia, hasn't yet commented on the possibility of further output reductions.

"The Saudis are the most important voice," Shum said. "They typically don't say anything until the day before a meeting."
 
Quote from spanish89:

So tomorrow will just be another day at the office for me.....
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:D As always, I like your sense of humor.

I am going to start trading again this week.

Taking break for two weeks helped me put things in prospective. For one thing, I have realized that swing trading might be a better suited strategy for me instead of day trading. From now on, I'll be taking on position with 2-3 days in mind instead of 2-3 hours. So I'll be trading smaller size but using wider stops and exits, and will be holding for a few days.
 
welcome , with out you and @elitejets it is all quite here :-)

Quote from lemeeeplay:

:D As always, I like your sense of humor.

I am going to start trading again this week.

Taking break for two weeks helped me put things in prospective. For one thing, I have realized that swing trading might be a better suited strategy for me instead of day trading. From now on, I'll be taking on position with 2-3 days in mind instead of 2-3 hours. So I'll be trading smaller size but using wider stops and exits, and will be holding for a few days.
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how much captial require to trade crude future..

i am currently using IB software..

also what if CL goes up 10 cents how much do i make?

thanks
 
OPEC to make sharp cut in oil demand forecast
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http://www.reuters.com/article/reutersComService_3_MOLT/idUSTRE52813S20090309


DOHA (Reuters) - OPEC will cut its 2009 oil demand forecast this week, the group's secretary general said on Monday, a move that may lend support to calls from some members for further supply curbs at a meeting on Sunday.

OPEC expects the slowing global economy to burn a million barrels per day (bpd) less oil than the producer group forecast just a month ago, Abdullah al-Badri told reporters in Qatar on the sidelines of an energy conference.

Badri, who has previously said the Organization of the Petroleum Exporting Countries may lower supply further when it meets in Vienna on Sunday, reiterated that an additional curb was among its choices.

"All options are on the table," he said when asked if OPEC needed to cut again to balance the market.

OPEC is scheduled to release its latest Monthly Oil Market Report, written by economists based at its Vienna headquarters, on Friday. Its demand estimate is key to the OPEC oil ministers' decision on how much oil to pump.

Oil use is falling in 2009 for a second consecutive year, the first slide in a generation, due to the global economic crisis. OPEC's most recent report forecast global demand will fall by 580,000 bpd in 2009 to average 85.13 million bpd.

The group, which produces more than a third of the world's oil, has pledged to cut 4.2 million bpd, around 5 percent of global supply, since September to tackle oil's $100-a-barrel collapse from last year's record high.

The curbs had stabilized the oil market, Badri said. Compliance among OPEC members with agreed reductions stood at around 85 percent, he said.
 
so earlier OPEC estimate is 580,000 bpd fall in demand 2009
- new estimate ( fall in demand in 2009 )they are coming up with is 1.5 million bpd ( 1 million more )

so their own estimate of fall in demand is 1.5 million barrels per day (bpd) , for that they implemented 4.5 million bpd cut already.

based on their own fall in demand estimate how OPEC can justify further new cuts ??

Quote from InvestVision:

OPEC to make sharp cut in oil demand forecast
------------------

http://www.reuters.com/article/reutersComService_3_MOLT/idUSTRE52813S20090309


DOHA (Reuters) - OPEC will cut its 2009 oil demand forecast this week, the group's secretary general said on Monday, a move that may lend support to calls from some members for further supply curbs at a meeting on Sunday.

OPEC expects the slowing global economy to burn a million barrels per day (bpd) less oil than the producer group forecast just a month ago, Abdullah al-Badri told reporters in Qatar on the sidelines of an energy conference.

Badri, who has previously said the Organization of the Petroleum Exporting Countries may lower supply further when it meets in Vienna on Sunday, reiterated that an additional curb was among its choices.

"All options are on the table," he said when asked if OPEC needed to cut again to balance the market.

OPEC is scheduled to release its latest Monthly Oil Market Report, written by economists based at its Vienna headquarters, on Friday. Its demand estimate is key to the OPEC oil ministers' decision on how much oil to pump.

Oil use is falling in 2009 for a second consecutive year, the first slide in a generation, due to the global economic crisis. OPEC's most recent report forecast global demand will fall by 580,000 bpd in 2009 to average 85.13 million bpd.

The group, which produces more than a third of the world's oil, has pledged to cut 4.2 million bpd, around 5 percent of global supply, since September to tackle oil's $100-a-barrel collapse from last year's record high.

The curbs had stabilized the oil market, Badri said. Compliance among OPEC members with agreed reductions stood at around 85 percent, he said.
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what's everyone looking at today? i wasn't able to capture a piece of that big move today unfortunately... if it hits 50 i will definitely short it, though i might short it if it hits the high again.
 
Afternoon ladies... :)

I kept going on about waiting n selling at that 48.67 level all last week,
And even though i was asleep my sell order that i set last thursday didnt fail me.. :cool:


Cashed in at 47.40, so 127ticks start to the week. :)


I seriously dont belive oil is gna fall now though, and instead think it will make new highs either today or overnight/tomorrow,
so next level i want to sell at is 50.89
 
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