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Forex Trading vs. Oil Trading

Discuss the Worlds Currencies and how they trade
thebassernator
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Forex Trading vs. Oil Trading

Postby thebassernator » Mon Apr 12, 2010 8:09 am

I'm hoping that there's someone who has traded both. I've traded forex on and off for a few years, and I was hoping to find out how much of a transition it would be to start trading oil.

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greygoose
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Re: Forex Trading vs. Oil Trading

Postby greygoose » Mon Apr 12, 2010 8:48 pm

I traded FX for 8 yrs and Oil the past 7 months. For me the transition was surprisingly simple, wish I had years ago, thats hindsight for you. I still trade FX in Asia for sport. What type of trader are you?
"Our deepest fear is not that we are inadequate, rather that we are powerful beyond measure"

thebassernator
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Re: Forex Trading vs. Oil Trading

Postby thebassernator » Tue Apr 13, 2010 12:29 pm

Some scalping. I try to find ranges and then trade within that range or find a breakout point.
Mostly I day trade, but i do use a 200 day SMA and hold that until I find a good sell point.

Someone I know of kept posting BonTrade results on twitter and that led me to investigate. I have no capital to work with right now, but I wanted to know what kind of learning curve there is.

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greygoose
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Re: Forex Trading vs. Oil Trading

Postby greygoose » Wed Apr 14, 2010 12:10 am

A chart is a chart as the saying goes, each instrument has its unique 'personality' but Price Action remains consistent throughout. Less is more when it comes to indies, looking back is key to know where you are going. I have posted some charts used for intraday trades and scalps. If you want to get into methodology we can.
"Our deepest fear is not that we are inadequate, rather that we are powerful beyond measure"

Malemayns
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Re: Forex Trading vs. Oil Trading

Postby Malemayns » Fri Mar 04, 2011 7:48 am

I think the crude oil prices and the foreign exchanges rate of different currencies are directly related to each other.You have noticed that whenever the oil prices rises the exchange rate rises of the dominant currencies like USD and EUR etc.

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elf
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Re: Forex Trading vs. Oil Trading

Postby elf » Mon May 16, 2011 7:39 pm

its all connected malemayns, oil is also priced in $USD$ so that is a very important correlation, then the $USD$ link to the €EUR€ makes sense that way too. same as with gold, silver.

think what greygoose has to say is most important: chart is a chart, i find this more and more now and even trade es and ym based on what I have learned inside the bonroom.

tommans
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Re: Forex Trading vs. Oil Trading

Postby tommans » Wed Sep 07, 2011 10:32 am

I trade both the eur and oil. Oil is a lot more volatile. They euro after 12pm est just dies. Oil moves right till the market closes and the daily ranges are much bigger. Easier to make money when there is volatility.

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greygoose
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Re: Forex Trading vs. Oil Trading

Postby greygoose » Mon Dec 05, 2011 11:46 pm

Depends on the pair traded as well, coming from trading the GBP/JPY crude seems normal, where EUR/USD seems slow and less volatile certainly so ES may be a better fit for a Euro trader.
The personality of the Guppy seems to mimic the Crude which may explain why the adaptation was easy in my case. Shouldnt take long to find an agreeable instrument that suits your unique style. :-)
"Our deepest fear is not that we are inadequate, rather that we are powerful beyond measure"


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