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Nickelless
Administrator
USA
5580 Posts |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/02/2008 : 07:24:51
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| I have been tempted Nickelless but futures, oil in particular, are too rich for my blood. Just about the time the average guy jumps into them they seem to be ready to tank. Do a little research on them. Some brokerage houses will allow you to set up a 'practice account' so you can trade with pretend money. But you won't stay up at nights with worry with your practice account. If I did get involved it would be in a commodity that I know at least a little about. Oil is not one of them. |
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Think positive. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 04/02/2008 : 07:31:52
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This is not investment advise, but if you decide to get into oil I would start out with USO. USO does the "dirty" futures work for you and can be bought be any moron (including me) with a brokerage account. After you make your first million or two, move into futures. :)
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Disclaimer: I have never owned USO. Buy at your own risk. Don't be surprised if you get spanked. etc. 
--------QUOTE-------
The United States Oil Fund, LP ("USO") is a domestic exchange traded security designed to track the movements of light, sweet crude oil ("West Texas Intermediate"). USOF issues units that may be purchased and sold on the American Stock Exchange.
The investment objective of USOF is for changes in percentage terms of the units’ net asset value to reflect the changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma (“WTI light, sweet crude oil”), less USOF’s expenses. There is no assurance that USO will meet its investment objective" |
Edited by - horgad on 04/02/2008 07:33:40 |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 04/06/2008 : 11:16:40
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It's easy. Hillary Clinton made $100k on one cattle contract
Seriously, there are very few more effective ways to lose everything you own in a very short time than dabbling in futures.
Say you by an contract for 10k barrels for delivery in sixty days @100/bbl.
What if....Iran has a bomb, which they use on Israel, oil goes to $300/bbl, you're rich.
What if, the Iranian people, seeing that an attack from the west is imminent, say no way Jose, take matters into their own hands and overthrow Ahmadinejad and his fanatical brethern. Oil drops to $75/bbl, and you're financially devastated!
Are you talented with the crystal ball? |
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Thoughts on investing in oil futures?
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