I am willing to bet the exact opposite; coming to the end of Fridays session, the speculators will have been doing two things; The ones with testicles the size of bowling balls will have been closing out their positions so they are flat over the weekend. The other traders, the brave ones, will have bought the new highs. I doubt that either will be net short.
And as for the million $$ per pip... do you know what a future is?
Firstly, Spanish, you do not know anything near enough about the Oil markets to be trading it. Do you Understand Contango? Crack Spreads? Inventories? Output? Distressed Cargo? Do you know what the Geo-Political factors driving oil prices are? like War?? Cost of Carry? Do you know who Platts are? Basis risk? What is the difference bewtween WTI and Brent?
I have no hesitation in suggesting that you don't. In fact, you say things like
Which goes to show how little you understand about the oil market. A lack of understanding that extends to the most basic of economic principles and their application:
(re: a short oil position):
If you cannot appreciate the inconsistencies of your statements, then you really do have an intimate relationship with "the wrong end of the stick" (probably something Freudian in that, you know). Repeatedly you have challenged others to explain "using numbers and logic" why a particular set of statements or conditions are not as you see them; try not to be insulted Spanish , but someone really has to tell you that you are not bright enough to understand what you are doing or why you are wrong. It has infact been explained to you a hundred times, you just can't grasp the concepts.
[Look mate, I know that's a bit harsh, but sometimes you just have to say it as you see it. The fact of the matter is that I wouldn't be trying to steer you in the right direction if I thought you were a w@nker; on the contrary, you are quite endearing, and I at least am genuinly trying to help you out. It's just that sometimes you have to be cruel to be kind, and this is one of those times: Spanish, mate, you aren't smart enough to trade.]
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Trading is a stressful business. Nobody can do it forever, we just hope that we can do it for as long as we want and need to. Surving as a trader is much more a marathon than a sprint, and it makes sense to take a break every now and again, relax, and drink Rum Punch on a beach, or spend time with your family, whatever. It just isn't possible to continuously trade without a "time out" every now and again. To find out if it's time to take a break, ask yourself a few questions (If you get 5 or more, it's time to book some holiday):
1. Do you lose time from work due to trading?
2. Is trading making your home life unhappy?
3. Is trading affecting your reputation?
4. Have you ever felt remorse after trading?
5. Do you ever trade to get money with which to pay debts or to otherwise solve financial difficulties?
6. Does trading cause a decrease in your ambition or efficiency?
7. After a losing trade, do you feel you must return as soon as possible and win back your losses.
8. After a winning trade do you have a strong urge to return and win more?
9. Do you often trade until your last pound is gone?
10. Do you ever borrow to finance your trading?
11. Have you ever sold anything to finance trading?
12. Are you reluctant to use trading money for normal expenditures?
13. Does trading make you careless of the welfare of your family?
14. Do you trade longer than you planned?
15. Do you ever trade to escape worry or trouble?
16. Have you ever committed, or considered committing, an illegal act to finance trading?
17. Does trading cause you to have difficulty in sleeping?
18. Do arguments, disappointments, or frustrations create an urge within you to trade?
19. Do you have an urge to celebrate any good fortune by a few hours trading?
20. Have you ever considered self-destruction as a result of your trading?
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OK, OK, I wasn't entirely accurate. The above list was copied and pasted from the Gamblers Anonymous website. I have replaced the word "Gambling" with "Trading". The site suggests that compusive gamblers will answer 7+ of the above "yes" (OK, so I said 5, my bad). This isn't really the point though, is it.
Spanish, it does appear to me that you are gambling much more than trading, and you don't look like stopping. Nothing wrong with gambling, either at the races, playing poker with your mates, or having a little flutter on the Dow. Thing is though, there comes a point where you've got to stop. Maybe this is one of the reasons trading is a little different to gambling - as a trader, you don't get to say "start trading" or "stop trading" - you just take the good trades as they come along, else do nothing. In order to see where the good trades are, you have to understand your market. It's not exhilirating when your in profit, it's exactly what you expected, because you understand your market. To gamble on the dogs, you have to turn up and pick a trap number. Your trading seems much more the latter than the former, which is why I posted those questions.
Gamblers Anonymous (UK) Are You A Compulsive Gambler ?
Now before you start getting aggressive, I'm not accusing you of being addicted to gambling. All I want you to do is ask yourself those questions, and be honest when you answer them. I'm up to my ar$e with work Spanish, got a meeting in a few hours that I still have stuff to do for, but I've taken the time to write this post. Please take the time to take it seriously.
**Mods; somebody mentioned this earlier on I think, but maybe the questions part of this thread is "sticky-worthy", or at least in a more prominant position?? There's no need to make an example of Spanish, all in all he's a good kid, but I think there are many more like him watching in the wings**
