hey guys is is the guy who held USO for 6 months and lost 6k. I just got rejected by Etrade's future trading platform even though i have 27,000 USD to trade but 0 USD income.
I was hoping to buy a contract of 500 barrels of oil to go long on oil. What options do i have to go long on oil without leaking a shit ton of money by holding a oil etf that is only meant to be held for a few days? thanks
>being so pathetic that even a predatory broker like etrade feels bad for you
Jesus I'd just end it desu
yeah they told me that i have zero income so i don't qualify and that futures are an 'advanced' trading style LOL anyone know where i can take my 20k+ bankroll to trade futures? I have excellent credit btw ETRADE rejected me
oil will go down yes, but it will take some time. shit will implode in april, when we get the report that says that oil storages are full. by then, everybody will try to sell oil they digg up, PLUS the oil they have stored. oil can really plummit from this, so dont go long oil yet OP. especially if you dont have income. if you are not prepared to lose what you are trading with, you will fuck yourself over with fear, and lose it all.
me too. went bearish on oil at 28USD and considered closing the position (pure fear, 50% down) when oil was at 36USD. now its at 30USD and i praise my maker for not chickening out. i had to remind myself why i was bearish in the first place, and it seems as tho my analysis was correct but with the worst possible timing. still bearish, fundamentals hasnt changed to the bull side
I've been preparing for getting into stock trading online. I don't plan on starting for another couple of months, but you're getting me worried with these stories of brokers not allowing you to trade.
>My income comes from freelancing so I don't have salary checks or whatever to show
>Starting money may be around $30k
>Live in Montenegro
How fucked am I?
Not interested in futures or options.
I didn't even put it together that it was that same retard. Now he's down on all ETFs because he didn't understand the inner workings of complex multiple leveraged ETFs and still coming to /biz/ for help.
I literally cannot think of a sadder example of a human being.
>brokers not allowing you to trade
He's talking about futures, though.
Don't know Montenegro's laws, but $30K is more than enough for a US brokerage to allow you to buy equities.
While there's even less requirements when it comes to opening non-margin accounts, you wouldn't want to be trading in one of those.
Come to think of it, you shouldn't be trading with $30K to begin with.
No, unless you've got maybe some type of financial trouble that could be easily found. They may want to talk to you a little bit about risks and sort of test you on your knowledge as a precaution but it would be minimal.
I hope to god its a double bottom, but I think this time it's different. It only had that short rally because of speculation over whether or not Saudi Arabia and Russia planned to cut oil production.
I held USO for 3 months. even thought the spot price of oil went down 48% from when i bought it i lost 67% of my position because the ETF bleeds bc it's a daily derivative and not meant to be held long
That's why I was saying for people to just buy that call option. You don't have to put up nearly as much money as you would if you were just buying and holding an ETF. If a decent war breaks out with Syria, Russia and Saudis/Turkey then oil could easily break upward through the downward trend line.
God damn. You guys have watched oil collapse and you act like it's just now starting to collapse. Do you expect it to go to $5 a barrel? Buy it when nobody wants it and sell it when everybody wants it. On a side note, platinum is the cheapest precious metal on a long term percentage basis.