I papertraded today, and this time followed my rules. One option only, daytrading only (no overnight holds), watching it closely, selling while I have a profit if I am unable to stay for the close, trailing my stop tightly, etc. I traded USO. The only downside is that I had put in an order to buy at the open, and bought high - and if it hadn't been for the rally late in the session, I may have had a loss. But otherwise everything was good and smooth. It is curious that USO did not move more than it did given the world events, but such is life. Oil could go higher tommorow, or it could go straight south. Interesting - the more I learn about the stock market, the less try to predict its direction. Maybe that is a good thing.
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USO is not just oil, but also the dollar. Stocks like PBR HK and coals like JRCC PCX often react much better to oil compared to USO. I'm guessing their options perform better as well.
Tattoo this somewhere! "The more I learn about the stock market, the less I try to predict its direction."
That is a very insightful observation. Definitely a Quote of the Year candidate.
BTW: Leme know if FastMoney actually makes you money. I've yet to find a trade they rec. that works.
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