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ProShares UltraShort Bloomberg Crude Oil Message Board

  • cottrell20012002 cottrell20012002 Nov 16, 2011 8:06 PM Flag

    Can anyone explain?

    I bought for the first time today in the pre- market at 8:30 am I paid 39.65 for 1k shares and it opened 2 dollars lower. What the f happened? What time does oil start trading? I know I didn't do my homework but this is ridiculous. If anyone knows please advise.

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    • You bought too early. There is so much to learn and so little time. First rule, start trading less leveraged etfs until you know the feel for each commodity/sector and their corresponding charts. Second rule, pre-market prices sometimes are never reached again during the actual day. For example, silver may be down a $1 premarket, when the market opens it could be down $.25 and at the end of day retrace closer to its original morning price, down $.85. You should not be buying premarket unless you have a feel for the stock or commodity. If you can read charts, read international news religiously (recommended "The Daily Pfennig", make intuitive decisions, and apply your gut to all that knowledge, then I would be a buyer pre-market, for the right reasons.

      • 1 Reply to asabrix
      • Do not worry, your price will return to your buy order. The oil chart is forming a rising wedge... do not hold forever... that is the best advice. Take your gains, and limit your loss potential... these etfs reset and you only swing trade this at best, may be weeks at a time if you see oil falling to 75 again.

        You bought a little early, but close enough to the bottom.

        To make yourself calm down a little, watch "www.thechartpatterntrader.com" and click on the hand for a overview of the market. He is bearish, so he will make you feel good until the morning. Nobody will heal like Ron Walker holding a short position and underwater.

 
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