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Do you remember what your first convention was like? Well, I declined for the longest time because I thought it was beneath me. Then I got there and realized it was above me.
First, you'll need money. How much? Let's say you want to trade one contract of crude oil on the New York Mercantile Exchange (NYMEX). Since you're not a member of the exchange, and no one will really trust your new oil venture, you're going to need...
Finally, are you ready to monitor the oil market 24/7 - to be peeking at your monitor even while kissing your spouse - and are you well stocked with ulcer medications? Yes, it is that easy. Now for the hard part: profit.
The oil-futures market is like a perpetual roulette wheel: red or black, up or down ... in the end, you're just betting on the direction of prices. And just as in roulette, the house will hold an advantage. In this case the house effectively consists of big players like...
So how do you make money? If you sell oil at, say, $66 per barrel, and buy it back at, say, $65 per barrel, you keep the $1 per barrel difference. On one contract, or 1,000 barrels, that comes to $1,000. Not bad for a hard day's...