Halal way to trade the movement of the Oil prices : ETF
I am a Muslim so there are issues about the halal-ness in trading CFD, particularly the Brent CFD (BCOUSD in Oanda)
My solution for this is to buy an ETF that tracks oil companies (Oil companies stock price movement generally moves almost the same as the price movement of Brent and WTI). I found either FENY and XLE as great ETF for this. Unfortunately USO and UCO are tracking Brent futures.
I will use the Brent price chart to determine when I will swing trade FENY or XLE ETF. Look at the chart and it is self explanatory
Cool thing is sometimes FENY will perform slightly better than Brent CFD (13.87% for Brent / 16.85% for FENY for this particular timeframe)
My solution for this is to buy an ETF that tracks oil companies (Oil companies stock price movement generally moves almost the same as the price movement of Brent and WTI). I found either FENY and XLE as great ETF for this. Unfortunately USO and UCO are tracking Brent futures.
I will use the Brent price chart to determine when I will swing trade FENY or XLE ETF. Look at the chart and it is self explanatory
Cool thing is sometimes FENY will perform slightly better than Brent CFD (13.87% for Brent / 16.85% for FENY for this particular timeframe)
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