Well, this is a whole education in itself. I bought a contract at 103.35, right? That seems like light years ago, and a very lofty price indeed.
Then it plummeted down to $98 or $99. I couldn't see clearly through the tears.
Then I got a reminder of expiration (it was an August contract). So I rolled the trade, in a moment of panic. I had never rolled a future before, and assumed
it was like options, but it's not quite like options. I lost $90 dollars (including $7 fees) in the roll. I thought I was making a like price to like price roll, but
it ended up costing .41 cents on each leg. Plus the fee. So that's a mystery to me. I will call TOS and ask when I get a minute. (If I wasn't an idiot, I'd have printed out the confirmation box, and then I'd know, if I wasn't conscious enough to SEE at the time.)
Then I saw that my contract had disappeared off the Active Trader software! Well, duh. My new September contract isn't active. (It just went active this morning,
and like magic, it's returned to the ladder!)
So another lesson....the August contract hasn't expired yet, but it STOPS TRADING before it expires. I didn't
realize that little piece of info either. Maybe John Carter is going to explain all of this to me in language I can understand? (I'm loving the book, but barely into
THEN, as oil just kept falling, I got a margin call! My first margin call in all these years of trading. (well, I am new to futures, remember!?) I called TOS and
was told that oil was turning so likely by tomorrow (and that would be today) the call would be made good by the rise in the price. And sure enough, my deficit
disappeared. But that cost me a couple of gray hairs and a rapid heartbeat.
Sooooo, this morning, we just hit $102, and I have a stop (finally) fixed at 101.86 which will keep me out of the horrid doo-doo of this past week, but still not give
me any winning numbers. I'm willing to get out with my principal. But it kills me. If we keep going up, I'll move the stop up accordingly. But I have to go to the office job this afternoon, so I'm looking for some good news this morning.
My $1000 winnings....(shrug). How Rude!
Here's the Information box off my trading page: That top line is the line that went negative (612.24) and prompted a margin call. Whatever my Net Liq was at the
time, minus this negative $600 didn't leave enough to cover my $3125.00 margin requirement, so that's how that works.
and here we are...my stop's in place, and I have a sell order in for $102.69. I will move that up accordingly if we keep going higher. From my mouth to God's ears. (If She only cared about trading...)