Well, I changed my working hours at the "real" job so that I would have my mornings free to trade. I've actually quit that job, but my boss is too busy to even think about interviewing and hiring a replacement, so until the next blow-out, I'll likely continue to work there. (I committed to training a replacement, providing he doesn't yell at me. The man is a yeller.)
So, a whole morning to trade futures! I was thrilled!! And I started making money!!!! Notice on the report below, I got up to $6100! I was very excited. Do remember that I started this fund with $5K on 6/26/14, so in one week that would have been $1100 profits. (Actually, it's more than that, because that is net of commissions which are sitting at over $300 right now.)
But ahhh, the trading gods are not so kind. Also remember I said that I WILL have losses. I bought one contract at 10:22 am yesterday...and that's when oil began to
go down, down, down. I was stuck with a long, so I left for work hoping it would turn while I was away. Needless to say, if you look at a chart, it did NOT turn but kept going down. I've held the contract overnight not willing to take a $740 hit on it, and now it would lose $890 if I sold it. So I'm not selling it. Not yet. But of course, I can't trade this morning because my fund isn't big enough to do more than one contract at a time. So this is the DOWN side of the little strategy I'm into.
However, I plan to wait it out and see if I can't keep my profits.
You'll notice the last line of this report is that "Adjustment" I talked about in another post. My best guess is that IF you hold a contract overnight, the value of
that contract is computed and the difference between my fund and the fair market value is deducted. If the market goes back up, they will adjust the other way. Or
so it seems. I really hate that they touch my fund balance when I haven't sold the damned thing yet!!!
But so goes the brokerage/regulations/CYA system of futures trading. I still don't really get it. Sigh.
Oh, and if you don't have a chart handy, take a look at this one...and at the crash yesterday. I couldn' be happier that I only have one contract invested in this
baby right now! A lot of people are crying big tears, I'd wager!