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Wednesday, July 2, 2014

**Live** Day Trading the /CL Futures - 7/1/14

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!



  1. Please tell me you didn't hold into this crash today! down about 130 ticks from your opening trade at one point today, that's $1300, yikes! Give us good news! Also, now that you've done some real trading during regular market hours, could you tell us again if you notice much difference in your fills compared to PM? I'm starting with my real account next week and this is the thing that makes me most nervous since it's arguably the most important aspect of trading like this, the ability to get in and out the moment you want to. Thanks for all the updates, it's super helpful!

    1. Hi Adam, yep, I held into the danged crash. But this morning, I decided (on a very tiny rally) to bite the bullet and get out. Just basically lost all those good
      gains of yesterday. Phooey. But I'm still playing with their money. I'll post the update when I finish this. I'm still ahead, but just not those spectacular wins
      I had yesterday, darnit. Oh well, that's the name of the game. No risk, no wins. And to stay ahead is always a win, no matter how small.

      I do think the fills are a bit quicker during market hours, but not ridiculously so. I don't fret about this however, as once you've done it awhile, you'll realize
      that getting in and out that quickly is not as important as WHEN you think you should be getting in and out at all. In other words, I don't live by the skin of
      my teeth. I sometimes make a trade and just go do something else because I've entered at a stage when I'm confident that it's not going berserk on me.
      Of course yesterday it went berserk, but that's what happens in trading and usually it doesn't go nuts that often. (often enough to be very careful and NOT be

  2. I just wanted you to know that I am really enjoying following your blog.

    1. Thanks so much! Wish everyone would chime in with your own trading ideas. LOVE hearing from y'all.