HELP-held on to contract that expired

heavenskrow

heavenskrow

So I bought 1 long QM August' 19 futures contract on 7.19.19 thinking I had until next month to get rid of it.....

It seems like I cannot trade it anymore- What happened to it? Did I accidentally take delivery on the contract? HELPPPPP
 
heavenskrow said:
So I bought 1 long QM August' 19 futures contract on 7.19.19 thinking I had until next month to get rid of it.....

It seems like I cannot trade it anymore- What happened to it? Did I accidentally take delivery on the contract? HELPPPPP
More...
Lol. Cash settled. Not a big deal.
 
heavenskrow said:
So I bought 1 long QM August' 19 futures contract on 7.19.19 thinking I had until next month to get rid of it.....

It seems like I cannot trade it anymore- What happened to it? Did I accidentally take delivery on the contract? HELPPPPP
More...

Wow, someone actually trades the CL mini? Yer a brave soul. Horrible PA on that dog.

But if you wish to trade futures, you need to know what you are dealing with. If you knew CL stops trading on the 20th trading day before the 25th calendar day of the calendar month before the contract expiration month -1 squared, which means that July trades in February and September is screwed, why would the mini be any different?

Sorry, just kidding. I guess you learned a lesson. KNOW YOUR LTD when you trade futures!
 
heavenskrow said:
Just called the broker, and yeah it was liquidated/cash settled phew.
What would have happened if it was CL?
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You'd have to take delivery of 1,000 barrels of WTI light sweet crude oil at the Cushing, OK hub. It is most likely that your broker would not have been able to facilitate this, and would have closed your trade before final settlement on expiration. That is my guess. I think Morse and Matt could answer that better, as I know there are brokers that CAN do this.
 
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heavenskrow said:
Just called the broker, and yeah it was liquidated/cash settled phew.
What would have happened if it was CL?
More...

You’d have 1000 barrels of oil being delivered to your house.

Actually think your broker would liquidate before It expired from what I’ve understood. Most retail brokers aren’t in the business of taking deliveries .
 
Overnight said:
Wow, someone actually trades the CL mini? Yer a brave soul. Horrible PA on that dog.

But if you wish to trade futures, you need to know what you are dealing with. If you knew CL stops trading on the 20th trading day before the 25th calendar day of the calendar month before the contract expiration month -1 squared, which means that July trades in February and September is screwed, why would the mini be any different?

Sorry, just kidding. I guess you learned a lesson. KNOW YOUR LTD when you trade futures!
More...

I chart -TA off CL but trade QM because I am not a big enough player to have mastered CL yet. But right now I am relong QM :)
 
Overnight said:
You'd have to take delivery of 1,000 barrels of WTI light sweet crude oil at the Cushing, OK hub. It is most likely that your broker would not have been able to facilitate this, and would have closed your trade before final settlement on expiration. That is my guess. I think Morse and Matt could answer that better, as I know there are brokers that CAN do this.
More...

Ahhhhh HOLY SHIT i would have literally shit my pants. Thank god they liquidated at the close last Friday XDDDD
thank you all!
 
heavenskrow said:
Ahhhhh HOLY SHIT i would have literally shit my pants. Thank god they liquidated at the close last Friday XDDDD
thank you all!
More...

Hrmm, there was a really fun article about this a few years ago on Bloomies. I'm a see if I can find it.
 
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