Oops

farmerjohn1324 · Apr 4, 2020

I'm pretty sure I am screwed.

I am now reading the delayed an OPEC meeting that was scheduled for Monday and this could crater oil prices on Monday.

It's not even about the spread. Oops.

farmerjohn1324 · Apr 4, 2020

At this point, I'd be happy to take a $10k loss.

If CLV20 opens at 32, I'm at a $14k loss. If it's at 31, I'm at a $21k loss !!!!!

Snuskpelle · Apr 4, 2020

Not sure what calculations you did on risk before taking such a large position (or unless you have a very fat wallet), but I assume that's something you will learn to do after this incident...

farmerjohn1324 · Apr 4, 2020

Snuskpelle said:
Not sure what calculations you did on risk before taking such a large position (or unless you have a very fat wallet), but I assume that's something you will learn to do after this incident...

Calculations? None.

I was running on a high of being profitable in 3 MESM20 trades consecutively.

I didn't realize how little of a loss could cause me to margin call or lose it all.

Plus, I didn't even realize it was nearing the weekend. I'm locked in my hotel room. 3pm looks the same as 3am. Saturday looks the same as Tuesday.

What's funny is that I'm now refining my calculations on S&P statistical analysis that has very strict stops and risk management factored in.

At one point, I could have sold these contracts for $1,750 gain in a matter of minutes.

farmerjohn1324 · Apr 4, 2020

Snuskpelle said:
Not sure what calculations you did on risk before taking such a large position (or unless you have a very fat wallet), but I assume that's something you will learn to do after this incident...

Also, I didn't even know anything about this OPEC meeting stuff at the time. I just looked at it as...oil prices will rise when economy recovers from corona.

PoopyDeek · Apr 4, 2020

WTF was he trading October? Ostensibly that was his "turnaround" horizon? The dude doesn't know about contract rollover?

I think he's trolling. I don't think he has the capital to hold these contracts intraday let alone overnight.

PoopyDeek · Apr 4, 2020

farmerjohn1324 said:
4:22pm

Paid 34.01.

The deaths in NYC are going to hit index futures and by extension, CL.

Cuddles · Apr 4, 2020

Snuskpelle said:
Not sure what calculations you did on risk before taking such a large position (or unless you have a very fat wallet), but I assume that's something you will learn to do after this incident...

you can read all about his 96% winning strategy here:
https://www.elitetrader.com/et/threads/won-700-with-micro-s-p-futures.342660/#post-5057667

PoopyDeek said:
WTF was he trading October? Ostensibly that was his "turnaround" horizon? The dude doesn't know about contract rollover?

I think he's trolling. I don't think he has the capital to hold these contracts intraday let alone overnight.

I found his alt-account "TheHumbleTrader" and called him out on it....seems like the account's now been removed. Clearly a troll
https://www.elitetrader.com/et/threads/oops.342729/page-4#post-5059391

farmerjohn1324 · Apr 4, 2020

Here4money said:
you can read all about his 96% winning strategy here:
https://www.elitetrader.com/et/threads/won-700-with-micro-s-p-futures.342660/#post-5057667

I said it would hit TP that %. Doesn't account for the disparity between win amount and lose amount.

But I'm tweaking it I now because I saw a flaw. I'll be glad to share the new results.

PoopyDeek · Apr 4, 2020

Dude goes from trading micro ES to 7 lots of CL. Sure.