Youngtrader's Commodity Journal

stopped out on beans at 904. $5400 loss. This always happens when I get stubborn with a market and add to a losing position. I should of just kept a stop and if stopped out be done with it but you can't change whats in the past.

Looking at selling dec 30year bond hear today. Not sure where I will do it yet but I think im gonna sell it today.
 
Did not sell any bonds today because a guy I talk to that trades bonds exclusively said not to. I usually don't listen to anybody else on my trades but I respect his opinion and am glad I did not sell em today or I would of been run over!
 
Quote from youngtrader:

Did not sell any bonds today because a guy I talk to that trades bonds exclusively said not to. I usually don't listen to anybody else on my trades but I respect his opinion and am glad I did not sell em today or I would of been run over!
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Did he say why you shouldn't?

TNG
 
No actually he didn't. I talked to him during the trading session and he did not have much time to talk. Located at the cbot and a very knowledgable trader in my opinion.

Looking to capitalize on the crop report next week. I know I am right about this bean crop so I am going to try to buy some cheap ass puts before next week (possibly the 820 put for 5 cents). I think the report is going to peg the bean crop as substantially higher. I think they will peg the corn crop higher also but the beans is where the suprise is going to be. You will see beans at the 820 level before new highs are broke!

Going to try to buy a dec/march minni wheat and sell a march/may minni. Dont want to bore everyone on why I am doing these spreads but I think they are money makers.

Last but certainly not least I am going to try to sell some 10.80 and 11.00 dec calls in this wheat market for around 8-11 cents. We are about 15 lower on the overnight so I probably wont get to sell em for that but that price is my goal.
 
Ok today I bought a nov 820 put for 7 cents. closed at 6'6 i think. Wanted to buy it at 5 but couldn't get it done. i think this is an extremely low risk trade if you want to capitalize from these beans.

Made some nice gains on those minni wheat spreads. With 10 cents per spread made on the march/may and 7 cents per spread made on the dec/march. Got in and got out with some cash. I usually don't do that but they did what I expected them to do right away so it worked out great. Profit on those was about $1500 all together. Had some really nice fills that I know I couldn't of possibly have gotten on the electronic market. This still goes to show that the pit can be and is still very usefull for the minni and kc wheats along with alot of spread trading in commodities. I would rather have a really good pit broker working for me than put up with the fifo order BS that the electronic markets go by.

Did not sell any wheat calls. I hope I get an opportunity to get these sold at the price I want because these our obvious money makers if you can stand to have the margin tied up untill end of november.

Dont know what the plan is for tomorrow I have to do some research and get back to everyone if I am looking to do something tomorrow.
 
bean put closed at 4'6 today. Damn really taking premium out of it over the last few trading days. I only own one so not that big of a deal. Might try to buy one more tomorrow of we get any type of bid in these beans. Crop report out wednesday so guys will prob take some money tomorrow. We need to close below 904 for me to look at a short futures in these beans.
 
Bought one more 820 bean put today for 4 cents. So average is prob like 5'2. Looking to be more and more like a lottery ticket everyday but I honestly think that the report is going to be bearish tomorrow morning.

Dec/March wheat spread getting no bid at all lately and could be signaling a top in this wheat market. I think the only way I might play this though will be selling the march/july spread or selling way out of the money calls (like 10.80 and 11.00).
 
What a hectic day! I would imagine my teachers probably aren't the happiest after me leaving class a million times but it turned out to be well worth it! Like I said bought a couple dec corn at 340 this morning and dumped them later on at 357. About $1700 profit there. Probably going higher tomorrow but I had a nice one day profit so I took it. Might buy some tomorrow but we will just have to see. One thing is for sure we have a early harvest low in this market!

Wheat absolutely plummeted today and the word is guys are putting on long corn/wheat spreads. The wheat game is over and im just looking for the right time to sell a march/july spread. Should of sold a march/may minni spread today but was to busy with everything else.

I was just about as wrong as I could be on the beans. I guess we just happen to be in the garden area in west central iowa and our beans look really good. They did have a shitty close and failed to make new highs which kind of makes me think I should of bought more puts instead of covering them. Dumped my bean puts at 3'2 for about a $250 loss.
 
Bought a march/may corn spread @ -11'2. Closed at about -10'6. Looking to play the long side of corn from hear and I figure this is one of the best ways to do it.

Also still looking at that march/july wheat. It seems to be forming a top around hear with guys starting to get interested in the may and july contracts of wheat instead of just the dec and march. Patience will be the key with this spread and just look for it to top then I think selling this spread hard will be BIG money in the bank!
 
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