HELP-held on to contract that expired

Discussion in 'Index Futures' started by heavenskrow, Jul 21, 2019.

  1. 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
     
  2. minmike

    minmike

    Lol. Cash settled. Not a big deal.
     
    bone likes this.
  3. Robert Morse

    Robert Morse Sponsor

    Lucky is was not CL.
     
    bone, Handle123 and Overnight like this.
  4. Just called the broker, and yeah it was liquidated/cash settled phew.
    What would have happened if it was CL?
     
  5. Overnight

    Overnight

    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!
     
  6. Overnight

    Overnight

    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.
     
    Last edited: Jul 21, 2019
  7. Metamega

    Metamega

    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 .
     
  8. 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 :)
     
  9. Ahhhhh HOLY SHIT i would have literally shit my pants. Thank god they liquidated at the close last Friday XDDDD
    thank you all!
     
  10. Overnight

    Overnight

    Hrmm, there was a really fun article about this a few years ago on Bloomies. I'm a see if I can find it.
     
    #10     Jul 21, 2019