I'm going all or nothing on this one. I'll learn the lesson and change strategy next time. Last time this happened, I finally got tired of waiting and sold gasoline futures at a $20k loss... Three days later it started going up and I could have profited over $140,000 if I held it. Two bad days is nothing on a longer timeframe. And what if ECB comes out with a more dovish policy announcement now. Of course, if Russia stops attacking, I'm totally f*cked and I know this. I shouldn't have got myself into this situation, but I'm here now so let's see what happens...
I cut my losses on the copper future. Bought at 4.9285, sold at 4.7335. Loss of $4,875. But this one I believe could go downhill real fast if you look at where the price was before the invasion 4.4505. If it returned to those levels, I would be down almost $12,000 with no logical reason to believe it would ever go up soon.
I am short Copper and Treasuries, long Eur, Aud, and Chf. I never bet on situations as they can't be tested, I will fade reports that are handed out by all countries 24/5.5 but as day trading. I never use total leaverage on futures, keep it at steady 40% instead of exchanges. I never do naked options but will do wide credit spreads of 10-12 strikes. ALWAYS HAVE PROTECTIVE STOPS. I never have at risk more than half of one percent of account on any one commodity signal.
Great thread. 1. Leverage is evil 2. I trade small size and often eg 70 rt daytrades daily 300 shares 3. Know what oversold and overbought looks like for several instruments you trade daily.. eg I made a fkload of $$ today buying UVXY off oversold bottom at 20.5 4. Most trading books and coaches are shit.