Friday, August 15, 2008

Current Commodity Futures Positions - 8/17/08

Ahhhhhhhhhhhhhhhhhhhhh, relief at last - that's me, pissing away the last of my 2008 gains. Glad we got that out of the way.

Tuesday I was feeling really smart, and bought a mini-silver contract at the bargain price of $15. Unfortunately nobody told me that the bargains were going to get even better! I sold silver on Friday for just over $13.

Hey, I got exactly what I deserved. Look at this chart of gold and silver, courtesy of Agora Financial:

What kind of idiot would try to time the bottom of that spike through the basement floor? (Pointing both thumbs at my chest...) "This guyyyyyy."

On Friday, I jumped into a vat of rough rice and holy water, and repented for my trading sins. Last time I fully repented was last November, when I developed a new trading outlook. That outlook served me very well until I decided I smarter than it.

Well, here's to new beginnings. As I repeat the mantra I should never have forgotten "The trend is my friend, the trend is my friend, don't eat yellow snow, the trend is my friend..."

Open Positions
Date Position Qty Month/Yr Contract Entry Price Last Price Profit/Loss
08/12/08 Short 1 SEP 08 British Pound 1.9042 1.8620 $2,637.50
08/15/08 Short 1 DEC 08 Cocoa 2589 2587 $20.00
08/14/08 Short 1 NOV 08 Mini Soybeans 1260 1221 $390.00
Net Profit/Loss On Open Positions: $3,047.50

Account Balances
Current Cash Balance $56,272.41
Open Trade Equity $3,047.50
Total Equity $59,319.91
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $59,319.91

Cashed out: $18,000.00
Total value: $77,319.91

Weekly return: -8.0%
YTD return: 1.2%

***BTW, I usually "cash out" money just to pay for taxes, rent, and cheap beer. So total value is all pre-tax.

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