Week 6 – Best Week So Far

It’s week six and finally I have gone above break even!

Due to my smashed car window I wasn’t able to do any trades at the start of the week. It was kind of a blessing in disguise (I guess) for my trading game.

On Wednesday Ukraine announced that they were going to ban wheat exports in mid-November (http://ictsd.org/i/news/bridgesweekly/148222/). It was no surprise then that prices rose. My plan when I read the news was to go short and take advantage of the high price and go long when speculators cause prices to drop when they demand short contracts to offset their own long contracts. The following day, Thursday, prices did fall and I was able to gain some money.

I went short on two Dec. Wheat contracts Wednesday at $890. Prices dropped on Thursday and I was able to get out at $879; gained $549 per contract for total gains of $1061.00.

My total equity is now $41062.57

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