Like some of my classmate, I am slowly losing patience with trade sim. Although easy to navigate, the program suffers greatly when it comes to making timely market orders. The frustration grows even more when one makes accurate predictions but the lag time and delays in entering the market hamper chances of making money. To sum up the week, I entered the market with two short soybean contracts, one in the immediate future and the other a long term contract. The rationale for this position was the growing prediction of a lower harvest in the U.S. As expected, the move paid well and I ended up winning $1298.06. However, I made the mistake of not pulling out the same day and waited for the next day, due to which I ended up losing some money. I lost $ 1827 as the system was liquidating my two contracts. Thus, this was the story of trading before the release of crop report (on Thursday). I had won big during the release of last USDA crop report, and expected to continue the trend. I read extensively before the report release and predicted that the prices for all commodities (wheat, corn and soybeans) will go up because I expected USDA to publish the news of a lower harvest. Therefore, I went long and to my delight the prices in CME the next day showed a near limit up of the price. But, it turned out that my contract was not processed earlier in the day and was deferred for some reason. All in all, where I should have won three to four thousand dollars I did not win anything, and I have only trade sim to blame for that.
Details for this week:
(1) Nov (S2X) – SHORT: Price In: 1537, Price Out: 1554 Gain/Loss: -876
(2) Nov (S2X) – SHORT: Price In: 1537, Price Out: 1554 Gain/Loss: -876
(3) Nov (S3X) – SHORT: Price In: 1334.5, Price Out: 1353.5, Gain/Loss: -951
(4) Nov (S3X) – SHORT: Price In: 1334.5 Price Out: 1353.5, Gain/Loss: -951
(5) Dec (C2Z) – LONG: Price In: 770.5 Price Out: 762.5, Gain/Loss: -401
(6) Dec (C2Z) – LONG: Price In: 770.5 Price Out: 762.5, Gain/Loss: -401
(7) Equity (Last Week): 41444.58; Equity (This Week): 37537.34
