Now that I have your attention…

So, first week of trading…very fun and educational! I started by (re)learning the basics of trading by watching a couple of YouTube videos. This one was pretty good!

After doing my research and learning that the crops this year have been really good, apparently reaching record levels, I examined the charts (I was able to find the charts on Yahoo Finance) and noticed that wheat was trading at a positive the day before. Apparently the demand for wheat was much higher than before, in part due to Chinese wheat’s poor quality this year, leading them to import three times more than previous year. So, I decided to go long on wheat as it had closed higher than opened on Thursday. Assuming that the trend would continue, I bought 5 bus. at the beginning of trading in Asian markets on Friday, so around 12 am my time… when I woke up the next day it had lost around 9 cents or 1.6 percent…

So, lesson learned? a) Don’t do a trade at the beginning of a market session when the trend for that day has not yet been established; b) don’t trade and then go to sleep; had I been awake I would likely have shorted sooner c) in order to make up for my loss I bought a couple of other bus. When the price of wheat had bottomed out, thinking that any gains from this much lower position could offset my initial loss.

Also, I have been looking at this site called investopedia.com It is really educational and helpful! I really suggest you check it out!