We only took a week off from trading and blogging, but it felt eons! Definitely feels like it’s been more than a week!
Strange…when I had to bid again at the beginning of this week…I actually had to look at my notes to check how to bid properly again…going short/long/offset….
I did not have any open positions from last week because I didn’t want to risk losing while not paying attention to trading, so this week I started from scratch again!
I wrote the expert blog this week, and I paid extra attention to wheat because there was much information on the Black Sea Region having a lot of supply of wheat, so much that they need to plan how to export it. With this in mind, I really expected U.S wheat to fall because of high production elsewhere, and that demand for wheat from these regions will increase due to lower prices.
I only bid twice this week, both times going short in wheat.
Wednesday 26th
Short/wheat/1 @ 413.3
entered the market, and made quite a lot of profit because wheat fell by approximately 25cents that day.
profit = $1095
Thursday 27th
Didn’t bid or offset, sadly, wheat price went up by almost how much it fell yesterday, so I made a loss today.
profit = -$1230
Friday 28th
Still having faith that wheat prices would fall, especially after a big jump, I bid another short wheat contract at 644.8. I entered the market, but the price didn’t drop at all.
Profit = -20
thankfully, the price didn’t fluctuate that much so I didn’t make a huge loss.
Total profit this week = -$155
Short blog this week! Have a nice weekend everyone!
Caroline
Caroline…………I also checked more about wheat….so frustrated!
Hey Caroline,
Thanks for the short and nice blog! I like the picture of cute dogs…:)
I felt it has been a long time since the last bidding and spent some time to get back to trading exercise. Wheat and soybean are confusing me all the time, but I’m more comfortable with corn’s price movement. It is more straightforward, I think.
Anyway thanks again for the nice and concise blogging!
Yijeong
Hi Caroline,
Although the supply of wheat increased last week, the demand side was somehow ambiguous. So, I did not consider it in my strategies last week.
Hey Caroline, nice reading your blog again^^
I was actually confused by the black sea region news about wheat this week since I was confused by these kinds of demand and supply news last few weeks and lost some money…but it seems like after reading some of you guys’ blogs, I found that this might be an important factor…~~~maybe i should start looking at it…aii…still not sure which will be a major factor when I made my decisions for each week…
Good luck for your biddings next week lah:)
Hi Caroline,
Falling out of the routine definitely makes us forget how we bid before! Your blog is short and sweet, easy to understand too. Thank you for sharing.