I believe this week is gonna be a very tough week for me since I changed my strategy for a little bit. I found that we can always learn more by trading day by day then I decided to have a short-term trading strategy, which maybe exhausted but fun! In case I probably gonna forget what my daily strategy is when Friday’s coming, I am writing it day by day just to explain (especially to myself) why I did this… (*_*)
Pls let me know if you think my strategy is heading to a wrong direction. Thank you all for taking time to point it out.
Monday (Bid @ 21:00, Sunday)
I did a long position for 1 both in Corn and Soybean. I was thinking of playing safety, since I entered the mkt at the very first day at a price of 719 for Corn and 1382.2 for Soybean, I thought it seems like a right time to offset a little bit. Then I sold Corn @ 693 and Soybean @ 1356.
I actually made a mistake by the price since I should set a lower price when I am doing a long position. It’s already too late when I realize it. However, it is the main reason I can changing my safe strategy a little bit since I do wanna fix this lost by the future action.
BTW, I also tried to get a short in wheat @ a pretty high price, like gambling, anyhow I failed by a price of 698, which is around 7 dollars higher than the daily highest.
Tuesday (Bid @ 23:59, Monday – the very last minute, submit in hurry)
Today’s strategy is more complicated, or should I say I’m putting myself into dangerous.
From all the resources I got, as well as Wiki MFRE and friends Twitter, they all showed the grains commodity price is going down.
For now I just realize that it doesn’t means we have always to did a long position when trends up, or short when trends down. All your actions are depending on your OWN strategy. This is probably the most significant thing I learn for now…
You can still earn money even a huge amount of money when you are in a difficult position, which makes the future trading different from Stock market, also much more interesting!!!
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My situation is, Since the day I got -3 wheat @ 695, the price of wheat keep falling down. I actually set myself a “stop loss price” @ 680, but by the day price did lower than it, I just so hesitate to cut it.
I then changed my situation, I did another long position in wheat @ 672.25, even I am not sure if I can make it succeed or not, the reason I did this only because I wanna sell 2 or three of them (I got long 4 in total) by the day after around a higher price, to somehow partially less the lost in wheat.
By the time I act dangerous in wheat, I tried a safety strategy in corn. Did a long position @ 693 to offset all corns, protect the profit I already got.
To Soybean, 2 more short @ a pretty high price – 1363, hope I can enter the market with a reeeeally good luck!
Wednesday (Bid @ 22:00, Tuesday)
Summary for Tuesday,
- Failed to getting into Soybean market since I bid a really high price in short position. But because of 1363 is my ideal price for soybean for this turn, also the soybean price probably going down, I am not going to change it, just to bid for another day.
- Corn’s closing price a little bit lower than what I bid, but only for playing it conservatively, I still satisfied by what I did.
- Wheat strategy a little complicated since I already lost lots of money in wheat. Went long @ the price of 672.25, earn a little bit by the end of day, gonna sell it the day after, hopefully at a nice price.
Hi Lixi, thanks for sharing your strategy.
Very detailed and well organized blog!
I do believe the soybean price and wheat price will go down. And it is hard to predict the corn price since there are much news are going on. Hope your strategy work well in the next week!
Thanks for your comment,Yijeong.
Soybean and Wheat should keeping decrease but we all not sure where exactly is the bottom line.
For Corn, I believe it’s going to up for a while since From technical analysis, it’s bottom already.
Hi Lixi,
Writing a comprehensive post like you is not easy. Thanks, it was very useful.
However, I found your biddings were failed to enter market several times. I think if you take a look at current high and low prices before bidding, you will rarely miss bidding. I tried it and assure you it works. Good luck in this week’s challenge.
Thanks Hossein,
I know exactly I only get a very little chance to enter the market by such a high price in short position. The reason I did that because I actually don’t wanna enter the market in such a uncertainty situation. But still, don’t wanna lose that opportunity to bid. 🙂
Then I bid a very high price just like gambling. Perfect to get it, no loss even not.
😀
Hi Lixi,
your blog is great, i am learning just like you did for this week,
i finally had to break it down to a 2 line summary for long and short contracts, i put them on my blog you could check them out, but it looks like you have figured out the game now too.
i like how organized your blog is, the daily additions are easy to follow
you and i both are starting over this week haha
Ha… Let’s expecting everything turn better next week! Starting over!
Good luck!