Sean Pledger

I learnt a very valuable lesson this week. When day trading, if you’re holding a position you need to always be paying attention to the price. On Tuesday I took 2 long positions on Soybeans, attempting to ride a very short term trend. On those contracts I was up roughly $200 dollars on the day. I should have sold then. When the markets opened Monday I had already experienced significant losses and I didn’t know what to do. In the end I held the positions and when corn rallied on Friday going limit up, soybeans were dragged along for the ride and much of the week’s soybean losses were quickly erased.  My open short on corn was another issue though. Over the last 2 weeks I’ve made nearly $1500 on one corn contract. On Friday all of that was wiped out and turned into over $500 in losses. However I still believe that in the long run the short on corn is the right move so I took the opportunity of what I’m hoping is a temporarily exaggerated price inflation to short another 2 corn contracts. I suppose we’ll see over the next couple months whether that was the right move or not.