Tuesday, September 16, 2008

good luck with silver, bad luck with my broker's trading software and sugar

well, i tried to enter a profit-protecting stop-loss-limit for my sugar trade on the weekend, but my cmc-markets trading software didn't accept that order (it happens quite often @cmc when the respective market is closed, maybe because many orders (or all of them?) must be confirmed by a physical person somewhere in london ;o((. why have people invented software? maybe to automate easy processes like receiving trading orders? i don't know....
because the last price of sugar on friday was 12.43 and thus miles away from my initial stop-loss, i didn't worry much about this (at that time winning) position and planned to move my stop-loss-level higher after market close tonight. as so often in the office, i couldn't look at the markets at opening and few hours later it was too late for any rescue operation! my sugar was stopped out as the market had a huge decline (intraday -7%).

item___________: sugar >> position closed
units___________: 1
order type_______: stop
trade type_______: long
entry date_______: 09/09/2008, 14:32 (london time)
entry price______: 12.12
initial stop-loss___: 11.80
new stop-loss____:
exit date_______: 09/15/2008, 11:43
exit price_______: 11.80
profit (loss) in %_: (2.64%)
profit (loss)_____: (0.32) => (32 usd)
lessons learned: even if i have much other things to do, i should NOT forget to protect my trading capital with appropriate orders and if it is not possible to place an order automatically i have to call my broker next morning to do so .... and not allow a combination of bad luck (with cmc's software) + huge market movement (intraday -7%) to switch a winning position into a loss :o). btw, near 10.0 or bellow i would consider a re-entry again.

i had a quite good entry in silver today:

item_________: silver
units_________: 1
order type____: market
trade type_____: long
entry date_____: 09/15/2008, 14:59
entry price____: 10.88
initial stop-loss_: 10.60
new stop-loss__:
exit date______:
exit price______:
profit (loss) in %_:
profit (loss)____:
reason why + strategy: bankruptcy of lehman brothers + emergency sell of merill lynch => the fiat money financial system is laying on the floor!!! on the other side the precious metals still sooo cheap??? let's buy them!
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