My Current Commodity Futures Positions – 9/7/08

My Current Commodity Futures Positions – 9/7/08

Now THAT’S the way you trade!

Two solid weeks in a row – I’m feeling good about things, back in control, following trends like I should be.

A review of my trades from the week that was:

  • Closed out my Coffee long position – I closed this out on Thursday just north of the 143 mark, because – well – coffee just didn’t feel right. I bought in anticipating a possible breakout – didn’t get it – and figured best to close out my position. Much to my immediate chagrin, coffee rallied up above 146 soon after I closed the position. But was down 4.10 yesterday. Coffee is so volatile it’s unbelievable. This is truly a “close your eyes and buy” bull market, and I just don’t have the stomach or capital for this right now.
  • Also closed out my Silver long position – Really, I had to come to grips with the fact that I didn’t time the bottom properly, that I was dumb for trying, and that I should wait for an uptrend before having a long position in Silver.
  • Went long the Japanese Yen -As we discussed earlier in the week, the Yen has held up remarkably well in the face of this dollar rally. We finally got the breakout to the upside I was looking for on Thursday.

Other existing positions I’ve got:

  • Short the British Pound – This trade continues to look good – the British Pound has been down basically every single day against the dollar for at least the last month. I’m happy that I closed my eyes and added another short contract last week.

My wish list (waiting for an uptrend):

  • Sugar
  • Cotton
  • Coffee
  • Swiss Franc
  • Silver

Open Positions

Date Position Qty Month/Yr Contract Entry Price Last Price Profit/Loss
08/29/08 Short 1 SEP 08 British Pound 1.8190 1.7654 $3,350.00
08/12/08 Short 1 SEP 08 British Pound 1.9042 1.7654 $8,675.00
09/04/08 Long 1 DEC 08 Japanese Yen 0.9340 0.9339 ($12.50)
Net Profit/Loss On Open Positions: $12,012.50

Account Balances
Current Cash Balance $50,069.73
Open Trade Equity $12,012.50
Total Equity $62,082.23
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $62,082.23

Cashed out: $18,000.00
Total value: $80,082.23

Weekly return: 7.4%
YTD return: 5.0%

***”Cash out” mostly means taxes, but lately I’ve also been using it to pay down my credit cards a bit. Why credit card debt? I’m financing a startup and trying to outpace my CC interest rate in the futures markets – kids, don’t try this at home.