Mira wrote:You were draining the banks in 2002 too!
Was that Coffee @50 PUT hedging the future contract (Dec -2002 coffee)?
I hedged half of my coffee contracts, yes.
My first trade was a single gold contract. I remember being down $200 the moment that I placed the trade; "are you sure that you know what your doing?".
Shorly thereafter, not the same day, a plane flew into the trade center and the markets were shut down for a week. The broker then called me saying that "anything" could happen when the market opens and that I should get flat...I laughed so hard at his mental handicap (it's a gold contract, at 30 year lows, and we were just attacked...). When the market opened I was up about $1100.
I didn't have a computer, I had: a red pen, a phone, and a set of paper charts that was delivered once a week. When I opened the chartbook all I would see is: bars, lines, value of each line, and margin per contract. If I wanted to update my chart then I would call my broker and if I was in a live trade then I would call him every 30 minutes until I gained enough OPM to relax.