Thursday, May 01, 2008
Oil Dropping to $110
Well, I feel real stupid now. Considering I had that short on crude oil at 115.5 a week ago, I could've made a lot of money (like 20k if I held to today). Last week I never heard so much media coverage on Oil, which to me marked a peak in Oil prices. I however put on a short position a couple days too soon that was too large for my account (short 4 contracts), and I exited as soon as I could for a small profit after having taking a lot of pain in holding the position for 4 days. I stopped trading Crude because I got scared. I got scared because I put on too large of a position. Risk management is my biggest barrier to success that I need to work on.
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1 comments:
Risk management is everything. Too bad the timing didn't work out. I sold out a bunch of my crappy airline stocks and trimmed some FTO just before oil corrected. And I was holding those damn airlines forever... Frack!
-BD
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