There is always a "one year" for every commodity futures trader. I made the mistake of mine, and every trader can do and more. Here is my story of how I stumbled into the lion's den, got Gored several times, and even made some money. I hope beginners will read this and avoid some of the obvious things. Here's to all new traders!
It all began in the spring 1979th I was 28 years. I was in the office of my new retail electronics company. Let's go over some paperwork and got a call from a young and excited commodities broker from Boston, or some name like that. He must have a list of new companies and cold calling small business owners.
I had no idea, but at that time sugar was in a bull market trading at about 11 cents and sentenced to 45 cents later this year. Gold, silver and copper are also creating new records. Bunker Hunt was turning silver on the way to $ 50 an ounce. Gold is destined to hit $ 800. In any case, this kid from Boston was on fire and he told me that I miss the possibility of life in sugar futures contracts. He wanted to mail me some hot news from news wire goods. He was looking for a $ 15,000 bet, a lot of money in the late 70's. He said he would buy me four sugar futures contracts. I do not know anything about the goods at the moment, but told him to send more information anyway.
When it arrived, it was usually bullish hype about shortages, disease and reasons for sugar had nowhere to go but up. Somehow he knew to call the moment I got it. He was confident I could make a simple double or triple, so I agreed to send him $ 15K. Now, this part gets interesting. I have not opened the account or sent him money yet. He said he needed to put me on the phone with trading to lock in my four futures contracts for the next day. I was puzzled, but agreed.
The next thing I knew the answers-type phone with a gruff voice shouts: "Trafficking", I said I do not know if I should speak with him, because I did not know what to order. I think I was on speaker phone because I heard some guys laughing in the background. He said: "OK, you are locked in the October 4 sugar commodity futures contracts on tomorrow's open." I said, "OK, I guess," and hung up. By the way, why is that most aggressive brokers put naosoran, hoarse voice acting, as if you were in the trading pit yelling all day? I hear it all the time ... funny.
Kid commodities broker called me right back to you my congratulations on a smart decision. He sent me the forms of goods account overnight service. I must admit I was excited. I had no idea about the commission rates, the potential risk, the size of the place ... nothing! But I wanted in! I was the perfect sucker. When the bill arrived forms I fill them out and was getting ready to send everything back.
by accident, I got a call from my CPA on other things. I explained to him about this new venture. Somehow, he knew something wrong and told me to go. I called the Boston Children merchandise back and told him my CPC has given the green below. I had a hard time getting a child with a phone. He called me spineless, said we were supposed to be a real man, and I regret missing. He also said that the need to stop acting like a woman. For the next three days with their friends in turn we are working through trying to close the sale. In the meantime, I started reading about commodity futures trading. It was the first real move I made!
Part two of the four - next
There is a substantial risk of loss trading futures and options and May not be suitable for all investors. Only risk capital should be used.
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