On Tuesday, February 17 th 2009, I decided to trade the HO (heating oil market).I guess that the electronic market I see at InteractiveBrokers is not the primary market: the bid/ask changes rapidly but hardly any traders.
On Tuesday, oil was going down and heating oil went from 1.3 to 1.20, time for some action!
I planned to buy at 1.20, but my order wasn't filled, I cancelled it.
Then oil sank further and HO went below 1.19 , I bought at 1.1866.
Again too soon as it went lower to the 1.18 area. Buyers at 1.18 could start trading in-and out. But I was in too high.
It went even to the low 1.17, where I bought twice and sold twice wit a little profit (Less than 10 ticks). Spread was very high and almost after each sell I did, price went up, sometimes 75 ticks.
My initial position didn't get closed that day. Since I have no access during working time to InteractiveBrokers, I put in a sell at 1.1869 (to recover cost).
I got filled at 10h54 AM local time Brussels.
My loss of almost 700$ was gone and turned at the end in a little profit.
So far the HO trading.
The next day it went to 1.1381, so if position was not closed losses would have bee, up to 2000$!!!!!!!!!!!!!!!!!!!!
Potential trader be aware, losses are much more easier than profits.
Days after lead to wild jumps in prices, the real trader would have made a month's pay in one day.
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