The markets weren’t too kind to me today. I got beaten up a little, losing on 8 trades in a row. My losses were pretty small, and I managed to escape with my bankroll intact. Everything I did today was pretty stupid but hindsight is always 20/20. Oh well, I know better than to trade holiday markets.
On another note, seat prices at the MGEX continue to set new records. One traded today for $285,000.
http://mgex.com/seat_prices_2.html
We have a nice little swell coming out of the west that’s about waist high. I think I’ll squeeze in an hour of surfing before dark. It’s very unseasonably warm here, with today’s high of 85.
Jeff
I had a streak of 5 in a row losers in this past quarter that just drove me nuts. I had to push myself away from the computer and say, “stop. wait for a good one. it’ll come.” but that was over a quarter. 8 in a day? dang!
what do you make of that seat price. top in seat prices? sign of too many people wanting in on the commodities game? or do you buy the breakout?
Comment by HighPlains Trader — December 29, 2007 @ 12:06 am
Exchanges are all consolidating and being bought out, merged, or going public. The Minneapolis exchange only has 400 seats, and owns 3 buildings on a square block in downtown Minneapolis. It is a very viable exchange. Speculators are buying the seats, and are bidding up the prices. I think there’s still upside as the exchange is doing well, and the real estate is solid. It’s interesting that in the early 80’s, seats were going for $1000. I don’t know at what price I’ll sell my seats, but I do have a price.
Jeff
Comment by masteroftheuniverse — December 29, 2007 @ 12:30 am
Slap my ass and call me cowboy!
Losing on 8 trades in a row!!? Definitely a bad luck… At least your loses were pretty small, as you said, so guess it wasn’t too bad. Some people lose nearly everything just by screwing up on 1 CurrencY trade ;]
Good luck in the new year!
Comment by KoTa — December 29, 2007 @ 3:28 am
Ouch on today’s 8-streak, Jeff. If it’s any consolation, I once got turned down by 10 women in a row to dance at a disco in the 70’s. Actually at about #6, I turned to my buddies and said “what the hell, let’s see if we can go for a record here”. Mine is 10. My self-esteem survived.
Actually now I remember there was a flip-side to that story. As I was leaving the club, I bumped into this gorgeuos girl Andrea that I worked with, and I got a kiss good-night. I guess persistence does pay off.
Yeah, I’m looking at my stuff, and it’s like somebody’s taking sand-paper to it. It’s all just getting slowly ground down. I’m about where I was at the beginning of the month, basically at the low point of my 2007 draw-down. THERE’S something to blog about.
So how was the surfing?
Cheers,
George
Comment by allocator — December 29, 2007 @ 3:39 am
8 bad trades in a row aren’t too uncommon…..Many times, I’ll have a string of small losers, and one winner that makes up for the losers. The odds of getting 8 losers in a row are calculable, especially with the tight stops I’ve been using as of late. My mind has been pretty distracted as of late, and today wasn’t my A game. Oh well, I won’t lose any sleep over it.
The surfing was pretty good, and I managed to catch a half dozen rides. The water was cold, but the air was unseasonably warm. I still had to wear a wetsuit, but it got very warm in the hot outside temps.
Jeff
Comment by masteroftheuniverse — December 29, 2007 @ 3:48 am