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| Been there,done that with telling the wifie back in 1988 drought
LONG 3 MWEU @ 4.692
Looked at my wheat in the mean time.
LONG 2 more @ 4.672
Learned backyardish really fast...............
25k wheat was more then I raised at the time......
Young and being an blanking idiot,after I made bout 8k the prior weeks,bought a new car with "profits"
Then it turned.....
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ONCE it turned IT WAS DONE,even with the nasty drought.
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On some very small rain showers out of no where 200-300 miles south of Lasalle street on Saturday afternoon,got that sick feeling in my gut right awayyyyyyyyyyyyyy. If one has never trader the futures,,,its a feeling you never forget*********************
M-T-Wednesday EVERYTHING was locked limit down,the old wheat limits were .15 they had been raised to .20 I lost 5k a per,,,they did not supply KY Jelly. It traded Thursday,closed down .10 that day,got out with a 17.4k loss in 4 days.
Old broker saw dollar signs on commissions,new broker point blank "sat" me down and forced me to look at long term MWE charts. He has a ruler,went back in the history and showed me many highs of give or take 4..65-70....................... He's ticked at me,ticked at my old broker and says "IF YOU would have been doing what a FARMER should have been doing YOU would have had ALL your wheat SOLD for your 4.672
The point was made very clear to me.................VERY QUICKLY..........................I've been learning charting ever since,this is one of those things you never stop learning.
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On a tecky side note. The low after the crash of 2008 was 4.65 this level dates back to the 1970's gentlemen
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Now I saw this low,remembered those BRUNT in my head numbers from 1988,thought about buying some MWE,,,,, because of that 17.4k loss could not bring my self to even pick up the phone. I have yet to buy 5 contracts of anything,,,,, I'll sell at a drop of a hat,getting a tad better with buying,,, but like a said its a feeling in your gut you'll will NEVER forget and I was 24 years old at the time. | |
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