Brolizzz

Thank You guys for clearing this one for me out. Yes this is a gamble for some for others a job, career etc. We all know the good and the bad bit of it Blackhorseshoe i do understand that i should try underlying futures market. What i was focusing more is the flow off some certain markets like Daily brent or EUR/USD. To get to know charts and scalp when i see a chance to make some profit.. For me Futures market still unknown. I'm kinda very uncomfortable to make predictions on my own reasoning but it could be my demise if i wont try more frequent. Is binary options worth a go? Or stick with original Futures better? Again Thanks for reply guys really appreciate. Brolizzz

Hello guys this is my first thread in TL. So i had this incident yesterday and i as newbie saw profits and wanted to cash in but it went like this At 19:24:49 yesterday (10th December) you sold £2/pt of Daily Brent Crude (Jan) to open at 10723 with no stops or limits. The last rollover time is 19:15 and the market expires at 19.30. Settlement is basis the official closing price of the relevant ICE Brent Crude Oil future. After expiry the initial position is closed and a new position is opened at the closing price +/- 1pt (2 pts for Controlled Risk). Adjustment will occur when the underlying future changes, as was the case last night (10th December) when the front month future was changed from January to February. Your account is setup for all daily future bets to rollover at expiry. Therefore at 19:30:29 when you attempted to close the position online you were unable to do so as the market was in the process of rolling over to the next day. At this point we were also changing the front month from January to February. It is possible that whilst the front month was being changed for a split second online the profit on the position may have being valuing basis the price of the February contract as opposed to the January contract. You called the desk at 20:09:52. At the beginning of the call you ask the dealer to close the contract basis the price you see which displays profit in the region of £190. The dealer then goes away to check the price and returns to inform you that the price you are seeing is invalid and that the position is in the process of rolling and the front month is being changed. He explains that when the front month contract is changed, when a daily position rolls the spread you pay remains the same but the difference in the absolute levels will change due to the difference between the fair value of the respective contracts. He explains that this is what has happened in this instance. Towards the end of the conversation you state you are now able to deal on the contract online. Your request to close the position at the beginning of the call was under the premise that it be done at the level which would realise you in the region of £190 profit, which the dealer informs you is not possible, hence nothing was done. The call ends at 20:16:18 and you then buy back £2/pt to close the position online at 10623 in the February contract at 20:17:25, moments after the call ends. To conclude, the evolution of the bet was as follows: 10 Dec 19:24:24:49 GMT you sell £2/pt to open of the Daily Brent Crude (Jan) contract at 10723. 10 Dec 19:30:29 GMT you attempt to buy back £2/pt to close at 10748 but the order is rejected as the market is offline due to it being rolled and the front month being changed from January to February.(how do they know what i was wanted to do? 10 Dec 20:11:50 GMT the position rolls. Your position is closed out at 10733 on the January contract, realising a loss of £20, and simultaneously reopened on the February contract, short £2/pt at 10620. 10 Dec 20:17:25 GMT you close this position online, buying £2/pt to close at 10623, realising a loss of £6. So after all this should i be the beneficial of this changes and market move? To me it seems like i was duped feels like whey was roll overing my position instead taking 2-pts they took 100-pts and was ripped. Please clear my confusion with one guys if u know what happened. Thank You A.Z