Slam Down in Cocoa
What a sell off in Cocoa, Cotton, Coffee and Sugar today. I went short Cocoa at 3351 (on a Hollin Commercials recommendation) risking omly $190.00. I am trying to learn day trading and only took $360 profit in an hour and a half on one contract. I don’t have time to figure out the long haul as in the past with LightWave getting ready to go public, so I took profits and went on to work. The market continued down another $1,000 after I got out, but I had to say, “I’m happy!” Return on $1,260 Margin was 28% and the time in and out was short, interrupted by an hour long Commodities Live broadcast and now I can move on to the next project.
Jim’s Single Method wasn’t in play for the e-mini Russell for the fourth day in a row (which is part of the reason I got out of Cocoa). The market was higher at 8:59 than at 8:30 (Central).I know this market is going to have a big move in the time frame and pattern I want, but I just have to be patient. Patience is the best friend a trader can have.
