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Thursday, June 16, 2011

Gold (Cup) and wheat

I was delight to see Fame And Glory stay the distance in the Ascot Gold Cup today - I think most of us loved Yeats and it would be nice to see another Irish stayer doing the rounds. Royal Ascot has been OK from a punting point of view thus far, nothing huge earned, nothing huge lost.

I traded wheat for the first time today - it's a very interesting one and is quite weather dependent:

The one downside to trading the less common traded commodities is that the spread/broker fee is usually larger. Spread firms and brokers keep their margins to a minimum on things like gold and silver as they don't want to lose business but the spread on lesser traded stuff can be big which puts you on a losing foot from the outset. I took the opinion that the price would drop - mainly based on the weather but also based on the fact that it has been on a downward trend recently which may continue, which ties in with my momentum stuff. As it's my first time trading it, I only used small stakes. I opened my trade by selling at 726.20 and as I type, it's trading around 704.50. As usual, I wish my stakes were bigger!  But I'm showing a profit of over seventeen quid at the moment which is fine by me:

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