Morn all , I just screwed up so this is a confession and thought it worth sharing as it shows a distinct advantage of cfds over futures .
I went short on the dax at the close this morning . Due to a small acct and past history I don't trade markets that are not open so I don't trade spi ,ftse , emini's etc when the cash markets are closed . I thought I had more time like 1 minute or so but lost track of the actual close . The risk to me going long or short in a market like Dax which doesn't trade over night in their time is it can gap up or down 100 points on the next open . The eminis and even spi aren't so critical in this reguard as the time shut is only small if at all , except weekends. So after pulling my hair out for an hr or so I rang my current cfd provider and offered them a 50 or 100 buck bribe to close my posi while the markets were closed . They closed the posi at the last offer price and a 10 buck loss . It could of been a 500 buck loss or gain when the market had reopened . U can't do this with futures and the loss on each contract could of been multiplied by more than 5 fold as I only trade small portions of the real contract . I'm bad but also glad to be facing no risk until the markets open again . If anyone can make a mistake in trading it is me .lol but this time I thank my cfd provider who could of just said get stuffed . cheers
