Made a total newb mistake. Held position open while contract expired...
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Wow. Let us know what happens.
There is always that warning when trading commodities, maybe apocryphal these days, about not holding in to expiration or you'll find a guy on your drive asking you where you want the 5,000 bushels of corn unloaded then asking for the cheque, or a letter arrives wondering when you will be collecting your 1,000 barrels of crude.
I wonder if a short is different to a long position and whether derivatives rather than commodities makes a difference.
Good luck.
Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
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Whenever you apply for a brokerage account, one of the questions in the application pack is whether your account is for hedging or speculation.
In the 'speculation' case, the broker should get some alarms that prompt them either to take action, as Massive said, or to contact you when a contract gets too close to expiration.
Who is your broker, out of interest?
Last edited by xplorer; December 21st, 2018 at 02:20 PM.
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They did neither. My broker is Amps. The guy said there is nothing to be done - that everything will be resolved when the settlement price is determined and I will receive an e-mail tonight stating my profit or loss.
When the expiration occurred, my open P&L was stuck at $950. It recently changed to $812.50
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For cash settled futures like the mini S&P, it is no big deal. You will "close" at the official settlement price, which is likely why your profit changed to $812.50.
The only bad thing I have found from not closing before settlement is that the broker might tie up your margin until settlement is final.
No big deal in this case.
Just watch out with physically delivered contracts like crude. Not getting out of those in time can be really troublesome and expensive.
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