Thursday night and I was long the bund bobl schatz fly and I was improving my position and just as I bought some bobl there was a bobl stop downwards, it did 9 ticks in about 5 seconds and I clicked sell bobl as a reflex and was able to get back in the bobl only 2 ticks lower. It was frustrating and I held the fly overnight, it opened at the same place and came down more so I bought more and before I could get the bund on there was a bund stop which screwed me over big time. I was sooo frustrated I lost money in the TED trying to get out just because I was so offside in the fly and my positions were too big. I lost 500 euros just because of bund stops and not getting fills, for example I would be queing to buy the schatz and the bid would go down to the last few, people next to me were queing it and got filled but I didn't. The fly kept tanking and I was down at worst case 1200 euros, I felt sooo low. I felt like I couldn't click buy or sell because it would immediately do something crazy to screw me over. I carried on to improve my position during some news which caused the liquidity to go fast and did a great job. I kept improving my position even though the fly kept falling and soon was only down a few hundred on the day. I stayed till 6pm and got in and out the fly countless times making money buying it as it slowly drifted lower but obviously not in a straight line. I felt happy to know I had the skills to do this, which helped me relax and forget about the bund and bobl stops that had cost me money.
The fly made a small bounce back from the low and I got out, it was near 6pm and I couldn't see how it was going to go much more unless I stayed till 8 or 9pm. I wanted to leave the office so I decided to get out. 20 minutes later as I was updating some things on my PC the markets all tanked massively and the fly rocketed up giving amazing prices I felt sooo gutted. I hesitated to sell it which was a mistake as it would have given some profit instantly but I took advantage of the situation in the TED. The euribor was slow to catch up as it's likely very few people are watching the markets so I sold the euribor and bought the schatz which had fallen considerably, I got out for a tick within about 2 minutes which was cool. I finished up 257 euros, once again an amazing come back, considering the fly didn't bounce back whilst I was in it. I am breakeven for the week after costs but at least I should have covered my desk fee. Everyone has said how crap the market was for spreading this week so I am just content to have made about 1300 euros for the week, unfortunately I just traded a huge amount so costs were high.
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