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Hello,
I'm a uni-student who's just interested in getting some advice from some of the more experienced traders here as I've found myself in an unusual predicament. 
At the beginning of the Corona pandemic (and the russia-saudi oil price war started) I decided to buy crude oil as fast as I could and made two large investments when oil was at $31/barrel and 34$/barrel (100 barrels each), as well as a collection of minor investments in a myriad of things (gasoline, santander, etc) with the hope that the pandemic and price war would swiftly blow over.

Needless to say but they have not, whilst i'm not necessarily concerned with having to wait some time to see some investment returns its become evident I was too hasty and chose poorly in my choice of online broker (Plus500 ugh). Due to the positions being leveraged i'm being charged a daily fee (interest) to keep the positions open. The fee of all my positions combined is more than I pay in rent, (£25.57/day) I'm quickly becoming concerned that the daily fees will quickly burn a hole in my wallet larger than any profits I could gain should oil prices recover soon. 

What should I do?
Gradually close all my positions within the next week when losses are as small as possible? 
Hope oil prices spike up to $25/barrel again and sell then for a smaller loss?
Or hold and have faith oil prices will recover very very soon?

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Which instrument have you bought? And are your unrealised losses big?

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Oops

 

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Oops indeed.

Crude oil future CME
Unrealised losses of a bit over 2k

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3 hours ago, Max123 said:

Oops indeed.

Crude oil future CME
Unrealised losses of a bit over 2k

What did you buy exactly?

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Buddy I can not give you advice. But if you haven't already realised, you are in deep trouble. So make the right choice.

  • Upvote 1

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