Word: contracts
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Dates: during 2000-2009
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First, you'll need money. How much? Let's say you want to trade one contract of crude oil on the New York Mercantile Exchange (NYMEX). Since you're not a member of the exchange, and no one will really trust your new oil venture, you're going to need to start with at least $10,000 in your margin account (similar to a brokerage account, but it lets you leverage your bets to the hilt) as collateral to comfortably trade one contract. That might sound like a lot for just one contract, but a single contract on NYMEX represents...
...time to trade. So where do you start? With a clear idea of what you're trading: you're not trading oil. You're trading a contract obligating you to buy or sell it at a specified delivery date in the future. But don't worry: as long as the number of contracts you buy equals the number of contracts you sell, you won't have to worry about the physical barrels...
...make money? If you sell oil at, say, $66 per barrel, and buy it back at, say, $65 per barrel, you keep the $1 per barrel difference. On one contract, or 1,000 barrels, that comes to $1,000. Not bad for a hard day's work. But take the other side of that trade - buy for $66 and sell for $65 - and you've lost a grand per contract. Remember that on both trades, you're going to pay high transaction fees and commissions, and you'll likely be forced to take a worse price in order to guarantee...
...indoor/outdoor Italian boîte as sleek as the museum itself. Designed by local architect Dirk Denison, Terzo Piano begins with a presentation kitchen at the entrance showcasing cheese, meats and salads. Further on, a clutch of 11 custom-designed mobile panels helps create individual dining zones that can contract and expand according to crowd levels. Smaller tables, accented by original George Nelson swag-leg chairs, have been rendered from resin and glow from within via abundant natural light. Outside, the designer name-dropping continues unabated via Bertoia chairs and Durat tabletops crafted from recycled plastic. It's all capped...
...however, both the President and his backers and foes are sailing in uncharted waters. The rupture in the regime - and in its constitutional contract with the Iranian people, which allows them to democratically choose their President, even if from a limited palate of options - that occurred after June 12 has not been healed. In his second term, Ahmadinejad will have to navigate both the ongoing socioeconomic crisis in Iran, and the international battle of wills over its nuclear program, from a position of diminished political authority and legitimacy. And his domestic political opponents are showing no sign of easing...