Word: price
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...what body part is next? Well, it depends on the price, I guess. I can spare very little, mind you. I might try liposuction and spread that around...
...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 1,000 barrels of crude oil: if the price moves $10 per barrel, you just had a swing of $10,000 in your account, which means you've either doubled your money or lost your shirt, your dreams wiped out in mere minutes. And you thought casinos had all the action...
...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 that your trade executes. In all, you'll probably give up at least $20 per contract. That adds up, and can easily eat away at any potential profits. If you made one trade per day, you'd be losing 1% of your account value per week...
What, you have a brilliant plan to just buy and hold oil? Don't count on it. The bigger players know what you're thinking, and they'll drive the price temporarily down so you are forced to sell at a lower price - or risk losing more than you can afford. As the price falls, and all of the other "smart" traders around you are forced to unwind their long positions and sell oil, the price will fall even faster against you. Why would the big boys do this to you? Well, any money lost by one trader must...
...Best Price has tried to match this, but customers have to pay for home delivery. It has also linked up with Kotak Mahindra Bank to offer "business cards" with which customers can shop on credit for 14 days. Kalia, the restaurateur, laughs at this: "In a country where half the economy is a black economy, how do they expect a shopkeeper to give checks and put all transactions on record...