LCG is correct in closing all your positions; they are actually trying to protect you. I will explain. Futures contract is different from Forex in that there is actually delivery of the physical product underneath the contract which means that at the end of trading aka expiration of the contract, you actually have to deliver the physical product that the futures contract trades on. For this crude oil contract that you are trading, it's Light Sweed Crude Oil and each contract is for 1000 barrels of light sweed crude oil. So assuming you were trading in 1 oil contract, unless you have 1000 barrels of light sweet crude oil that you can deliver through pipeline, you must close the contract position by the end of trading for the contract to avoid the delivery obligation otherwise if you leave it open, you will be on the hook to actually deliver these crude oil and if you don't, you can be held breach of contract and be sued.
So LCG was trying to protect you by closing the position for you and they are NOT obligated to roll-over for you and they actually cannot without your further instruction. FYI, the end of trading or expiration of this oil contract is ALWAYS THREE business days before the 25th of each month and if the 25th falls on a non-business day, then it's THREE business days before the business day immediately before the 25th. So for Sept., THREE business days before the 25th is the 22nd since the 25th falls on a business day.
All of the trading information for this futures product is available from the website of CME which is where this futures contract is traded on:
http://www.cmegroup.com/trading/ener...l?41920.62014=
Please read it before starting to trade in them. Like I said before, Futures is NOT the same as Forex where it's just a CFD that doesn't involve anything; at the end of the day it's just a re-adjustment of positions. Futures involves lot more and its trading is lot more regulated and structured.
So LCG was trying to protect you by closing the position for you and they are NOT obligated to roll-over for you and they actually cannot without your further instruction. FYI, the end of trading or expiration of this oil contract is ALWAYS THREE business days before the 25th of each month and if the 25th falls on a non-business day, then it's THREE business days before the business day immediately before the 25th. So for Sept., THREE business days before the 25th is the 22nd since the 25th falls on a business day.
All of the trading information for this futures product is available from the website of CME which is where this futures contract is traded on:
http://www.cmegroup.com/trading/ener...l?41920.62014=
Please read it before starting to trade in them. Like I said before, Futures is NOT the same as Forex where it's just a CFD that doesn't involve anything; at the end of the day it's just a re-adjustment of positions. Futures involves lot more and its trading is lot more regulated and structured.
Make your losses in demo. Earn your profits live.