Definitions by pnoy008

bareback

Whilst trading futures contracts, trading a spread or outright contract unhedged.

I just got out of my September hedge so I've holding these Junes bareback.

bareback by pnoy008 February 23, 2005

chacon leg

Whilst trading futures contract spreads, the act of buying or selling one side of the spread and then holding the other as an outright future in order to shore up what was a staggering loss. Named in honor of the trader Chris Chacon.

The only chance you've got it put up a chacon leg to get out of it.

chacon leg by pnoy008 February 18, 2005

pnoy scratch 

Term for getting out of a speculative trade at breakeven by doubling down at a better price and then liquidating the position at the average of the two prices.

I was long from 18 so I doubled down at 17 and sold it all out at 17.5 for a pnoy scratch.

pnoy scratch by pnoy008 February 18, 2005