Update

Well, I totally bailed on this blog. I suk. I think you'll understand why after learning what has transpired since mid-2008 (in case you haven't already guessed):
- I didn't sell, and oil, natural gas, etc. all collapsed. I got crushed in the process, massive losses, wiping out most of our savings.
- I was particularly bummed when I had a margin call - like my 10th - and I decided to sell my S&P short instead of one or two oil or natural gas longs. I figured, "Eh, I'll get back into it in a couple months." Then a couple weeks later, before I went short again, the bottom fell out of the market. Would have made a killing (although still probably not enough to break even).

Where am I now?
- I still hold one long, a June 2013 natural gas future. Lost a bundle on it, but I figure NG is as low as it can go.
- For oil, I switched to options. Paying a massive time premium, and I can't trade way out in the future, but at least I won't get demolished.
- Everything else is gone, like dust in the wind.

Looking back, what should i have done differently?
- Obviously, I should have sold when things were high, either while I thought they were still going up, or after they obviously were crashing. But how would I have known? Here are some of my thoughts:
1. I needed an independent advisor's thoughts. I think anyone who understood futures well would have told me to get the hell out, and restructure my portfolio. I was looking for someone to advise me, but work just happened to be crushingly busy at that time, so I didn't go out of my way.
2. Before buying, have a target price for selling, both on the high side and the low side, or at least a plan what to do when it hits a certain point (e.g. do a calendar spread, or buy/write options).
3. Have a larger life/financial plan. This one is hard, but if had a firm vision for what this was, I may have sold in time when it looked like we were getting close to a financial milestone (e.g. enough to put 25% down on a house, although that's not one I would do obviously).
4. Watch falling knives. I tried to catch a falling knife when I bought a gasoline long as it was collapasing, very stupid. I also held my oil and natural gas as it was collapsing. I should have just let go of that knife and let it drop to the ground.

Others?