How I Lost Money Even Though I Was Right

[rxs0005 10]

How I lost money even though i was right

 

this is what happend

 

Opened a postion ( 2000 shares) at 19$ my price objective was 19.1$

 

It reached the target and i put in an order to sell 2000 shares and nothign happend

 

 

the price started to sink and next thing i knwo i bought 2000 shares more at 19.08$

 

What had happend was i had accidently put in a BUY order instead of a sell

 

by the time i figured out what happend in less than 60 seconds price was 18.95$ and i had to sell 4000 shares at 18.9$

 

 

can someone tell me some tips to avoid this

 

i feel so annoyed withmyself today !! :crap:

 

thanks

 

rxs0005

[thalestrader 14]

...Opened a position ( 2000 shares) at 19$ my price objective was 19.1$ ... It reached the target and i put in an order to sell 2000 shares and nothing happened ...

 

Have you thought of having an OCO limit order and stop loss attached to your entry order so you are taken out at target or taken out at stop without having to manually exit your trades?

 

Best Wishes,

 

Thales

[brownsfan019 17]

1) Do what Thales said

 

2) Know where the buy vs. sell buttons are

[jonbig04 10]

Actually I pushed the buy button today instead of the sell button. Of course my stop and targets are automatic (until I adjust them for the trade) so I knew something was off when they were upside down haha. Cost me a tick

[sevensa 10]

 

 

can someone tell me some tips to avoid this

 

 

Based on your other post where you do not understand AON orders and now buy instead of sell, you obviously should not be trading live. You should learn what different orders mean and familiarize yourself with your trading platform. Simtrade until you understand how to operate your trading tools before you place live orders. If you don't, then you will continue to pay the penalty with mistakes like this.

[DugDug 10]

All of the above plus realise you are never going to get rid of fat finger errors - unless you have so many bells and whistles you will never want to trade. These sort of errors ideally should be dealt with as part of your trading plan.... what to do if they occur..... and they will.

If you are dyslexic - give your money to someone else, or trade upside down.

[BlowFish 10]

Like putting your hand in a fire you will do it less once you have been burnt.

 

Edit: a practical suggestion see if your platform has 'fat finger' settings.

[hermit 10]

Use a better execution platform.

[BlowFish 10]

Use a better execution platform.

 

What one that sells when you press buy :D:D

[hermit 10]

What one that sells when you press buy :D:D

 

 

For e.g, having executions/orders plotted on chart is a start or having the running P/L etc will give a better handle on things during fast times.

[Trader333 10]

How I lost money even though i was right

 

this is what happend

 

Opened a postion ( 2000 shares) at 19$ my price objective was 19.1$

 

It reached the target and i put in an order to sell 2000 shares and nothign happend

 

 

the price started to sink and next thing i knwo i bought 2000 shares more at 19.08$

 

What had happend was i had accidently put in a BUY order instead of a sell

 

by the time i figured out what happend in less than 60 seconds price was 18.95$ and i had to sell 4000 shares at 18.9$

 

 

can someone tell me some tips to avoid this

 

i feel so annoyed withmyself today !! :crap:

 

thanks

 

rxs0005

 

Learn to use your trading platform better and preferably using hotkeys as this will reduce the likelihood of placing the wrong trade. It is much easier to do the wrong this using a mouse.

 

 

Paul

[daytraderjo 10]

Obviously, you are a beginner.

 

This will happen if you arent familiar with your platform.

 

1- Make sure you have your settings set to confirm your trades first before they are executed.

- a popup that will read..."are you sure you want to buy 200 shares of xyz at 19.89 price"?

 

2 - Always use limit orders.

 

3 - Get a platform that allows you to execute oco and oso orders.

 

If you dont know how to use these, you need to practice.

If your platform does not allow you to practice this, and does not provide education on how to use the software, then you do have the wrong platform for you.

 

You need to be comfortable with what you are using before you are trading live.

[edgararakelyan 10]

Lol, this has happened to me but fortunately I got lucky. I on accident bought aapl instead of shorting it and aapl rose about 10 points. Learned my lesson and made some money.