Ah how can i be so stupid! :)

Discussion in 'Index Futures' started by affan, Oct 4, 2008.

  1. affan

    affan

    Well i am having mixed feelings now, today i lost a ton of money but i am not feeling very upset, maybe just a bit down considering i ate one cereal box and one big bag of chips, and considering how health conscious i usually am, maybe that was my way to vent!

    I opened a 10K account for futures trading few months back and had got it up to 11.1K. Today i shorted 3 YM contracts around 9am EST and made 21 pips for a nice $330 profit bring my account to around 11.4k. I was happy with my result today and decided to call it a week. But it was not meant to be! See after i placed my order i went to take a shower, and placed a 15 point stop market order. When i got back from my shower i saw i was up and closed my position. BUT I COMPLETELY forgot to cancel my stop market buy order for 3 YM contracts and i went to work!! I don't know how could i be so stupid! The stop was at 10620! And it was placed at 9:31 i believe, and I had no idea!! Even more shocking is that market today went all the way up to 10827 giving me a undeserving unrealized profit of over 3K! Ofcourse i had no clue i had that profit, i thought i was out! Then the market went down all the way to 10350 or so! and now i am down almost 4k! Sigh i can't believe i forgot all about the stop order. I have been so disciplined before this! just feel dumb now!

    So had to vent, sorry :)
     
  2. What software are you using to trade? :confused:

    Here, try this one:

    NinjaTrader

    A lifetime license would have cost you much less than your losses today, and it would be virtually impossible for that situation to have transpired even if you only had a rudimentary knowledge of the software.

    GL
     
  3. affan

    affan

    I used Tradestation for this trade. I also use Ninja Trader but for only viewing charts. I guess i should seriously consider getting the license! lol
     
  4. affan

    affan

    oh and i am still holding 3 long YM contracts! i hope the market doesn't crash further monday morning! lol
     
  5. Hate to be the bearer of bad news but I think the overnight margin is $3150 per contract on ym so come monday you will probably be holding just 1 contract due to a forced margin call.
     
  6. i don't know how he did not get margin call, they raised margins today,old margin for YM was $3503 and today was raised, don't remember exactly by how much but if memory serves me right YM now its around $3800, same for ES now is little over $5000 old margin for ES was $4500.
     
  7. rtp100

    rtp100

    affan this happens to everyone once

    believe you me :)
     
  8. 3 contracts with 11k =\, bit too high risk imo. I'd do about 7500/contract for the YM but thats just me.
     

  9. Not if you use a platform and make sure you select OCO on orders.
     
  10. fseitun

    fseitun

    I can't believe you are being allowed to take a 3-contract losing position overnight - and overweekend - with a $10K account.

    I know daytrading margins still allow you to use pretty good leverage, but overnight margins are pretty tight nowadays.

    Also, I don't recommend trading more than 1 contract under current volatility simply because you are undercapitalized.
     
    #10     Oct 4, 2008