Dumb newbie mistake- aka learning opportunity.

Discussion in 'Trading' started by wartrace, Jun 17, 2009.

  1. wartrace


    Always confirm your order before you send it:eek:

    I intended to buy one spx put today, sent the order & the confirmation came back as ten contracts. I had failed to confirm the trade size before I sent it. I then had to go back and sell nine of them. Double commission/small loss on the bid/ask spread.

    Ten was just too many for my risk tolerance although it probably means it will pay off.

    Hopefully the mistakes in the future won't be as stupid.
  2. NoDoji


    This reminds me of the day I went to buy calls on a stock I'd been trading in 1000 share lots for quite some time and just before I sent the order through I noticed the 1000 in the qty field. (And I'd turned off my order confirmation feature about a month prior to this). The commish alone would've cost me $750 one way. And. yes, I'm a noob, but I would bet some seasoned traders have made such mistakes.
  3. wartrace


    Would the trade have paid off if sent (1000 options)? That would have been something!
  4. riddler


    lets face it, you are gambling my young friend..when will yoiu realize it? when you've lost everything. i am serious.
    if i only listened to my instincts, if i only would have stuck to my disciple, i knew i should'nt of bought it,i never buy in the morning,bla bla bla...its gambling.
  5. wartrace


    Maybe so.....but I like the odds.
  6. wow....that type of attitude is shit. This is the ONLY way he will learn....and you're ruining his curve.

    Find something else to do.
  7. He admitted that he made a stupid error.

    Besides that you have no proof when it comes to knowing whether he is on his way to being a good or bad trader.

    Therefore you make yourself look like a complete dumbass who tries to convince people that they will fail because your life is a failure.
  8. NoDoji


    Big time, $200K as a day trade, over a million if held a couple weeks. On the other hand, would've blown my account if it moved just $1 against me, so not the kind of mistake you want to make!
  9. dolanosa


    ...like buying near the end of a rally only to either:

    1. Not get out in time and lose.

    2. Not make enough and have to make the decision to either wait it out and hope for the best or get out and not make crap.