Home > General Topics > Trading > Ever push the wrong button?

Ever push the wrong button?

  1. Today I bought gold at 1,093 and doubled up when it dipped a bit. When it got down to 1091 and started falling kind of fast I decided to close out my position. I pushed the buy button instead of the sell button and doubled up again, but took a second to realize what had happened. I thought i closed it out but im looking at my losses go up really fast and trying to figure why that was happening. Then i see it and I'm like "oh crap" Gold then had a nice bounce for a second for me to close out my position with not that much of a loss and I got out at about 1090.43.

    Its not very often I push the wrong button, but anyone else ever do that?
     
  2. yesterday as a matter of fact

    accidentally doubled up when i meant to sell.
    Glad i doubled checked everything (well single checked i guess since the first "check" evidently didn't work) and was able to exit both in a few seconds and the spread was the only thing it cost me.
     
  3. For frequent traders, pushing the wrong button is not a question of "if", it's a question of "when".
     
  4. I bought like $20,000 of RIMM last week. My fat finger added an extra digit to my order size. Got out with $75 gain ten seconds later.
     
  5. it's referred to as fat fingering in my world as well
     
  6. Didn't you have a sell stop in place to protect you? I guess not...
     
  7. It's impossible to not make trade mistakes as in 100% perfect trading especially if you're not using an auto trading system (it does the trades for you).

    I think below are some common trade mistakes made by anyone during a week of trading:

    * Click the wrong buy or sell button

    * Wrong position size

    * Move stops to the wrong price

    * Forgot to put in a stop or remove a stop

    * Wanted to close a window on your monitor that was near your broker window but accidentally closed your broker window in the middle of a trade

    -------

    There are probably 100's of different reasons why one of the above could happen on any given trading day. The key is to understand it's normal to make mistakes and that you must quickly fix the problem instead of hoping things will fix itself.

    With that said, I think it all evens out because you will make trade errors that you benefit from.

    Mark
     
  8. Every trade should be double checked before entry, and a confirmation popup should always be enabled.

    It is the errors, disruptions, lapses in judgement, overleveraging and other things that kill off the small edge that some manage to find.
     
  9. I agre, with the exception of the last statement. In my experience, my trading mistakes (fat fingers, etc) are just another cost for me.

    Hopefully, it doesn't happen often.
     
  10. Here are a few fat finger stories... In the last one, Mizuho lost more than $225 million. :eek:

    ----------------------------------------------------------

    Typically, a fat finger can be spotted by a `spike.' An abnormally large number of transactions hit the market and get executed at the start of the spike. Fat finger trades have a long history charted by The Times (February 2005): A broker tried to sell 15,000 shares in music publisher EMI at 280¼p but instead placed an order for 15 million in a transaction worth £41.5 million.

    April 2003: A trader accidentally bought 500,000 shares in GlaxoSmithKline, the pharmaceuticals group, at £13 each when the market price was 70p less.

    November 2002: A market maker confused the price of Ryanair shares in euros and sterling, sending the London quote up more than 61 per cent, from 404.5p to 653.7p.

    October 2002: A keyboard error at Eurex, the world's largest derivatives market, halted trade for three hours and caused its index to fall 500 points after an unidentified London trader entered the wrong price during a futures transaction.

    September 2002: A Eurex trader intended to sell one futures contract when the DAX, Germany's index of leading shares, reached 5,180. Instead, he sold 5,180 contracts, sending the market into a free fall. Five hours later, the exchange announced the cancellation of a raft of other trades.

    December 2001: A trader at UBS Warburg, the Swiss investment bank, lost £71 million in seconds while trying to sell 16 shares in Japanese advertising giant Dentsu at 600,000 yen each. He sold 610,000 shares at six yen each.

    May 2001: A trader at Lehman Brothers mistyped a trade and wiped £30 billion off the stock market. He wanted to sell £3 million of stock but typed too many zeros and sold £300 million. The bank attracted a £20,000-fine.

    November 1999: A dealer put his elbow on the keyboard and inadvertently placed 600 trades in 16,000 of the Premier Oil's shares at 19p, worth more than £1.8 million.

    However, the record in fat finger trading is still held by a trader of Mizuho Securities, the broking arm of the Mizuho Financial Group of Japan. The trader had managed to sell shares worth £1.6 billion in a local recruitment agency, J-Com, which had just been floated and had a market value of little more than £50 million. The December 8, 2005, "sell" order, was mistakenly placed for 600,000 shares, despite the fact that J-Com had only 14,000 shares in issue. The order had created chaos in the market and had resulted in a 301-point fall on Japan's main stock market index, the Nikkei 225.
     
  11. Years ago, before there was much in the way of online trading, I once accidentally doubled a 60 lot on the full sized SP Futures with a phone order..

    I was thinking "buy" and was saying "sell".. even confirmed it with the broker...

    That was probably the beginning of my memory turning to Swiss cheese...
     
  12. I was trading gold on forex, so the sell stops there do not protect you. You put a tight sell stop in forex and you get these little surprise "spikes" that hit your sell-stop.
     
  13. IT happened to me once
    I was trading the
    QQQQ
    and i had 1000 shares long
    instead of pressing the sell button i bought 1000 shares more
    it was lucky that it moves 5 cent up and i realised my pnl is moving higher i was like wtf
    Then i pressesd the botton nuke all orders and was lucky to make $50 more
    But mistake do happen
     
  14. In the old days of preferencing (if you traded for ten years or more you will remember) I was tryng to get out of 5000 qqq short in a fast market. I preferenced closeouts on about 30 orders and got filled on almost everything. I think I had 113000 qqq. I had a massive margin call. I remember going to the bank with my group manager with a check for over 1 million dollars to move money to pay off the call. In those days software was not well equipped like it is now and allowed you to buy or sell much more than the bp a trader had.
     
  15. Yes
     
  16. Just the other night, actually. As many others have mentioned, I doubled up instead of closing the position. I've done that a few times before, as well as taking the wrong position on entry. Thankfully I realize it fast and it's never costs me much (knock on wood).

    Mistakes happen - all part of the real world.
     
  17. Some of those errors may go your way as well. But then the story wouldnt mention the mistake, it would mention how good the trader timed the market...peace
     
  18. After 10 years and thousands of trades, yes, still occasionally f*up.
     
  19. Everyone who trades has made a keyboard error or two. With things happening so fast sometimes, it's easy to see how these kind of mistakes can happen.

     
  20. I have entered the wrong side of at least 5 trades that I can remember. Two of them resulted in several hundred dollar loss, the other 3 resulted in Smaller gains. I have not had a "fat finger" this year as I am a bit more careful.

    A few times in error I have hit the buy button instead of buy to cover--which resulted in a phone call and it was taken care of over the phone with no loss.

    Sometimes in a fast moving market our hand and fingers are not synced up with our brains.
    .
     
  21. I've done that before too, back when i used a direct access broker. I clicked sell instead of sell short. I made a gain, but end of the day, they took the gain away from me and the SEC gave me a 25 dollar fine on top of it.

    Funny though that when you get a loss, they dont reimburse you.
     
  22. I sure have. Sometimes it's a "happy accident" that works out to my advantage, although not as often as I'd like.
     
  23. Its not very often I push the wrong button, but anyone else ever do that? [/B][/QUOTE]


    Those are the trades I finally get on the right side of the market.
     
  24. many many times lol
     
  25. Yes, I have done it..
    In your case, it was God's Will..
    In my case, it was because I was a fucking idiot.
     
  26. goldman's fat finger in the euro's last fall was pretty costly- a 250 tic move on a sweep in the ED's
     

  27. LOL
     
  28. Thanks for posting. I am glad to see I am not the only one who does this. I do it at least once every couple of months. Even more stupid, I followed one bull call spread for about 3 weeks in my fancy spreadsheet. When I went to close it for a loss, I discovered that I had never actually put the trade on. So maybe things do even out, if only in my imagination.
     
  29. Yup. Been there done that.

    Important to immediately close it out and take the loss, breathe, and move on.

    Unless you did that 600,000 for 6 trade. That I might try to trade out of. Your toast either way, so might as well show your stuff and heroically trade back to flat. What do you really have to lose? You've probably lost your job at that point, so makes sense to try to save it.
     
  30. Better turn the key repeat rate down if you're adding that many zeros without realizing it. :p
     
  31. It's good to see that I'm not the only one who has regular brain farts.
     
  32. I pushed the Sprite button once when I wanted a Coke
     
  33. several years back i was day trading MEDI (medimune) the company that developed the flu mist. I was heavily loaded up with it and thought i closed my position when in fact i doubled it. Later that night i checked my trades and couldn't believe how stupid i was. I am mostly a day trader so I was a bit pissed off at my mistake. the next day the stock gapped up over $3.00 per share It was one of the most profitable trades i have made. It could have easily gone the other way. It was dumb luck.