fat finger

Discussion in 'Trading' started by JamesJ, Oct 7, 2008.

  1. JamesJ

    JamesJ

    uhhh just produced a fat finger type of trade... but closed it right away...

    ES in BookTrader, one click is set to 1 as most of the time...
    orderbook was like BID: 400 @ 106.5, 3@106.75 and my sell ASK of 1 at 107...
    thought give it a little push and (for the first time ever, i did that sort of thing), entered 10 buy @ 106.75 just for a fraction of a sec... and it worked someone bought my 107 right away...

    so i trade on, and enter 2 longs... at least thats what i thought it was... in fact i forgot i set the default size to 10 and ended up 20 long... which is, well... way too many...
    good i was able to close it right away at entry...
    ouff, i was almost shitting my pants, looking at 20 ES long

    SLD 10 1007.75 00:13:27 21.50
    SLD 10 1008.00 00:13:27 21.50
    BOT 10 1007.75 00:13:16 21.50
    BOT 10 1007.75 00:13:15 21.50


    similiar experiences...?


    i think the last bad click besides this one was when i hit one of my own orders... (got an email from IB... to explain it and not to do so in the future), i think in the meantime they implemented some algo to prevent crossing orders...
    ah, and it happens all the time, that when i have to close a trade really fast and i follow the price with my limit down or up (missing it several times (i almost never use market orders))... i end up with more than one order filled, but that's usually ok, cause momentum is in my direction and i just apply the usual stop/target method to this accidental positions