How do you handle a Trading Error?

You know -- where you go to sell and you accidently buy, etc.

Let's say you're trading 5 ES contracts and you hit buy instead of sell. You're already sitting at a .25 loss. Do you immediately bail and write it off as the occasional trading error or do you hang around hoping to break even?

 

Immediately bail. Even if you are up on the trade.

 

If I accidently buy when I meant to sell or vice versa, I get out as fast as I can. Waiting and hoping to get out even is not wise. I did it once. I also put a ski-boat in the water without having the plug in....'ONCE'........... :eek:

 

I agree with everyone else and bail immediately, regardless of the p/l of the trade. I do this mainly because my psyche gets too messed up when I make the wrong trade and it's not worth taking the risk while trying to assess the situation. You can always get back in if it turned out to be the right thing to do. But, at least you would be re-entering with a clear head.

 

indeed...

When a trade has no reason, you close that position a.s.a.p.
However, it's easily said than done when real $$ is on the line. That's when discipline is key.
If you got out with a loss, you bite it and life goes on. If you got out with a profit, by some fruits and burn some incence sticks for offering to the deities of your choice.


Cheers !!!

 

usually, i say- "oh, shit!!" and then get out immediately- trying to scrape gains out of mistakes can cost you more in the long run and more importantly, takes time and focus from trading your strategy profitably

 

when in doubt get out. didn't intend for that position so I bail

Robert

 

If the position goes against me I bail out immediately.

But, if it goes in my favour – I manage it – I stick a tight trailing stop in and count my blessings!

How does the old saying go: “Don’t look a gift horse in the mouth”?

 

shit, from the tone of these posts, it seems like taking the wrong trade happens to you guys all the time...

every time it's happened to me i've either realised immediately what i done, so of course i bail and then re-enter the "right way" immediately,...or i don't realise till heaps later...when i think i have a profit...but it turns out to be a loss...those ones really suck..(and OF COURSE i got out straight away..)

 

Couldn't have said it better. I have seen a lot of money lost trading errors.