Accidental buy vs. sell are still OK b/c you can reverse them. If you mistype the limit, that's a different matter Happened to me once, I got distracted by the stupid cell phone and didn't realize I sold smth for less than I could have :eek: Still had a nice gain, but lost about $500 or so on that mistake. The mechanic who called to tell me to pick up the car had no idea what the call cost me.... Good Luck to all.
When I first started trading and I made trading errors, I tried to blame someone else. Then I pissed and moaned about my bad luck. Then I got mad. Then I hit my wife. Then she took it out on the kids and smacked them around. Then the kids beat up on the little kid next door. The little kid next door went to his mom crying. Then the little kid's mom told his 6' 2" 240 pound father how my kids beat up his kid. Then his father came over to my house and punched my lights out. Now I just try to accept my mistakes, correct them and move on. 777
I agree with you Robert. I had to suffer a huge loss to learn that-- Now, If I make a mistake, I'm OUT. It makes more since to go on to another trade.
Simple: GET OUT without second thought. Reason: the trade was not part of your plan or setup to start with. You wouldn't be in it in the first place. No reason to stay in it. Plus cost of opportunity and time wasted on monitoring and managing a mistake of trade. Profitable or not is not the issue. Following your setups and exercise strict discipline is main objective.
I wait around for a while and hope it gets better. If I'm not in the money within a few days I close the position and re-arrange the items on my desk, then courtsey three times and say amen. Or sometimes I go to Elite to find the answers to these difficult questions. (If you can't beat 'em, join 'em, right?! )
What about the flip-side error -- an erroneous exit. Do you immediately re-enter the position to maintain discipline? Or do you blow your plan, and just accept what ever P&L the market gave you with that mistake?
how can you have an erroneous exit? you mean you were long, and exited by buying (effectively doubling your position)...? well, at the time you realised it...you'd probably wanna exit (for real) , yeah...no sense holding on there either..