As we all know Motorola Mobility Holdings rocketedup 60% in pre-market trade today, from $24 to $38. However as the SB firm i trade through doesn't offer pre-market quotes, the 1st prices it gives is when the market opens at 2:30pm (UK time). And so as the last price being displayed before the pre-market was friday's close of $24.50, i created a buy order to be triggered at $24.73 for £5 per point. Hoping that the market would open, my trade would get filled if there was a few seconds of delay of price being updated, and then few seconds later it would gap up to today's price, and id have almost £6,000 net profit! However i made the huge huge huge mistake of not bothering to check the details of the buy-order closely enough, and so didn't check what the margin requirement was for this trade!!! :'( 2:30pm came and for the 1st 11seconds my SB firm was offering buy price of $24.50, however my order failed to execute!!! I got automated-email 1minute later notifying me that order had failed to execute due to insufficient funds in my account!! :'( What had happend was as i hadn't bothered to enter a manual stoploss for this trade, the had used the maximum margin requirement (380points per contract) for the trade as the requirement! And so they were saying that the margin-requirement to of made that trade was £1,900, but as i didn't have a spare £1,900 capital the trade failed to execute, but she then said that if i had entered a stoploss value that they would have executed the trade at that buy price!! :'( How the fcuk do you pyschologically cope with missing out on making a 400% risk-free return profit on your entire capital just because of a fat-finger mistake??!!
Long ago, among some rocky caves and cliffs of France, there was a philosopher and trader who used to trade pelts of animals with the locals. As he was shrewd, he successfully traded himself into trading thousands and thousands of pelts per year and all the locals were in awe of his abilities and the fact that he traded large size. One day, a youngster came to him and asked him, "Sir, I just opened an account with Pelt-eractive Brokers with $10k and I want to know how to get rich. I keep missing trades and the other locals always get the best pelts before I do and then sell them at much higher prices!" The philosopher responded: "90% of small traders lose, they just lose [because of fat finger mistakes]!!!!" That philosopher's name was Emgeaux. There's rumors one of his descendants lurks on this forum.
I don't view things in hindsight. It happened. Take a BRIEF moment to learn from the situation. Move on. Anything that makes you present situation constantly dwell on past situations likely does not add benefit to your future situations. Learn quickly from your mistakes and press forward.
I don't know who is the biggest joke: Your SB firm for this 11 seconds delay or you for not understanding margin requirements. One day, I will create an SB account. It will be closed after one week for abnormally high number of winning trades but at least I would have tried...LOL
I wouldn't worry about it as I doubt they would have let the trade stand. It was such a clear case of computer error that it would have been somewhat shamefull of you to accept the trade anyway. Sure you can take them for a few ticks here and there but not on something like MOT today.