I just made a HUGE noobie mistake.

Discussion in 'Trading' started by GetBusyLiving, Dec 18, 2009.

  1. Placed a short on the EUR/USD at 1.4347 and didn't realize Interactive Brokers closes FX trades FRIDAY!

    I have to wait till Sunday 5pm est to close the position.

    2 million euros.

    Going to be an interesting weekend.

    Has anybody made a mistake stupider than this?
     
  2. huh...if IB closes out all FX trades on Friday and you are already in this short position and IB is gonna close it out today...how will this position be open on Sunday for you to close it out?
     
  3. Sorry bad wording.

    I meant they are "closed" for Forex trading at that time. Meaning I can't place any more orders.
     
  4. Yep. Slept with my older brother's girlfriend once.
     
  5. hey...not that bad...the EUR/USD could tank and open way down...are you saying you traded 20 standard lots? 100,000 each lot?
     
  6. risky63

    risky63

    tried to scalp the e-mini WITHOUT a realtime chart.
    traded the spread between the prem. on cnbc and cash quote.
    cost me only 2 grand before i woke up.
     
  7. Volatility is normally high near holidays. You could make a lot or lose a lot.
     
  8. sprstpd

    sprstpd

    You might consider hedging with stock in afterhours trading this evening. Symbols such as FXE, DRR, UUP or UDN should do the trick.
     

  9. Honestly, I know this sounds bad, but I don't know. I just decided to take my knowledge from trading stocks into the FOREX mainly because of it's liquidity and it's hours. I'm new to Forex.

    I just set the quantity to 2 million in NinjaTrader and click buy at market and it gets filled within half a second :)
     
  10. As an index futures trader, I am tempted by Forex, but the daunting task before me is learning its patterns, behavior, responses and periods of biggest volume. I'm just not sure I want to go back to school and learn a new instrument, but as I watch domestic emini volume decrease, I may have to.
     
    #10     Dec 18, 2009