[rxs0005]

How I lost money even though i was right

this is what happend

Opened a postion ( 2000 shares) at 19$ my price objective was 19.1$

It reached the target and i put in an order to sell 2000 shares and nothign happend


the price started to sink and next thing i knwo i bought 2000 shares more at 19.08$

What had happend was i had accidently put in a BUY order instead of a sell

by the time i figured out what happend in less than 60 seconds price was 18.95$ and i had to sell 4000 shares at 18.9$


can someone tell me some tips to avoid this

i feel so annoyed withmyself today !!

thanks

rxs0005

[thalestrader]

Originally Posted by rxs0005 »

...Opened a position ( 2000 shares) at 19$ my price objective was 19.1$ ... It reached the target and i put in an order to sell 2000 shares and nothing happened ...

Have you thought of having an OCO limit order and stop loss attached to your entry order so you are taken out at target or taken out at stop without having to manually exit your trades?

Best Wishes,

Thales

[brownsfan019]

1) Do what Thales said

2) Know where the buy vs. sell buttons are

[jonbig04]

Actually I pushed the buy button today instead of the sell button. Of course my stop and targets are automatic (until I adjust them for the trade) so I knew something was off when they were upside down haha. Cost me a tick

[sevensa]

Originally Posted by rxs0005 »

can someone tell me some tips to avoid this

Based on your other post where you do not understand AON orders and now buy instead of sell, you obviously should not be trading live. You should learn what different orders mean and familiarize yourself with your trading platform. Simtrade until you understand how to operate your trading tools before you place live orders. If you don't, then you will continue to pay the penalty with mistakes like this.

[DugDug]

All of the above plus realise you are never going to get rid of fat finger errors - unless you have so many bells and whistles you will never want to trade. These sort of errors ideally should be dealt with as part of your trading plan.... what to do if they occur..... and they will.
If you are dyslexic - give your money to someone else, or trade upside down.

[BlowFish]

Like putting your hand in a fire you will do it less once you have been burnt.

Edit: a practical suggestion see if your platform has 'fat finger' settings.

[hermit]

Use a better execution platform.