fat fingers ruined a day

[trader198]

I shorted natural gas in the pre-market, then in opening want to cover, but I wrote a wrong oder(a limit order with lower price, I intent to write a limit buy order, but actually wrote a sell limit order way below te market), did not notice the oder type is sell. gee, I sold it double down on the market, just f**k, late notice the market is going up, and my P/L reduced so fast, kind of odd, found I shorted double size.

fat fingers are costy! in the past, I did that too. one time, I sold 1000shares stocks with lower price (2points below) becuase I think I was writing a buy order. feel bad.

double check the order

 

[heech]

That's crappy, but not quite a fat finger. A fat finger is trading 56 contracts (rather than the 5 I was hoping for) in a very thinly traded / wide spread gasoline options market.

 

[gmst]

Quote from heech:

That's crappy, but not quite a fat finger. A fat finger is trading 56 contracts (rather than the 5 I was hoping for) in a very thinly traded / wide spread gasoline options market.

feel sorry :eek: but LOL also

what was the quote like (if you remember) and how much your action moved the market?

 

[tradenstuff]

Quote from heech:

That's crappy, but not quite a fat finger. A fat finger is trading 56 contracts (rather than the 5 I was hoping for) in a very thinly traded / wide spread gasoline options market.

your software should have a max order quantity parameter for whatever security you're trading.

 

[oldtime]

Quote from tradenstuff:

your software should have a max order quantity parameter for whatever security you're trading.

yeah, no kidding, that feature has saved my ass more than one time

I try to set everything up so it is just point and click

but you know, occasionally there comes special orders

one time I put in an order to buy 1 eur.usd, I couldn't figure out why when it was crashing I was not losing any money (the spread wasn't too bad, but I paid $2.50 in commission)

 

[gmst]

Quote from tradenstuff:

your software should have a max order quantity parameter for whatever security you're trading.

Does IB TWS supports this?

 

[oldtime]

Quote from gmst:

Does IB TWS supports this?

yes, go to configure presets

 

[gmst]

Quote from oldtime:

yes, go to configure presets

oh yes, thanks. not sure how this feature escaped me!!

I can't find it but do you think IB also has a feature where you can set how many times you can trade a particular contract in a day?

 

[KINGOFSHORTS]

Yea I am paranoid of fat fingers. Especially when trading SPY options.

 

[braincell]

Fat fingers or lack of eye glasses, or both, ouch.
Yeah the TWS settings saved me twice so far, but i don't often manually enter orders.

Quote from gmst:

oh yes, thanks. not sure how this feature escaped me!!

I can't find it but do you think IB also has a feature where you can set how many times you can trade a particular contract in a day?

Configuration > Presets > Stocks (or any other) > Show All possible fields > scroll down to Precautionary Settings