The one good thing about my strategy is there is almost no possibility of a mistake. I have been doing this a long time and one thing if you do make a mistake reverse it immediately and pay the commish and spread. Just one of those rare days when my ib order screen was not working properly and I entered a time order for the afternoon and it was executed as a market order at 9:28.
I already know the rules. If a mistake occurs close it out and pay for your mistake. But I was trying to fade a pretty good move and it didn't look that bad at 9:28, and these are long term trades which take many weeks and sometimes months to put on.
I could have gotten out immediately but decided it was "good enough." And all day long on what should have been just an ordinary peaceful day of trading I am looking at that one wrong position.
Finally I just accepted that the pain from a mistake was not worth polluting my strategy, and closed it out and put it right back on at the proper time.
When I was stockbroker a client wanted to buy Prime Computer and I mistakenly entered an order for PC (Peurto Rican Cement.) I called the client and admitted my mistake. He asked
What is Prime doing?
It's down
What is Puerto Rican Cement doing?
It's up
That's cool
That's when I learned if you are serious about trading, always correct a mistake immediately. I have no problem gambling, but when you start betting maybe your mistake is even better than your original idea, it's time to get out permanately.
I can recover from this mistake, but I wasted a whole day hoping. And I didn't want to go into the close with a polluted strategy.
So, to cut to the chase. If you do make a technical mistake, and we have all mistakenly bought when we meant to sell, or put on the wrong size because we forgot to adjust our default, just close it out immediately and don't even think about if you have may just gotten lucky, and put it on right.
I already know the rules. If a mistake occurs close it out and pay for your mistake. But I was trying to fade a pretty good move and it didn't look that bad at 9:28, and these are long term trades which take many weeks and sometimes months to put on.
I could have gotten out immediately but decided it was "good enough." And all day long on what should have been just an ordinary peaceful day of trading I am looking at that one wrong position.
Finally I just accepted that the pain from a mistake was not worth polluting my strategy, and closed it out and put it right back on at the proper time.
When I was stockbroker a client wanted to buy Prime Computer and I mistakenly entered an order for PC (Peurto Rican Cement.) I called the client and admitted my mistake. He asked
What is Prime doing?
It's down
What is Puerto Rican Cement doing?
It's up
That's cool
That's when I learned if you are serious about trading, always correct a mistake immediately. I have no problem gambling, but when you start betting maybe your mistake is even better than your original idea, it's time to get out permanately.
I can recover from this mistake, but I wasted a whole day hoping. And I didn't want to go into the close with a polluted strategy.
So, to cut to the chase. If you do make a technical mistake, and we have all mistakenly bought when we meant to sell, or put on the wrong size because we forgot to adjust our default, just close it out immediately and don't even think about if you have may just gotten lucky, and put it on right.
