Opening Orders - 2008

I started using a new version of the application I'm using. I'm trying tighter stops also. One radio button was in a new place which I thought would be saved in one condition from day to day....I was wrong. I also must have made a wrong input for order quantity, or it just wasn't saved properly. I wanted to get short today $1500 of GS. Instead, I went long at the opening price 1500 shares. Well, you can see what happened. -$5100.
Out of business for now.
Better luck to you all.
 
12 fills / 10000 shares

8 long / 4 short / - 619.00

the culprits...MS...-872.00...and CI...-312.00...

anybody like CI...i have trouble with this beast...
 
2 fills long PFE & WMT for 2 small wins...out waaaaay too soon

bbox... sorry you got caught on GS...it's best to be extra extra cautious if you make a change to your programs or do anything new/different...like maybe reduce # of stocks and/or size

chi...I don't have CI on my list...too volatile for me
 
Quote from Bbox_trader:

I started using a new version of the application I'm using. I'm trying tighter stops also. One radio button was in a new place which I thought would be saved in one condition from day to day....I was wrong. I also must have made a wrong input for order quantity, or it just wasn't saved properly. I wanted to get short today $1500 of GS. Instead, I went long at the opening price 1500 shares. Well, you can see what happened. -$5100.
Out of business for now.
Better luck to you all.
More...

Of course the error couldn't have worked out in your favor and got you short more than you intended, giving you a sweet win. Never seems to work like that.

We've all been there. The adjustments you make to ensure this doesn't happen again will make you better over the long run. Hope to see you back at it again soon.
 
I had every intention of only trading $1500 of GS.
Question:
If a buy long at market order is sent for a listed stock before 9:30 EST, should that get me the opening print, or should it wait for the opening print then send the order? I specified Market order, not OPG.

Also, if my buying power is $180,000, should my prop. firm have allowed me to open a position for $299,250? Shouldn't they have had some safeguards in place? Part of this is my fault, but I don't like paying for mistakes that aren't mine.

Yeah, I'll learn from this one, but it hurts...no pain no gain...LOL.

Any thoughts/
 
Quote from Bbox_trader:

I started using a new version of the application I'm using. I'm trying tighter stops also. One radio button was in a new place which I thought would be saved in one condition from day to day....I was wrong. I also must have made a wrong input for order quantity, or it just wasn't saved properly. I wanted to get short today $1500 of GS. Instead, I went long at the opening price 1500 shares. Well, you can see what happened. -$5100.
Out of business for now.
Better luck to you all.
More...

Wow, that's a real "bad beat". I know it's no consolation, but I have made about every mistake in the book at least 10 times or more.

It happens and you will learn how to handle each of the mistakes that you have made or will make in the future. Obv it's too bad this was such a big one and the wrong way.

Best of luck on your comeback.
 
Quote from Bbox_trader:

I had every intention of only trading $1500 of GS.
Question:
If a buy long at market order is sent for a listed stock before 9:30 EST, should that get me the opening print, or should it wait for the opening print then send the order? I specified Market order, not OPG.

Also, if my buying power is $180,000, should my prop. firm have allowed me to open a position for $299,250? Shouldn't they have had some safeguards in place? Part of this is my fault, but I don't like paying for mistakes that aren't mine.

Yeah, I'll learn from this one, but it hurts...no pain no gain...LOL.

Any thoughts/
More...

Prop firm would probably only have safeguards for total number of shares in one issue (maybe 5,000) and total buying power (maybe 20x account size).

You, however, should be able to set maximum number of shares per order on your DOM, but I'm guessing you would have that set in the 1,000 to 2,000 share area. Also, it is very dangerous, as you have found out, to be trading the opening on issues priced higher than the 75-80 dollar area, due to the large value of a small per cent change.

I can, also, tell that you are not really trading the OO strategy as Don has taught it. You are basically taking positions on the open in gap stocks, which is totally different.

One last thought, as you have probably noticed, most of the vetern posters on here have taken off the banks and brokers due to the volatility and suseptability to frequent news. Those factors definitley need to be on your radar.
 
OK, FWIW...I pulled out all the banks and brokers months ago, as have most my traders. Just plain too risky from day to day.

BBox, really sorry you got caught with such an error. I make it mandatory that my traders get comfortable with manual trading before doing anything automated. I wonder, however, did you not see the 1500 x $200 = $300,000 worth of orders you had placed? Do you have that kind of money in your trading account?

Again, real sorry, just curious about the above.


Don

:confused:
 
Yes, I know I'm not trading like Don and the rest of you. Trying to be innovative I guess.

My trading platform is setup to trade a max lot of 1000 shares. This added application for my strategy interfaces with the trading platform, but I guess this application "over-ruled" the platform.

My buying power is $180K and had only intended to purchase $1500 of GS. Why the firm doesn't have a safeguard if it sees and order $100K over my buying power is a question I'm going to ask them. Where's the risk management on their part?

If I recall, whenever I've entered a market order for a listed stock before 9:30 est, its been rejected. Why it was converted into an OPG order is unknown. After speaking to the software coder, he can't even see a log for the order being placed by the software. Its there for others, but not for GS. No entry or exit...but it sure shows up on my P/L!!!

Don, do market order before 9:30 still get treated as OPG orders, or do I have to specify OPG?

Thanks for the replies
 
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