Hello, my friend, and welcome to this post on Trading Mistakes. Experience doesn’t make us immune to trading mistakes. In this post, I’ll share with you one of the stupidest things I’ve done in 50 years of trading!
I hope you enjoy it!
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Trading Mistakes – Video
Hey everyone, I want to share a mistake I made recently—something really careless—just to highlight that no matter how experienced you are in trading, mistakes can still happen. This is a reminder to stay vigilant and avoid getting too comfortable. Here’s what happened:
Here’s what happened – Trading Mistakes
I use a DOM (Depth of Market) tool for trading. For those unfamiliar, it’s a window that lets you quickly place orders by clicking on the price levels or using buttons for buy/sell orders. I typically scroll the mouse wheel to adjust the price levels, keeping the current price near the center of the window for easier navigation.
However, I prefer to keep prices static rather than auto-centering them, so I can click specific price levels without them shifting around, especially during volatile market hours. After placing a stop order, I usually adjust the quantity by using the buttons or typing directly into the quantity field. But here’s where the mistake happened.
What Actually Happened – Trading Mistakes
I accidentally left the cursor in the quantity field, which lets you adjust the number of contracts by scrolling the mouse wheel. I didn’t notice this and kept scrolling, thinking I was moving the price levels. Instead, I unintentionally increased the order size to 60 contracts—way beyond my intended 10! When I executed the trade, it was for 50 additional contracts.
Thankfully, the market moved in my favor, and I ended up making a significant profit. But this could’ve gone the other way, leading to a substantial loss. It was a lucky break, but I realized how easy it is to make this kind of error if you’re not paying attention.
Lessons Learned:
- Understand Your Trading Platform: Know every detail about how it works, especially for execution tools. Familiarize yourself with all the functionalities and quirks.
- Avoid Carelessness: Even small oversights, like leaving the cursor in the wrong field, can lead to costly mistakes.
- Accept Mistakes as Part of Trading: Errors will happen no matter how long you’ve been trading. The key is to learn from them and mitigate risks.
- Plan for Emergencies: Always have safeguards in place, such as “Cancel All Orders” or “Flatten Everything” buttons, to close positions quickly in case of trouble.
- Have Backups: Keep your broker’s phone number handy, along with a secondary device or internet connection, to manage trades during power or system outages.
Final Takeaway
Trading is like sports—sometimes things don’t go your way due to unexpected events, but over time, it evens out. The important thing is to stay prepared and adaptable.
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