TOTW What's the dumbest trade mistake you ever made?

Sonicscooter

Experienced member
1,811 351
Mine.....easy.....when i first started, put the position size in the correct box, then miss clicking on the stop loss box.........so you end up with both figures in the same box, then press Buy.

ie.........position size £4....then stop of 15, giving a total in the same box or the new position size of £415 per point on the FTSE......thankfully i came out flat......
 

robster970

Veteren member
4,566 1,390
Removing a stop thinking ES would eventually turn and revert then watching 20% of my account go in a single trade. It was early days, I was trading a $10k account doing 2 contracts. That day I learnt never to stand in front of a trend day. I didn't trade for about 2 weeks.
 

Sonicscooter

Experienced member
1,811 351
Hi Rob, everyone must have a tale to tell, hope it becomes "the confessions of a trader" thread, and peeps arn't too shy to post their **** ups.

Regards Shane......:)
 
1

12WBT

0 0
Before I went to bed one night after a couple of drinks, I put some overnight orders in.
Orders should have been 10 bucks a point but put one in at 100 bucks a point.
Doing the night the 100 buck order picked up and some stage doing the night the base account would have been 70% down.
Woke up in the morning with 200 bucks profit showing could not work how for only a 10 buck stake and not much movement. Then looked at the order sixe.:eek:
The moral of the story is don't drink and trade and check every order placed.
 
  • Like
Reactions: Sonicscooter

tar

Legendary member
10,443 1,313
I made a fat finger mistake but i don't consider it the dumbest mistake , cuz these things happen , and it will happen again , at binarybet.com i made a 25 pounds bet but i forgot to switch from binaries to fixed odds , so instead of risking 25 quids i lost 750 in minutes .
 

westernforce

Active member
246 44
Some years ago I had single click activated and through a sneeze I clicked the mouse and got into a trade.
When I realised, I got out immediately and lost the spread.

My most expensive sneeze to date :)
 
  • Like
Reactions: Sharky

brewski1984

Senior member
2,073 356
I reckon everybody makes the exact same mistakes at some point the only difference is how much money is lost/made. My biggest ever win in money terms was through a mistaken high stake trade - never even saw a point offside and trailed it for a 140 points profit.
 

TWI

Senior member
2,536 254
I must have made every dumb mistake there is to make but I learnt more from those losses than the profits ever taught me.
no stop
fat finger
short vol in a vol spike
futures into delivery
selling an o/b rsi
coin toss trade
stacking orders in depth bigger than i could handle through a figure
leaving an automated system unattended
falling in love with my position
thinking the market must be wrong
ignoring price action for fundamentals
ignoring fundamentals for price action
ignoring divergence

Just some that spring to mind
 

lloydbee

Well-known member
275 17
My dumbest was a real good one, it's my dumbest because it was my most costly. These days I laugh about it and it was all part of the learning curve and earning my stripes as an Options trader.

15 minutes left in the markets before options expiration. I decided to get some sleep after being up all night trading. Just after crawling into bed I hear the closing bell being rung and then an order get filled, "wtf was that" ... curiosity gets the better of me so I get up...

"WTF, oh my god are you f'ing serious... (more) WTF's"... followed by a lot of other colourful language as I see an ATM Vertical Call Spread filled for .03. 15 more minutes of after market remaining with no control at all as the markets are closed and then the Options expire.

The stock runs .01 or .02 'In The Money' and I am guaranteed an options exercise. It's New Years Eve and after a couple of days stressing about the new position and upon the markets opening on New Years Day it gaps up and rallies against my +$320k short position and within 30mins I blow my entire account.

Happy F'ing New Years to me.... :eek:

lessons learnt:
- close all orders before going to bed.
- cover (exit) all assignments on opening rallies don't wait for a pull back.
- lady luck isn't on my side like she has been on others I know with assignments so always close all potential short options before expiration bell rings.
 
Last edited:

Splitlink

Legendary member
10,850 1,234
Are you telling us that you have that on while going to bed!? Do you have it on when yo put out the light?

You, really, are a keen type!
 

Pat494

Legendary member
14,621 1,578
I must have made every dumb mistake there is to make but I learnt more from those losses than the profits ever taught me.
no stop
fat finger
short vol in a vol spike
futures into delivery
selling an o/b rsi
coin toss trade
stacking orders in depth bigger than i could handle through a figure
leaving an automated system unattended
falling in love with my position
thinking the market must be wrong
ignoring price action for fundamentals
ignoring fundamentals for price action
ignoring divergence

Just some that spring to mind

Done all those , some more than once, plus a few !!
 

Sonicscooter

Experienced member
1,811 351
My dumbest was a real good one, it's my dumbest because it was my most costly. These days I laugh about it and it was all part of the learning curve and earning my stripes as an Options trader.

15 minutes left in the markets before options expiration. I decided to get some sleep after being up all night trading. Just after crawling into bed I hear the closing bell being rung and then an order get filled, "wtf was that" ... curiosity gets the better of me so I get up...

"WTF, oh my god are you f'ing serious... (more) WTF's"... followed by a lot of other colourful language as I see an ATM Vertical Call Spread filled for .03. 15 more minutes of after market remaining with no control at all as the markets are closed and then the Options expire.



The stock runs .01 or .02 'In The Money' and I am guaranteed an options exercise. It's New Years Eve and after a couple of days stressing about the new position and upon the markets opening on New Years Day it gaps up and rallies against my +$320k short position and within 30mins I blow my entire account.

Happy F'ing New Years to me.... :eek:

lessons learnt:
- close all orders before going to bed.
- cover (exit) all assignments on opening rallies don't wait for a pull back.
- lady luck isn't on my side like she has been on others I know with assignments so always close all potential short options before expiration bell rings.

Cracking story.........especially with it being out of your control.
 
G

Guest36985

0 0
ha, bizarrely my one is very similar to lloydbee, though not quite as dramatic.

It was last century, I had a bunch of call options open on Reuters and was 65p in the money the day before expiry.
I was working and trading at the time so I thought I'd let it ride.
The options dropped like a stone into the close, expired worthless and rallied nearly 65p the next morning. I dropped close to 9k because I didn't sell in time (that was a lot of money to me in those days).
When I rang the broker and said why didnt you exercise the options (so I would have had around £150,000 of Reuters shares, but still have made a packet selling them immediately, the guy said we tried to call you but couldnt get hold of you! :mad:

Moral you cant do 2 things well. Work or trade, dont try both.

Afterthought, The Chap on the phone said and I quote (you dont forget those words even after nearly 20 years)
"Classic market manipulation" - someone wanted those options to expire worthless.
 
Last edited by a moderator:
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock