8d (edited) • General discussion
Error
Some times you make an error. As part of this process I am going over an error that I made with my personal fund. On Wednesday, I was placing a good 'til cancelled (GTC) trade on my most recent /ES futures position. Due to a number of foibles on my end, I accidentally placed a 'market' trade and as a result lost a quick $306.40. This was due to a number of factors. Here are my lessons learned:
- All my trading platforms should be set to one contract. Part of the issue was that the default for my trading platform was set to 10 contracts on futures options. I have changed this to avoid such stupidity in the future.
- Trading on a version of the platform that is different than what I am accustomed to causes additional mistakes which lead to losses.
- Trading while thinking about other things also causes additional issues. The need to be able to concentrate on the trade at hand will help reduce the amount of risks of human error.
These are the errors that will cause me to be unprofitable. I am leaving this up for full transparency as this is the reality of trading options and futures for many newbies (I include myself a newbie).
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