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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: peter n matzke who wrote (32099)	8/31/1999 10:29:00 AM
From: SE	Read Replies (3) of 44573

All....I always make it a routine to review my orders a couple times prior to sending. Then once sent I check all the screens and walk through the thought process of the order and order type to make sure it was exactly what I wanted to do. The second step acts as a re-check of the first step. That way if for some reason I Muck up, I can fix it. Well this morning I mucked up. I must have been distracted in filling out the ticket. I am short from 64.50, with a target of 21.50. So a little while ago I am going to put in my limit order to cover. So here is what I do. Spoos at 25.25. Sell Limit 21.50. Send. Check all screens to make sure that is what I wanted. Shit. I sent a sell limit which is sell at 21.50 or better. Probably already filled, but on the off chance it wasn't..... Cancel sell limit. No can do, not an open order. Check filled screen, sure enough, short one at 25.25. Send one of the buy market orders I always have ready to go... Filled at 26.00. Now send, Buy limit 21.50. Good I finally got it right and at a cost of a commission and .75. Nuts. Not in any way tooting my horn here, cause I mucked up, but that could have been a lot worse. I kept my head about me and walked through the steps to fix the situation immediately .... then went about my business. There was no good reason to analyze the market and see if I wanted to keep it or anything else....only one answer get flat as quick as possible. Electronic trading allows us as operators to make mistakes. Be prepared mentally to double check orders at all times and know what you have to do immediately to fix it should you muck it up. It will happen to all of us at some point. I always have a buy at market and sell at market for my normal number of contract and twice my normal number of contracts in my box ready to send in case I need the order quickly. This way I don't have to key them in, they are ready to go at a click of the mouse.... Lesson for the day. -Scott

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