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Strategies & Market Trends : From the Trading Desk Bloopers and Blunders
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To: steve goldman who wrote (11)6/21/1998 12:21:00 PM
From: Dale Baker   of 20
 
A lesson for online traders. In January I bought some ISLI around 19 or so. It fell back to the high 17's, just above my stop loss order. I decided to give it some more leeway so I got on E*Trade and entered what I though was a new Stop-Limit in the low 17's.

But because I wasn't thinking, I entered a straight Limit Sell instead.

ISLI ran down just above what would have been my new stop then recovered more than a point. I check my account the next morning (I'm 8 hours ahead of New York here) thinking my ISLI gain would sure look nice in the portfolio balance and boom!...I see I sold at the open instead.

Now after I enter a Stop Limit order, I call up my open orders to VERIFY that I actually entered what I meant to. It is very easy to hit the wrong button without noticing.

Second Mistake - GOTK: heard about GOTK from a friend, liked the technology and bought after a press release. What I didn't know at the time was that GOTK was going for the world record in discount convertible financing deals, I mean about 20 in a few years. Watched the stock fall back and recover, fall back and recover, each time with lower highs and lower lows. Didn't know that the convertible holders were pumping the stock and selling into the rallies.

Only after I sold and dropped $4K did I read the 10-K and learn about discount convertibles. Now I never but never go long a stock using this sort of crap, unless it's only a few hundred shares and I am strictly playing short-term momentum.

GOTK is now worth a few pennies.
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