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Strategies & Market Trends : Position Trading Forum

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To: Tim Luke who wrote (4198)	10/24/1998 11:54:00 AM
From: Don Pueblo	Read Replies (2) of 7247

Yeah, I did that exact same thing one time about 4 months ago, didn't check my trade sheet and ended up long 2000 shares of ORCL the next day, down one point AND a margin call. Great way to start the day. One guy that trades where I do did that same wrong move on MSPG right at the 52 week high and lost about 4 grand in 10 minutes. Serious pain. Remember that WCAP run up about 3 months ago? I thought I was pressing the long button right before it ran up but shorted it... 1000 shares, 10 seconds before it ran up 3 points, with my machine locked up due to the intense volume so I couldn't get out!!! I freaked. Fortunately, I shorted another 1000 at the top and ended up breaking even when it backed off a point and a half. That was the scariest 10 minutes this year. The guy I sit next to just about did it on Friday, luckily for him I happened to be watching him and I yelled at him just in time. He thought he was shorting 500 shares but almost went LONG on a stock that instantly went down 3 points. He whipped out a C note but I refused, I just told him to yell at me the next time he saw me do it. The really weird part is that it ALWAYS goes the wrong way when you do that.

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