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The one that got away.
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Created: by Pete Schweaty Attachments:1

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The one that got away.

  #21 (permalink)
Market Wizard
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Pete Schweaty View Post
I think I am (was) upset because I sat there and watched the trade go on after I made a fat finger mistake. To be honest, if I had not made the mistake and the trade turned against me and hit my SL, I would not have been upset. The loss would have been acceptable and no big deal. It was just frustrating.

Good, I think you are mad about the right thing. I thought you may have been mad about the fat finger mistake itself.

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  #22 (permalink)
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alright then...

on the "fat finger" mistake...you guys are all missing it imo. That kind of poor attention to detail stuff happens. When I had employees to manage on the desk the absolute rule was when you make a mechanical error ie. buy instead of sell, wrong product, erroneous entry or exit, you absolutely fix the mistake that instant. Bot 100 instead of 10...sell 90 right now. Close a trade without intention, re-establish the trade right now. Doing other wise is like heading back to the dug out cause you swung and missed the first pitch...or punting on second down.

Same was true on the trading floor...you fix the error immediately. In the case mentioned, I'd bet that the "on" is re-established net minus one or two ticks...big deal.

What I want to know is why the OP did not fix it right away and score his winning ticks.

Get your head right man...it ain't over till you win!

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  #23 (permalink)
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wldman View Post
on the "fat finger" mistake...you guys are all missing it imo. That kind of poor attention to detail stuff happens. When I had employees to manage on the desk the absolute rule was when you make a mechanical error ie. buy instead of sell, wrong product, erroneous entry or exit, you absolutely fix the mistake that instant. Bot 100 instead of 10...sell 90 right now. Close a trade without intention, re-establish the trade right now. Doing other wise is like heading back to the dug out cause you swung and missed the first pitch...or punting on second down.

Same was true on the trading floor...you fix the error immediately. In the case mentioned, I'd bet that the "on" is re-established net minus one or two ticks...big deal.

What I want to know is why the OP did not fix it right away and score his winning ticks.

Get your head right man...it ain't over till you win!


I absolutely agree 100%

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  #24 (permalink)
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I have made these types of mistakes and have done it both ways. walked off and re-entered. I dont think looking at this from a profit and loss standpoint is the best perspective. The "regrets and anger" i am sensing here are rooted in the "fear of missing out" or regret that the OP in this case did in fact miss out. Would you have been this angry / emotional if the fat finger actually saved you money? I don't think so, at least i would be happy about it. So by removing the P/L based ending here we come to another issue. That is the issue of process.

Why process? Well no matter what you do you cant go back in time to get those potential profits. Nor if you did try it again know if the same result would occur, a winning trade but rather you may end up losing money. Again we need to distance ourselves from this single data point, a trade that had the potential to make profits but incurred a user/execution error.

The process of trading is what we should focus on as it is the improvable factor of this entire scenario and further situations like this are going to occur, its guaranteed. You need to build your self a plan or at least steps to take if this situation occurs again. Should you immediately re-enter? Should you re evaluate the situation and the go back through your standard process to determine if you still would enter? Do you always just walk away? Whatever it is, it should not be based on this single individual encounter.

To be honest, you should know ahead of time what to do in these types of scenarios. From internet connection outage, computer crash, platform issues, and this fat finger and other user based errors. They will occur but if you can put a plan in place in order to deal with them. you will A) not be put into such an emotionally charged state B) actively managing the situation in a CONSISTENT manner and C) Since it is planned, and consistent you can probably improve upon it in a measurable fashion.

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  #25 (permalink)
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Right...

I cant tell ya how sad my life would be if I stopped at every "no" or after every mistake. Imagine how it would have been if I stopped asking girls on dates in the 6th grade when Michelle Miller said she could not go to the carnival with me?

Another lesson from uncle wldman...when you are wrong be wrong right away. Kids I swear the first time you hit the Hopium bong and it works you will keep hitting it until all your money and your wife/girl are resting somewhere else. Part Duex...when you are right be effing right as long as possible, you stack grows so tall that it obscures your wife's view of the green from her pool chair.

Trust uncle wldman on this:

Kill losers before they are walking and let winners turn into big freaky running monsters.

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  #26 (permalink)
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treydog999 View Post
I have made these types of mistakes and have done it both ways. walked off and re-entered. I dont think looking at this from a profit and loss standpoint is the best perspective. The "regrets and anger" i am sensing here are rooted in the "fear of missing out" or regret that the OP in this case did in fact miss out. Would you have been this angry / emotional if the fat finger actually saved you money? I don't think so, at least i would be happy about it. So by removing the P/L based ending here we come to another issue. That is the issue of process.

Why process? Well no matter what you do you cant go back in time to get those potential profits. Nor if you did try it again know if the same result would occur, a winning trade but rather you may end up losing money. Again we need to distance ourselves from this single data point, a trade that had the potential to make profits but incurred a user/execution error.

The process of trading is what we should focus on as it is the improvable factor of this entire scenario and further situations like this are going to occur, its guaranteed. You need to build your self a plan or at least steps to take if this situation occurs again. Should you immediately re-enter? Should you re evaluate the situation and the go back through your standard process to determine if you still would enter? Do you always just walk away? Whatever it is, it should not be based on this single individual encounter.

To be honest, you should know ahead of time what to do in these types of scenarios. From internet connection outage, computer crash, platform issues, and this fat finger and other user based errors. They will occur but if you can put a plan in place in order to deal with them. you will A) not be put into such an emotionally charged state B) actively managing the situation in a CONSISTENT manner and C) Since it is planned, and consistent you can probably improve upon it in a measurable fashion.

Thanks. This is my first fat finger. In the future I will have an "oops, Im a dumb ass" contingency plan before it happens.

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  #27 (permalink)
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kevinkdog View Post
My experience is the exact opposite of what you two recommend. I am usually MORE upset at when I don't follow my plan. If I make a mistake to get me off my plan, I try to get back on the plan as soon as I can.

Making trading decisions in an angry state is bad, I agree. But if OP is going to be so angry after a fat finger mistake - so angry and upset that he throws his plan out the window - he really should not even be trading.

I agree......I look at it like this...if you're out on the lake fishing and a nice one jumps off the line, do you get mad and throw the $300 rod and reel in the water and go back to shore? Of course not, thats to be expected once in awhile. Instead you re-bait the line and try again.....calm and calculating....if you can't do that, you need to pack it in and go back to shore and have a cold one.

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  #28 (permalink)
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PandaWarrior View Post
I agree......I look at it like this...if you're out on the lake fishing and a nice one jumps off the line, do you get mad and throw the $300 rod and reel in the water and go back to shore? Of course not, thats to be expected once in awhile. Instead you re-bait the line and try again.....calm and calculating....if you can't do that, you need to pack it in and go back to shore and have a cold one.

A guy at my old golf club got so mad after a lousy wet shot that he threw his entire trolley of expensive golf clubs and kit into the same lake and stormed off the course into the clubhouse bar. A couple of hours later the day turned to dark and he sheepishly walked back across the course to retrieve his soggy car keys....

I would just like to thank all of the posters in here for making this one of the most useful threads on futures.io (formerly BMT) for me personally, it has been a real pleasure to read and treasure to find, and very much done in the real spirit of futures.io (formerly BMT) - thank you all and the man himself for making it possible.

I am not journalling trades as such at the moment, I'm not even trading today, quite simply the fat wet stuff between the ears is all I need to work on for now, and this thread is a great help. I actually lose the plot when I 'freeze' - typically put on a great trade then get scared out of it, not even stopped out, only to see it run miles. Work in progress indeed.

Travel Well
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  #29 (permalink)
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PandaWarrior View Post
I agree......I look at it like this...if you're out on the lake fishing and a nice one jumps off the line, do you get mad and throw the $300 rod and reel in the water and go back to shore? Of course not, thats to be expected once in awhile. Instead you re-bait the line and try again.....calm and calculating....if you can't do that, you need to pack it in and go back to shore and have a cold one.


kevinkdog View Post
My experience is the exact opposite of what you two recommend. I am usually MORE upset at when I don't follow my plan. If I make a mistake to get me off my plan, I try to get back on the plan as soon as I can.

Making trading decisions in an angry state is bad, I agree. But if OP is going to be so angry after a fat finger mistake - so angry and upset that he throws his plan out the window - he really should not even be trading.

Now that I read the logic behind your points of view, I agree with both of you that the best course of action is to continue to follow your plan. But it also looks like you both recommend that IF you have not gotten to the point where you can do that (emotionally speaking), that it IS best to walk away.

These are the kinds of threads that are really helpful. The OP has gotten great views on how to better handle the fat finger issue in the future, and I'm sure he appreciates it. Having been in several similar situations myself, I know I do.

Thanks!

Cheers!

Edit (ps)- great views from several of the posters on this thread, not just the two quoted, so thanks to all!

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  #30 (permalink)
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lifeguardsteve88 View Post
Now that I read the logic behind your points of view, I agree with both of you that the best course of action is to continue to follow your plan. But it also looks like you both recommend that IF you have not gotten to the point where you can do that (emotionally speaking), that it IS best to walk away.

These are the kinds of threads that are really helpful. The OP has gotten great views on how to better handle the fat finger issue in the future, and I'm sure he appreciates it. Having been in several similar situations myself, I know I do.

Thanks!

Cheers!

Edit (ps)- great views from several of the posters on this thread, not just the two quoted, so thanks to all!

Absolutely. This has been great. Thank you to all who have contributed.

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