The Mishaps Day

Posted by Deb | Day Trading Journey | Wednesday 26 May 2010 10:49 pm

Today I learnt a new word in English – mishap.  When I wanted to write this post I was looking for the right word and decided to look it up in a dictionary.  I hope I am using it in the right way.

Anyway, today everything went wrong, but it ended ok.  First, when I opened my trading tools software (I am using Sierra Charts), I somehow accidently moved the cursor a bit to the left so that the point of the right edge, which is supposed to show the current position of the market, was showing instead the position some time back (probably about 15 minutes back).  I saw there is a lack of correspondence between the charts and the market but couldn’t see what the problem is.  Due to this I missed the time when the market was diving down (though I saw it was coming and waited for it).  But I did see the market was getting near a support line, so although I couldn’t match it on the graphs I put one long limit order there and went in the market with one contract.  Since I couldn’t see exactly what was happening without the graphs I quit the position too early, but I did make $37.5 on it.

Than some time later I went into a short position when the market approached a resistance line and everything looked good.  The market climbed up a bit higher, but when it was going down I suddenly had problems with my internet connection.  There’s probably something wrong with my laptop.  Anyway, I tried to restart the connection to no avail, then took the laptop to the next room where the internet signal is stronger and I could reconnect.  Luckily, I had my profit order in a good place.  I possibly could have done better, but anyway I got from this position (on 2 contracts) $125.  So in total I got $167.5 on 3 contracts.  Not bad, especially considering the misahps.

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2 Comments »

  1. Comment by James — May 27, 2010 @ 9:47 pm

    Those mishaps are unfortunate. It is essential that you are confident in the software you are using. Make sure you have both quotes, charts, and order entry capabilities that stream in directly from the appropriate exchanges.

    I have heard a few horror stories of trading platforms that have crashed, wiped out stop and limit orders, and in turn, wiped out entire accounts in the blink of an eye.

    I personally recommend the Firetip trading platform when trading commodities. It is newly udated and state of the art.

    You can take a look at it through my page: Future Options Trading .

  2. Comment by Deb — May 27, 2010 @ 11:17 pm

    Thanks for your comment and your suggestion.

    I am happy with my trading platform (I use the Transact). There are a few things I would improve in it, but generally it fits my needs. The problems I had were not caused by the platrom itself, but by the internet connection. Well, actually the first mishap I had could be attributed to a fault in the Sierra charts software, which makes it so easy to do such mistakes.

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