Oops - trading error

cuttlefish · 25 March 2008

Micheal even though its an irrelevant question I'm curious - was selling at the close better than selling at the open?

Glad to hear it all worked in your favour!

reece55 · 25 March 2008

Trembling Hand said:
Boy thats nice when an error works in your favour.

I have done the same thing with the HSI when I first started trading it sold 30 seconds before the afternoon close thinking I had another 15 min to go! got hit something like 800 points!!! when it gaped up 4 % the next day. My biggest single loss in the last 3 years!!Not nice.

Geez TH, that would have been intensely frustrating.... Specifically when you are trading indexes on huge leverage, that would have slogged you for six mate....

Still, obviously you pulled through it, that's a positive. I just feel sorry for that trader who televised the blow up of his account when the cash occurred. Still, you made a mistake, you corrected it, that is crucial when playing leveraged indexes.

Cheers

MichaelD · 25 March 2008

cuttlefish said:
Micheal even though its an irrelevant question I'm curious - was selling at the close better than selling at the open?

Much the same either way - they went in opposite and approximately equal directions through the day after their initial gap up.

nizar · 25 March 2008

MichaelD said:
Trades now closed, both for good profits (approx 2R in total).

Interestingly, my wife fell to pieces and couldn't face closing the trades, so I had to close them. Much to analyse there, too.

The only outstanding variable now is whether or not we'll get hit with fail fees since the trades closed on T+1 instead of on T and the account is funded only to cover drawdown.

Bad trades, good result. Much to reflect on.

Nice one. I must admit I was thinking of you today when I saw the market was up 200pts!

I got a nice bit of positive slippage with my CEY exit today as well.

GreatPig · 25 March 2008

MichaelD said:
Bad trades, good result.

I can just see it in the share market version of Monopoly:

Trading error in your favour, collect $200

Although with inflation and all, that would probably be $2,000 now.

GP

MichaelD · 25 March 2008

"From sale of stock you get $45".

Can't remember if it's a Chance card or a Community Chest card.

MichaelD · 31 March 2008

Just for a final postscript on this thread, I can state that a fail fee was NOT charged for these trades - only the buy/sell difference was credited to the trading account.

onemore · 31 March 2008

Trembling Hand said:
Boy thats nice when an error works in your favour.

I have done the same thing with the HSI when I first started trading it sold 30 seconds before the afternoon close thinking I had another 15 min to go! got hit something like 800 points!!! when it gaped up 4 % the next day. My biggest single loss in the last 3 years!!Not nice.

Trembling Hand ,
Don't forget the Hong Kong stock exchange can also close early for Black Rain

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