21/04/2015: Even so-called pro’s make mistakes. The curse of the fat-finger. (video)

Hey traders,

I made a mistake today – see it happens to us all. Whilst just checking in on my longer term positions whilst going to close the window I managed to inadvertently click to close my No-Touch position on GBPAUD . It had been running since start of March and had an expiry date of 1st May.  Grrr.

I always own up to my mistakes with the aim of a)keeping me honest and b) sharing the knowledge so that something positive can come from the experience. Please use my mistake as a learning point for yourself: always understand your broker platform (many are set-up so that you will make errors – as they always win from it) and make sure you’re not complacent or lackadaisical when you have your trading platforms open. A fat-finger error (as mine was) is easily done.  You should also keep a tab in your trading spread-sheet to keep a record of all trading mistakes. Trust me, when you first begin you probably make a lot more than you think. As you grow more experienced you realise that cutting down your mistakes is one of the best ways to enhance your discipline and consistency, whilst (usually) adding to your profitability as well.

Position was closed up by 61% but that’s not the point – it still had a good 25+% of profit on the option with every chance of delivering that. My error has impacted my business profitability.

Anyway, tomorrow is another day. Sometimes we win, sometimes we learn.

Trade well,

Paul

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

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2 Comments on “21/04/2015: Even so-called pro’s make mistakes. The curse of the fat-finger. (video)”

  1. george_fx_trader Says:

    That sounds like a bummer – thanks for sharing Paul. Out of interest, why did you not simply re-open the position?

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    Reply

    • FXTraderPaul Says:

      Hi George – yep a bummer indeed. Good question. Simple reason is that for the same expiry date and level they would now no longer give me a price (a great indication that they and their algos thought that price will not get there themselves.) Just adds to the Grrrr factor. Anyway, my fault. My responsibility. Live and learn.

      Liked by 1 person

      Reply

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