Messed Up Futures Orders
Last week I screwed up big time.
I sold a T-Note at 110 and wanted to buy it back at 109 only T-Notes move slow so I thought I had a lot of time. No need to hurry.
The marked move a little, maybe half way and I still did not get my order in. Maybe in the back of my mind I was thinking if I didn’t put a futures order in with my broker then maybe the market would go past 109 to 108 and I would end up with twice as much money.
Well I started seriously thinking about putting in my futures order, but I over slept and didn’t get up until the market was closed.
Then the market goes below 109, the next day I wake up late again and put my order in just after it dips below 109 again and is not at 109002 or something like it. I think it was one tick above 109 so it will probably come back down I will sell and get my $1000.
Nope it never comes back, I missed it by about 2 minutes.
Then I want to buy a corn contract at 204 the market was at 203 ¾ so I put the order in and it market goes to 204 but I don’t get filled for a little while, then it goes to 204 ¼ and you guessed it.
After that Corn goes up to 205 and never looks back.
So I got two good lessons to enter my orders early.
Plus I don’t get up everyday while the markets are still open, I have some trouble sleeping – but that is another story.
So my plan to trade corn every 2 points is going to have to be rethought, because the only way that tight scale will work is if you get every single jump in price. If you start missing them then your better off changing your scale to 4 or 8 points where you don’t have so many orders to put in.
So that’s what I am going to do, I haven’t decided yet how much I am going to change my scale to, but I want it wide enough that I only have to enter orders about 2 times a week. Not everyday, since that does not seem to be working for me.
I sold a T-Note at 110 and wanted to buy it back at 109 only T-Notes move slow so I thought I had a lot of time. No need to hurry.
The marked move a little, maybe half way and I still did not get my order in. Maybe in the back of my mind I was thinking if I didn’t put a futures order in with my broker then maybe the market would go past 109 to 108 and I would end up with twice as much money.
Well I started seriously thinking about putting in my futures order, but I over slept and didn’t get up until the market was closed.
Then the market goes below 109, the next day I wake up late again and put my order in just after it dips below 109 again and is not at 109002 or something like it. I think it was one tick above 109 so it will probably come back down I will sell and get my $1000.
Nope it never comes back, I missed it by about 2 minutes.
Then I want to buy a corn contract at 204 the market was at 203 ¾ so I put the order in and it market goes to 204 but I don’t get filled for a little while, then it goes to 204 ¼ and you guessed it.
After that Corn goes up to 205 and never looks back.
So I got two good lessons to enter my orders early.
Plus I don’t get up everyday while the markets are still open, I have some trouble sleeping – but that is another story.
So my plan to trade corn every 2 points is going to have to be rethought, because the only way that tight scale will work is if you get every single jump in price. If you start missing them then your better off changing your scale to 4 or 8 points where you don’t have so many orders to put in.
So that’s what I am going to do, I haven’t decided yet how much I am going to change my scale to, but I want it wide enough that I only have to enter orders about 2 times a week. Not everyday, since that does not seem to be working for me.
