Marketgeometry

Wednesday, September 26, 2007

Stupid Rookie Mistake 9/26/2007



If you look at the two charts above, one daily, one interday, you will see the general idea for the trade. I wanted to buy into support at 37.00 and again at 36.50 with a stop a little lower. When the stock was getting to 37, the bid ask was crazy. I setup my first order and forgot to adjust my buy to 37.01 as IB defaults the ask as the buy price. I hit enter and found I bought the stock a lot higher (25 cents) than I wanted too. I freaked and sold the position quickly not thinking about why or how I was doing things. Support 37 held nicely and it could have been a good trade. I should have taken one breath and bought a little more at 37 and leave the trade on. Stupid me.

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