Wednesday, June 15, 2011

Why trading when not fully focused is dangerous

I would like to share with you a very annoying trading 'accident' I had a while ago so that hopefully you can all make sure that you never do the same.

I had traded a bit during one afternoon but whilst making dinner, I made the fatal mistake of logging into ISI Trader to see what markets were available to trade and noticed that Dodig was playing Sela and it looked like a good market to trade so I started to trade with half an eye on my dinner.

I'm sure you can guess what happened next. Well I traded a few points and had actually built up a nice little profit when my wife came in and started giving me grief about trading while cooking dinner - even she knows that is stupid! Anyway, I made sure that I was hedged out for a profit and then closed down ISI Trader to enjoy dinner.

I then checked the markets a little later in the evening and got a horrible shock when I discovered that I had actually left a trade in the market, I had left a Lay bet unmatched on Dodig and of course, he had gone onto win the match. As this unmatched trade was for £132 I had gone from being £24 in profit to £108 down so I was absolutely fuming.

So the morale to this story is never trade when you are not fully focused on it, as you are much more likely to make mistakes and these mistakes can cost you dear.

It would be great to hear any other stories of trading mistakes to make me feel slightly better!

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