What are some tips to reduce execution mistakes for day traders?

Discussion in 'Trading' started by learner88, Oct 7, 2022.

  1. maxinger

    maxinger


    Years ago,
    I used a proprietary trading platform that was linked to the charting s/w during the playback.
    I understand those who know programming can easily create such trading platforms.


    I am sure there are trading platforms that could be linked to the charting s/w (eg Esignal)
    during the playback. Perhaps other members can commend this.
     
    #11     Oct 8, 2022
  2. schizo

    schizo

    After nearly 30 years, I still make this mistake. In fact, that's what happened this week and I paid dearly for it. Not sure if I want to laugh or cry.
     
    #12     Oct 8, 2022
    learner88, murray t turtle and Sekiyo like this.
  3. Bad_Badness

    Bad_Badness

    Every order should be in hot keys. Then the hot key should be hooked up to a separate keyboard binding. Keys should be labeled by color and or texture. There are many gaming keyboards that will work. I used to use a Logitech G13 keyboard and TWS. As RealMoney says, you can have "close position", bracket orders etc.

    Reminds me of the story in of a US air force reaper drone pilot before they got better hardware interfaces. A pilot went to put the landing gear down and hit the button right next to it, the fuel dumped, plane crashed short of the runway.

    And for the record, yes I have done it so many times. Especially early trades at 6:30 AM. I've done all the wrong things several times and several in a row.
     
    Last edited: Oct 8, 2022
    #13     Oct 8, 2022
    Sprout likes this.
  4. TheDawn

    TheDawn

    Everybody and I mean EVERYBODY who has ever traded has made the mistakes that you have mentioned at some time during their trading career at least once because we are all human so don't feel bad or think they are laughable. I find the best ways to avoid these mistakes are:

    1) Get as plentiful of sleep as possible

    2) Automate as much as possible what you want to do. When creating orders, click on data shown by the software instead of manually entering all the information.

    3) Use OCO orders ALWAYS when needing to cancel one order after another order is filled.

    Hope these helps.
     
    #14     Oct 8, 2022
  5. SunTrader

    SunTrader

    Overnight knocked it outta the park.

    You are trading way too fast. Come on, making multiple mistakes on demoooo!

    The faster one trades and more often, the more likely things can possibly go wrong.
     
    #15     Oct 8, 2022
    Sprout and rb7 like this.
  6. Sprout

    Sprout

    Day trading doesn't imply having to trade multiple times per day nor trade everyday.

    To answer your specific question; some of your mistakes are hard to imagine with point and click - however most platforms have programmable keys which any usb controller can be configured to.
     
    #16     Oct 8, 2022

  7. Early morning trading if you live on the West Coast where it is very early.
    [​IMG]
     
    #17     Oct 8, 2022
    murray t turtle and stochastix like this.
  8. GotherL

    GotherL

    My biggest fat finger I bought $10000 position on a volatile MEME stock with only $3000 capital and had to get out immediately for a $500 loss. Ofc, it ran like 50%+ as soon as I exited.
     
    #18     Oct 8, 2022
    murray t turtle likes this.
  9. %%
    YELLOW Post it note\
    ''double check'' double check. But'$ that for real money+ some short term +swings with profit;
    wisdom is profitable to direct.
    Bank holiday Monday= Columbus day+ Canada Thanks day:caution::caution:[Edit, maybe triple check the buy or sell button:caution::caution::caution:] I seldom do any demo trading; but sometimes paper trading or use Federal Reserve notes, not the same thing @ all
     
    Last edited: Oct 8, 2022
    #19     Oct 8, 2022
  10. Separate sell and buy side on the keyboard (left side buy, right side sell etc) have every essential key twice, on each side. Between keys keep an empty key as space.
     
    #20     Oct 8, 2022