| To be crystal clear: Nate did say everything in the alert. Clear as day. I was just too independent and sure of myself to actually read it.
What had happened was, most of these alerts are credit spreads, so you set a lower price for the GTC order. But in this case, it was a debit spread, which required me to set a higher price. I just didn’t pay any attention.
So when I set the GTC at a lower price, it closed automatically as a modest loss, and I ended up with egg on my face.
Rest assured, I am now in the correct trade with the correct order in place, and, if everything goes well over the next two weeks, this trade will close automatically as a 50% winner, more than making up for my little gaffe.
But I still felt pretty stupid…
There are a couple of clear lessons I’ll take away as a rookie trader trying to understand the markets better, though:
First, read the instructions… always…
It might seem obvious to some of you — congratulations! — but, yeah, if our experts send out trade instructions, it would behoove you to read them.
They know what they’re doing, and I clearly do not… so, yeah…
Second, give yourself some grace…
If you’re anything like me, you’re gonna do some stupid things as a trader.
Risky trades you shouldn’t have taken, or just dumb mistakes that cost you a few bucks.
You have to let those things wash off right away, or they’ll weigh you down and lead to more mistakes.
There will always be losses in trading. Hopefully, you already know that. But the ones you cause yourself are going to sting more.
You have to get over those, and get back up and keep trading.
I did. And hopefully I’ll be able to check back in in the next couple weeks and tell you that my NEW automated options trade is a winner.
To your prosperity,
Stephen Ground
Editor-in-Chief, ProsperityPub
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