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Before I had dynamic (quotes that update continuously by themselves as prices change) real-time quotes, I would use my online brokerage to get real-time quotes. The only way I could do this was by entering a trade on an initial screen, getting the quote, and then voiding the trade after previewing it, but before it was actually sent through for execution. |
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Once, a few minutes before the market closed, I entered a trade for a stock just to get a quote. But I unconsciously pushed the "place trade" button when I meant to push "void." After the market closed, feeling a bit flustered, I called and told the brokerage firm I had made a mistake. |
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How would they know if I really hit the wrong button by mistake? They wouldn't. Maybe I'm just trying to undo a bad trade that went against me, like so many of the others who must call them and try the same tactic. |
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Amazingly, they were very understanding, maybe because I had held a retirement account with them for over a decade. They did not charge me a commission for getting out of the trade the next morning. In fact, they allowed me a couple of hours to sell the position when I wanted, and ironically, I actually ended up making a small profit from my accident. |
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Of course, most who tell stories of mistaken trades are not so fortunate. |
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This was my one and only "get out of jail free" card. I would not ask them to be understanding like this with me ever againat least, not on a mistaken trade. |
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Although most traders at home or at their offices don't have the sophisticated systems of the institutions and professional day trading rooms, still they have to contend with the anxiety of putting their money on the line. In each case, it takes time to get comfortable with the motions of trading. |
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So, part of containing your emotions while trading is to be able to coordinate your eye-hand movements and your brain without letting anxiety get the best of you. Later, we will look at some tips for preventing this from happening. |
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The Excitement of Online Trading |
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If you already trade online, you know the feelings of power and excitement that go with the trading experience. You know how watching your portfolio may become a frequent interest, if not an obsession. |
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