Lesson to anyone that will listen: don't trade when half asleep or drunk, they basically amount to the same thing.
I got some bad medical news yesterday that had me up for half the night and although I've never made a mistake like this before, sleep deprived or otherwise, I should have known better. I thought years of doing technical work 48 hours straight at LAN parties and the like had made me immune from such silly mistakes due to sleep deprivation but apparently not.
I got a small (like $750) order filled of pen C series options (mature this December at $0.03 a share) at $0.003 this morning that I'd had been hoping would come through for about a week and decided to have a look at the order depth that had finally made it happen. Looks pretty thin says I, there's only about 500,000 of standing buys at $0.002 and couple of bottom feeders at $0.001. Nobody is selling at that price but someone could come in with a big at market. Maybe I'll be cheeky and put a standing order in at $0.002 and another in at $0.001, you never know right? So I go to put in 600000 at $0.002 and it gets instantly filled! Fantastic, brilliant, everybody happy, what a strange concidence that someone jumped in on the other end when I was there to buy, price discovery in the market really does work...little odd though, maybe I'll just check my portfolio...gasp.
I accidentally put in an order for 600000 at $0.02 and got the standing sales at $0.004. So instead of $1200 worth of options at $0.002 I got $2400 of options at twice the price and have to cough up for them in addition to the $750 I bought at 0.003.
I've been a pretty big cheerleader for pen but not $3000 worth of options in this economic climate like them. It is partly the commsec apps fault as it hangs unless you tap the screen twice between every page and I might have caught it if I wasn't mindlessly tapping the screen but this is on me, that's just the reason my idiocy caught me out. I could have had 5 nights in Bali but instead I have 30 seconds thinking I got a slight bargain on options.
My message to everyone:
Don't do what donny don't does!
Review your buy orders in detail!
I got some bad medical news yesterday that had me up for half the night and although I've never made a mistake like this before, sleep deprived or otherwise, I should have known better. I thought years of doing technical work 48 hours straight at LAN parties and the like had made me immune from such silly mistakes due to sleep deprivation but apparently not.
I got a small (like $750) order filled of pen C series options (mature this December at $0.03 a share) at $0.003 this morning that I'd had been hoping would come through for about a week and decided to have a look at the order depth that had finally made it happen. Looks pretty thin says I, there's only about 500,000 of standing buys at $0.002 and couple of bottom feeders at $0.001. Nobody is selling at that price but someone could come in with a big at market. Maybe I'll be cheeky and put a standing order in at $0.002 and another in at $0.001, you never know right? So I go to put in 600000 at $0.002 and it gets instantly filled! Fantastic, brilliant, everybody happy, what a strange concidence that someone jumped in on the other end when I was there to buy, price discovery in the market really does work...little odd though, maybe I'll just check my portfolio...gasp.
I accidentally put in an order for 600000 at $0.02 and got the standing sales at $0.004. So instead of $1200 worth of options at $0.002 I got $2400 of options at twice the price and have to cough up for them in addition to the $750 I bought at 0.003.
I've been a pretty big cheerleader for pen but not $3000 worth of options in this economic climate like them. It is partly the commsec apps fault as it hangs unless you tap the screen twice between every page and I might have caught it if I wasn't mindlessly tapping the screen but this is on me, that's just the reason my idiocy caught me out. I could have had 5 nights in Bali but instead I have 30 seconds thinking I got a slight bargain on options.
My message to everyone:
Don't do what donny don't does!
Review your buy orders in detail!
