Friday, June 15, 2012

Fat Finger mistake on GNC

Crap, I made a data entry error earlier today. I wanted to close my short GNC Jun 35 puts. Instead, I mistakenly entered an order to buy Jun 35 calls and got filled. Yikes.

To compound the mistake, GNC dropped rapidly from 35.0 when I entered the order to 34.0. Right now it is back to 35.0 and I am closing both ends of the position, for a break even profit after all is said and done. Mistakes happen. Thankfully this was a small dollar amount, but the mistake still cost me. If I had closed the position, it would have been more like a 50% gain instead of maybe 20% basis the initial credit. The bright side is that at least I am exiting with a net profit, but once I realized the mistake and saw the stock dropping it was like going down the rabbit hole. I'll post a monthly trading recap after the close.

As I type this up, looks like my exits were poorly timed, as GNC is rallying a bit into the close. Still, with the mind fog, exiting with even a modest profit is a victory of sorts.

Net long IWM, SPY
Net short GLD

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