Dealing with Getting Screwed in the Final Seconds of a Trade

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Dealing with Getting “Screwed” in the Final Seconds of a Trade

Most traders feel extremely “screwed” when in the final seconds of their trade they go from in-the-money to out-of-the-money. Seconds later, after the trade is expired (or stopped out)–and you lost money–the trade is right back in-the-money. In traditional markets this is equivalent to getting high-ticked or low-ticked, which is when a stop-loss is triggered right as the price is reversing back in your favor.

It is probably one of the most gut wrenching and frustrating feelings a new trader can have. “The world is against me!” “The market is manipulated!” “My broker screwed me!” These are but a few of the comments that may go through your mind. Your words will likely be more colorful though.

While extremely frustrating, there is no real way to avoid this. It happens to successful traders all the time.

Think of it in different terms. While you lost on the trade, your overall outlook was correct. Anything can happen at any given second in the market. All we can do is find an edge that works for most of those seconds. Occasionally though, a big buy or sell order will come in, just pushing the price out-of-the-money at expiry (or triggering a stop loss just before the reversal).

This is unavoidable. We can’t control the market. We need accept that this is part of it.

To Change or Not to Change

After a frustrating ordeal, the human tendency is to begin to change things. If overall you have been making money, and have a solid plan, don’t let a frustrating situation like this sway you or rattle your confidence. Stick to your plan. Accept that sometimes even when you are right, you won’t make money.

There is a random element to the market which can’t be studied or analyzed away. Losing trades happen. When you test out a trading system you may be right 6 or 7 times out of 10. Do that consistently and you can make a good income. Notice how the losing trades are already factored in? You can count on losing 3 or 4 trades out of 10….and you can still be profitable.

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Why the loss occurred doesn’t matter. Don’t sweat it. As long as you follow your plan, expect that you will win about 6 or 7 trades out of 10 (varies by trader and strategy of course) and you will lose about 3 or 4 out of 10.

If your win rate is low, or you are losing money overall, then something does likely need to be done about your strategy.

First, address whether it is actually your strategy at fault or you. Sometimes a strategy works fine, but traders skip signals or don’t actually follow the plan precisely when trading. If this is the case, work on your metal game and build your disciple by relentlessly following your plan even when you think you shouldn’t.

If the strategy isn’t working, then consider how your entry and expiry times could be adjusted to produce more winning trades. If you entry points look good in hindsight, then it is choosing the expiry that needs work. But if your entry points are “in the middle of nowhere” and the price is zigzagging back and forth across it, then your entry points likely need to be fined tuned. Move the entry points to more significant price areas, based on indicators, trendlines, support, resistance or price patterns.

All traders get that feeling of being screwed when a trade causes them to lose money at the last second. Unfortunately, that is part of trading. It happens; take some solace in the fact that you were almost right. Therefore, don’t start changing things just because of one frustrating situation. If you have a good strategy, stick to your plan. If you don’t have a good plan, do the hard work of making it better instead of blaming the market or your broker.

New York Knicks

Mike Woodson spent Monday night and Tuesday afternoon explaining to reporters about how he and the Knicks screwed up the final seconds of the Wizards loss.

And now Woodson might have a little more explaining to do on Wednesday when he meets with reporters before the Knicks face Milwaukee. The latest on Woody’s plate is what appears to be a difference in opinion or perhaps a case of miscommunication over why Amar’e Stoudemire is not playing against the Bucks and what his status is for the next several games.

Woodson mentioned yesterday that Stoudemire is going to be out “a while” while answering a question about what Tyson Chandler would bring if he potentially returns tonight. He then added Stoudemire had swelling in his knee.

Amar’e took to Twitter later on Tuesday afternoon, disputing Woodson’s injury report on Stoudemire.

Fans, IM NOT INJURED, just want u to know I’m ONLY stay’n bk bc of 6 games n 9 days w/ bk2bks! Body & Knees feel great! #Knicks #STAT

Look, it’s quite possible that Woodson overstated how long Stoudemire will be out and didn’t mean to set off another Knicks alarm. Perhaps “a while” isn’t as long as that really sounds. Who knows? We’ll give Woody the benefit of the doubt for right now.

But Stoudemire’s tweet certainly gives us the impression that he wasn’t amused by the perception given that he suffered a setback with his knee or knees and that he will be out indefinitely. Stoudemire contends he is not playing against Milwaukee because he played in five games last week and six in nine days overall. That makes perfect sense.

However, it is believable that Amar’e could have suffered a setback after playing his most minutes of the season in three consecutive games last week while playing in two back-to-back sets over five nights. He played 27 minutes against Cleveland last Tuesday and followed that with 30 minutes against Chicago the next night. Two days later, Stoudemire played 30 minutes again against Boston before logging 19 minutes against Atlanta the next night.

It appears Woodson might have to clear things up with Stoudemire and then explain why there seems to be a difference of opinions between the two to the media.

While that doesn’t sound like much if this is all a miscommunication issue, it’s still one more thing on Woodson’s plate to deal with. And considering the Knicks are a disappointing 7-17, they’re coming off a late-game timeout debacle and are dealing with numerous injuries, Woodson doesn’t need anymore drama than he already has.

And he certainly has plenty to deal with at the moment. A win over Milwaukee will help smooth some things over for the time being. A potential loss and things could only get stickier and messier.

Up now: Amar’e disagrees with Woody over his health.

If Tyson wakes up without any unforeseen setback, the Knicks could have their starting center back tonight and they’ll need him considering how many injuries they are dealing with.

Our man Marc Stein has a breakdown of coaches on the hot seat. Guess who is on the list.

Look who’s back: Chris Smith is back up from the NBDL.

What’s next: The Knicks play the Bucks (5-19). Milwaukee has lost 17 of its last 20 games. In other words, the Knicks might want to win this game no matter how shorthanded they are.

Question of the day: What’s your take on the Amar’e-Woody drama? Is this just another sign of Woody having too much drama to deal with?

New York Knicks

Mike Woodson spent Monday night and Tuesday afternoon explaining to reporters about how he and the Knicks screwed up the final seconds of the Wizards loss.

And now Woodson might have a little more explaining to do on Wednesday when he meets with reporters before the Knicks face Milwaukee. The latest on Woody’s plate is what appears to be a difference in opinion or perhaps a case of miscommunication over why Amar’e Stoudemire is not playing against the Bucks and what his status is for the next several games.

Woodson mentioned yesterday that Stoudemire is going to be out “a while” while answering a question about what Tyson Chandler would bring if he potentially returns tonight. He then added Stoudemire had swelling in his knee.

Amar’e took to Twitter later on Tuesday afternoon, disputing Woodson’s injury report on Stoudemire.

Fans, IM NOT INJURED, just want u to know I’m ONLY stay’n bk bc of 6 games n 9 days w/ bk2bks! Body & Knees feel great! #Knicks #STAT

Look, it’s quite possible that Woodson overstated how long Stoudemire will be out and didn’t mean to set off another Knicks alarm. Perhaps “a while” isn’t as long as that really sounds. Who knows? We’ll give Woody the benefit of the doubt for right now.

But Stoudemire’s tweet certainly gives us the impression that he wasn’t amused by the perception given that he suffered a setback with his knee or knees and that he will be out indefinitely. Stoudemire contends he is not playing against Milwaukee because he played in five games last week and six in nine days overall. That makes perfect sense.

However, it is believable that Amar’e could have suffered a setback after playing his most minutes of the season in three consecutive games last week while playing in two back-to-back sets over five nights. He played 27 minutes against Cleveland last Tuesday and followed that with 30 minutes against Chicago the next night. Two days later, Stoudemire played 30 minutes again against Boston before logging 19 minutes against Atlanta the next night.

It appears Woodson might have to clear things up with Stoudemire and then explain why there seems to be a difference of opinions between the two to the media.

While that doesn’t sound like much if this is all a miscommunication issue, it’s still one more thing on Woodson’s plate to deal with. And considering the Knicks are a disappointing 7-17, they’re coming off a late-game timeout debacle and are dealing with numerous injuries, Woodson doesn’t need anymore drama than he already has.

And he certainly has plenty to deal with at the moment. A win over Milwaukee will help smooth some things over for the time being. A potential loss and things could only get stickier and messier.

Up now: Amar’e disagrees with Woody over his health.

If Tyson wakes up without any unforeseen setback, the Knicks could have their starting center back tonight and they’ll need him considering how many injuries they are dealing with.

Our man Marc Stein has a breakdown of coaches on the hot seat. Guess who is on the list.

Look who’s back: Chris Smith is back up from the NBDL.

What’s next: The Knicks play the Bucks (5-19). Milwaukee has lost 17 of its last 20 games. In other words, the Knicks might want to win this game no matter how shorthanded they are.

Question of the day: What’s your take on the Amar’e-Woody drama? Is this just another sign of Woody having too much drama to deal with?

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    Ideal for beginners!
    Free Demo Account + Free Trading Education!
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    2nd place in the ranking!

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