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LOL ... happy trading mistake!

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Not applicable
Yeaterday I closed a short ssf position on INL after the news came out for a healthy profit but in my haste to close out I still left my stop loss intact and was later informed that my stop loss had been executed after I had closed my position. So by default I was long this morning and happily closed my "long" position at 57.20 with a stupid grin on my face. Ha ha...
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14 REPLIES 14
DCTrader
Super Contributor
Some guys get all the luck... I'm assuming you didn't initially close out 100% of your position otherwise you wouldn't have had a position for the stop loss to trigger against?
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Preston
Super Contributor
stupid grin ,how appropriate.
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Not applicable
No, remember that a stop loss order in ssf's is simply a buy or sell order against your current position to bring you to a net position of zero contracts. If you close out your stop loss order still remains until you cancel it.
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Preston
Super Contributor
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CrownA
Super Contributor
Simon - Surely this is a big Mistake on the trading platform!!!
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SimonPB
Valued Contributor
the stop on the initial INL contracts triggered at 14.46 but did not imemdiately trade. Then at 15.05 the position was sodl out, but the stop loss order remained in the market and was matched at 16.04.

Not a bug, the issue is that you can sell what you don't own, with a share you can't so this doesn't happen.
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Not applicable
Simon - is it possible to cancel a triggered stop?
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Brazen
Super Contributor
I don't get it - I thought the minute you sold or bought a SSF position, ie. closed it, the stop loss attached to it was cancelled.
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Not applicable
my understanding as well....
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SimonPB
Valued Contributor
sure, a triggered stop goes into amret and appears on the system under tarde status (on the menu under My Account, either shares of SSF's).

brazen, not if the stop has already triggered.
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Not applicable
so this is a trigger order and not a stop loss?...stop loss systems cancel any orders attached to them even if they have trigerred..(in most decent systems)
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SimonPB
Valued Contributor
a stop loss triggers a trade order that is sent to the market. There are three things that can happen to that trade order once it hits the market; it can be traded against, cancelled or expire. Clients can elect to receive email or SMS on; trigger, expire (the stop loss, not the order), fail or trade. So int he above an email would have been sent out at 14.46 informing of the stop loss triger and the order being sent to market. 19 minutes later the client traded having not cancelled the stop loss order.
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Not applicable
whatever happened to my suggestion of having the stoploss status visible on the account page? ignored with all the rest?
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CrownA
Super Contributor
Thanks for the answer and the advice - I must be wary of these SSF's then. I tried before, got burnt, not again.
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