A foolish mistake cost me my one month of salary :(

I have one story to share,

I had decided to buy moil on its listing day as I had done the same on coal india and done well. i placed an order to buy 50 moil shares as the listing price which was around 480. my order got completed fully very soon and I started looking at my net position window. My heart sank after what I saw, the moil price was going down rapidly and my net position stood at -12500 ...

I thought I was in a dream ....

In 10 mins i checked the net position again and it was still further down, I realized it wasn't a dream as I pinched my self, it was a real thing happening.

I was just so furious with my self when I saw the trade book, I had placed order of 500 shares and not 50. My one mistake cost me whole lot of money actually equivalent to my one month salary for which I have to work so hard (I work for 12 hours a day 6 days a week)...

Any way the moral of the story is always double check your order

I also discovered how you can lose your huge money so easily and that too legally

I calculated, the way I am trading I should recover my money 2 years.

hmm.. sry for that..
i ll tell u one funny thing.. once i placed an order for 5800 call on friday at 3.28PM and on monday mng market(nifty) started +30 and started moving up...up.. i was happy.. and then on tuesday it went further up and i was very very happy thinking my 3500 would have become 6000, 8000 so on.. and i was not looking in my portfolio and was assuming...
suddenly there was a fall of 30 points and thought to keep stoploss for my order and to my horror when i saw my positions the order i took was 5800 put instead of call... my heart broke and from that day i started double chekcing my orders... .
so please check ur orders rather before u rush...:thumb:

thanx buddy ...

but I have learned a important lesson, always trade with a stop loss trigger !!

Dont count this as a foolish. It is ignorance only. You should have readed reports about MOIL when IPO came or seen any channel that morning. Fundamentals of MOIL are no where matched to CIL. Always wrong analysts that morning for a change went right by advising to sell. Even CIL drove a premium ride for 2-3 weeks and still overvalued in compare to international peers. As for MOIL it was never a great buy. Only hype and nothing but hope of CIL repeat which failed. Next was PnSbank. All these are trading way below highs with only CIL at some profits. So instead of catching a falling knife next time try to trade in already strong companies. Buying/selling IPO is always injurious. You are lucky it's MOIL, if it was sea tv/bedmutha/ravikumar/bstrans which were purely operator driven stocks, you could have lost whole years salary. Keep MOIL if you have for long term view. It won't be regret buy.

2012

you are absolutely right no doubt ..

the thing is if I had bought 50 shares, and if it fell by 30 rs still i had only 1500 rs loss, which i knew and i did not mind.
the problem was the order was of 500 shares instead of 50 so my loss was multiplied.

we are talking about a mistake in placing the order and not if I did right thing buy buying it or selling it ..

Again you made mistake he is 2021 not 2012 :rofl::rofl::rofl::rofl:

phew i had thought i was only one who did this blunder. in my case it was not mistake but it was stupidity/blunder/greed which made me buy MOIL at 580

i made big losses buying infra like HDIL,Unitech in 2007 peak so stayed away from market. herecomes 2010 and i started investing. made good money in likes of coal india, ITC etc. and as greed catches up, wanted to make quick bucks from MOIL like coal india.

On listing day saw MOIL at 570 580 590 and it dipped back to 580, i thought let me buy now before it goes back and crosses 600 610 etc. so placed order for 500 at 580. but from that moment it started going down slowly and steadily i guess first day it self it was down at 480 AFAIR. soi was 50K down same day. so thought let me not book losses so i took it as delivery. But this crap stock went down further (went till 380 some time back). so my losses went to as high as 1L . but yeah now i am using golden word "long term" . this stupidity has shaken my confidence and after that i have hardly traded or bought any stocks

sorry to hear that man. hope you recover soon. sincere wishes.

sorry for ur loss but its true all day trader after losing portfolio become Long term investors

Today a foolish mistake help he earn good money. In the morning after market open I want to set up a option position of buy Call 5900 and buy Put 5800. I think today morning that the market will be volatilie and will go up or down in large side so I think of this set up.

I first place a buy order for 500 quantiy of Put 5800 which I buy at 45.4 rupee. Then I has to place buy order for CALL 5900 option but by mistake I place buy order of Put 5900 for 500 quantiy, which get exectue at 81 rupees.
I do not know this mistake. So inested of a neutral set up I has a positional set up with 1000 qty of Puts (500 of Put 5800 and 500 of Put 5900). I than get back to my office work and log out of my account. I see the prices of my pair on NSE web site at lunch time and I think it was giving me 3 rupee profit. Then in the aftermoon the market fall down and I think that my set up will give me 5 or 6 rupee profit (so 500 x 6 = 3000 rupee profit). When I log on my account at 3.20 to close my set up, I know that the I has a postional set up with only put option and no call option. I was very tensed and lose my head in anger thinking that I has now gone in a big big lose. Then I close both my put options at market price and they get sell at Put 5800 at 63 rupes and Put 5900 at 111 rupees. Only then I know that my mistake has made a big profit of 23800 rupees (with out broker) I was very happy. But I am sad now also, because I earn this money by mistake. I has withdraw 20000 rupes from my accout immediately as it is not my skill full money. I has decideded that I will donate 10% of this money (so 2000 rupees) and for the remaining 18000 rupes I will make a FD. I will do this thing on Monday when I get the money in my bank account.

But I has decided that I will check my order and position in future so that I do not do such a mistake again. By god blessing I was lucky today otherwise I would be very tensed if I has lose such big amount of money.

Thank you and best of luck.