Earlier, I said, today is like a “holiday” since the ASX had a technical glitch. Tried not to get too anxious — (because today is the expiration day of my STOJQ7 option, and with the strong lead from Wall Street, and as the night wore on in Europe, they’ve announced “the deal of a lifetime of $1.4 Trillion rescue package) you can say I am a little bit excited about the market today). I did get to spend the morning playing in the park, had a chat with my sister on the phone and lunched with my son over spaghetti.
Then I saw the ASX update that by 2pm, it’s showtime. The drama unfolds. I knew there would be a mad rush, I got in 20minutes after opening. I tried to close my trade at what I thought was a “great” profit of 45c, since my 3R profit target is 32.5c. Wonder of wonders, the share still kept moving up so I was feverishly amending my order. Up to 50cents, 52, 55… I was expecting for the orders to get executed as the share price kept moving up, and actually overtook my price. Sitting there glued for 20 minutes, I began to wonder what is happening to the orders that didn’t seem to get reflected in the market. I called up the broker, was on queue for 15 minutes when finally I got to speak to a Customer Service Representative and learned that there was a flood of amendments which has to be processed manually, so it seems, my order never got picked up (since I kept amending it too) or is still sitting under the mountain of amendments. I was advised to cancel the existing order and put a new one to kind of jump the queue hehehe.
With peace in my heart, I went to get my daughter from school at the end of our street. All I can think of and prayed was to get the order completed. After a good 20 minutes when I got back home, I checked that my order didn’t seem to have been placed so I just placed another order for the buyer’s price which was around 60cents.
Opened with Initial Risk (1R) of 7.5 cents
Closing with 60.5 cents
= .605 / .075
= 8.06R
STO gained 83cents so I didn’t get the “fullest” profit, but, this, I think, is my highest profit by % or (R-Multiple) I ever got from trading in the last 9 years! I guess, from here on it will be a good idea to tell you what I am trading (pressured to follow my own advise hehehe). Check the performance monitoring and liquidation advice in this other post.
