While most traders keep a keen eye on their open positions, there are those that make the mistake of not doing so. By frequently checking on your open positions you will know what your overall exposure is and whether you are in profit or loss.
In addition to errors, some traders simply forget that they have placed certain orders, or through unfamiliarity with the platform, find that they have accidentally placed orders without intending to do so. It is best to detect these mistakes as quickly as possible by monitoring your open positions.
Mistakes made when entering trades are more common that you might think. Traders frequently hit buy instead of sell (and vice versa) or enter the wrong quantity or even the wrong ticker symbol. These are simple mistakes that are often put down to having a ‘fat finger’. However, if you take your trading seriously, you should ensure that you exercise the appropriate level of care.
If you are trading to make a profit, it is important that you approach your trading in a serious, business-like manner.
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