Logistics

I learned a very valuable, but costly lesson today. It had nothing with following my trading strategy or not, but with some errors and some chance not good things happening.

My trading platform is Trade Navigator (TN) from Genesis, which links up to my funded trading account with my broker. We'll call my broker ABC. ABC links up with the floor, which we'll call YZ.

Here are some things I knew, but the importance of that didn't hit home truly until today:

1. YZ doesn't see OCO's, Trailing Stops and whatever other fancy orders there are. They see LONG and SHORT orders.

So, if you entered at 1137 LONG with a limit, and you have an OCO at 1134 SHORT (limit stop cost) and 1139 SHORT (limit stop profit) where the OCO is not filled but waiting. YZ sees that you're in a position (we'll say 1 contract for ease of illustration) and that you have 2 limit SHORT orders on the table. It doesn't know that it's an OCO or anything. It just sees 2 limit SHORT orders.

2. In order for there to be proper execution of my OCO, the connection from my laptop to ABC must be opened. I cannot turn off my laptop, or turn off whatever program I'm using to connect to ABC. The OCO can ONLY be executed properly with my trading platform up.

3. Since I use TN as my trading platform, TN connects to ABC and to YZ. So, TN is a middleman, as I like trading off my chart. HOWEVER, I may be changing this or at least use my broker as a backup to see if my trades are there or not.

4. Broker ABC says that if I trade off TN, only orders that have been filled show up on my ABC platform. Orders that are pending (waiting to be filled), do not show up. However, if something glitches on the side of TN, I can go on my ABC platform and trade from there.
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