Another Hilarious fact about Mom's trade today:
1. Not only she mistakenly traded May future.
2. But also she put in a Market order.
Now imagine a market order in an illiquid contract.
She got her order filled at 10,453.10.
Zerodha kite is showing exact same price as day's high.
quite an achievement!!!
.
.
Between right now she is insistently arguing with me, how a May fut is moving as same as March fut.. and that there is really no difference in price discovery...you trade march or may, there is really no difference... etc...etc.
1. Not only she mistakenly traded May future.
2. But also she put in a Market order.
Now imagine a market order in an illiquid contract.
She got her order filled at 10,453.10.
Zerodha kite is showing exact same price as day's high.
quite an achievement!!!
.
.
Between right now she is insistently arguing with me, how a May fut is moving as same as March fut.. and that there is really no difference in price discovery...you trade march or may, there is really no difference... etc...etc.
Remember this earlier post? Mom accidentally bought May Fut instead March expiry then.
Well here is an update.
Initially I thought she would square off the position next day. She didn't.
She continued to wait in false hope of reversals for nearly a week. That could have wiped out complete margin.
So at last on 9 th March, when I came to know of this - she was already in nearly 150 points in loss.
So I hedged her position by buying 10400PE.
Later exited the PE with nearly 13500 profit.
The Nifty May expiry future is still in position. Planning to square off if Nifty shows any sign of correction.
So all in all converted a stupid mistake into whooping 30-35k profits !!!!