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FX put option mistake

Question

Just made a terrible mistake. Opened a put option to expire in June on usd/cad.

not realising the sell price was at 0 (buy is currently at 8). Will this value actually increase at any point if the usd/cad moved in my favour? 

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but yes it still can increase in premium value before if there is a rally in your favour

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Thanks for your reply. I’ve just realised the actual error I’ve made. I opened a 12300 strike price option instead of a 13300 as intended 🤦‍♂️

Ill try giving IG a call but I can’t see them reversing the trade.

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46 minutes ago, Snail said:

Thanks for your reply. I’ve just realised the actual error I’ve made. I opened a 12300 strike price option instead of a 13300 as intended 🤦‍♂️

Ill try giving IG a call but I can’t see them reversing the trade.

As the 12300 is so far OTM they may scratch that - the prem hasn't moved.

The 13300 is obviously ATM now with prems all over the shop so I doubt they'd fill you on an old price, especially as market has pulled off since then so the prem on puts should have increased.

But still - I'd be surprised if they didn't reverse the first one.

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Don't worry, we all make mistakes.  Everyone here has lost a lot of money on short-term trading.

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1 hour ago, dmedin said:

Don't worry, we all make mistakes.  Everyone here has lost a lot of money on short-term trading.

Exactly

hope they corrected it for you

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Thanks for the responses guys. As I phoned them to discuss the situation I had a voicemail from my account manager cancelling the trade as they suspected it was a mistake. Great service 👍

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You have an account manager?  You must have some serious money :P

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17 minutes ago, dmedin said:

You have an account manager?  You must have some serious money :P

you got one too, he just knows to avoid you 😉

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