As you might know, SGX recently launched a GTM (Good Till Maximum) order type that allows your order to stay in the SGX system for an extended duration of time, instead of being purged at the end of the day.
I have already been using this new long-dated order type since last month.
Yesterday, I was a bit careless and made a mistake with one of my long-dated SGX orders.
I had forgotten that GTM meant Good Till Maximum and that a GTM order would stay in the system for 30 days. For some reason, I mistakenly thought that GTM meant Good Till Month and would expire at the end of the month.
As a result, an order that I keyed into the system in the middle of August was still live in the SGX system yesterday. I had assumed that my GTM order would expire at the end of August.
To make things worse, my brokerage firm uses a separate platform for the new order types. Usually, I will use the regular platform and thus I did not realize that my old order was still in the system. I only found out when that order was filled. Whoops.
Thankfully, there were no financial losses and I’m still alive to share this story with you so that you won’t repeat my mistake. 🙂