One often finishing second misread bid unfortunately (10)
I believe the answer is:
bridesmaid
'one often finishing second' is the definition.
(bridesmaids come behind the bride)
'misread bid unfortunately' is the wordplay.
'unfortunately' indicates an anagram (a bad or unfortunate spelling).
'misread'+'bid'='misreadbid'
'misreadbid' with letters rearranged gives 'BRIDESMAID'.
(Other definitions for bridesmaid that I've seen before include "one's holding up train perhaps" , "Attendant at wedding" , "match participant" .)