In late '99 I was trading gold futures calls. I went for a walk and the gold price spiked $ 17 + in 30 minutes then back down again. My account went up $ 400,000 and then back down again. And I compounded that mistake by procrastinating again and again (hoping) and ended up with a small loss from what was once a million dollar plus position. I don't think too many people anywhere can beat that one ... :eek: There is a scene from a movie with Danny DeVito and Kevin Spacey (The Big Kahuna) and in it they are talking to some young kid about character and how one obtains it ... one of the oldsters turns to the kid and says character is something you never develop until you do some things in your life that you completely and totally regret ... If you have no regrets, you have no character ... I always loved that line. What I learned : Actually, this may sound a bit strange, but the most important thing I gained from this was even more confidence in my abilities ... If I did it before (hit it big) I can do it again. Maybe it's just a psychological sop to my ego, but I think it's something deeper than that, and I am very happy I had this experience. I'm happy because it happened at the very beginning of my trading career, and I'm happy to have had such an amazing thing happen, even if it turned out all wrong because I got to see quite a ways into the depth of my character (losing a boat load of money inspires more than a little self-introspection I wish I could say I learned my lesson forever and that I am the perfect trader and would never make that mistake again, but that's not the way trading works (I think). I think the way it works is that good traders try their damndest to limit the damage from the mistakes they know they are most prone to make based on what they have learned about their own character. I'll never be perfect, but think I will always (thanks to this experience) be prudent.