my greatest mistake

Discussion in 'Trading' started by Gordon Gekko, Aug 23, 2002.

  1. as we all know, we learn from our mistakes. i'm going to share with everyone one of my biggest trading blunders. however, looking back i think it was a blessing in disguise.

    PLEASE KEEP IN MIND THIS HAPPENED A WHILE AGO. lol i don't trade like this anymore.

    my intention was to go for easy 1% gains. i would enter a position going with the trend. then i would enter a limit to exit at 1% profit. this worked sometimes....but i let one trade run away from me.....i kept thinking, i'm only trying to get 1%...surely it should eventually at least go 1% my way.

    i exited this trade with a 30% loss. LOL!!!! hahaha

    anyway, like i said.....this was just one experiment..and it was over a year ago.

    anyone else have any big mistakes?
  2. Everyday.
  3. Commisso

    Commisso Guest

    Selling US Robotics for a measely 4pt gain :( Anybody who remembers this one from back in the day knows what happened!
    7 years later Im still whining :)

    I remember owning 800 ACTM when I was like a sophmore in HS and watching it rise 9pts. in 4 days... Decided to take the money and run with it, put in a market order to sell at market for next morning... Next day when I came home from school and check where I got filled I realized that I put in a buy and actually bought 800 more, she happened to get clobbered that day and I lost almost all of the 9pts plus what I had from the top :( That was the first time she sent me a very clear message that she gives and takes unconditionaly!
  4. My greatest mistake was opening a brokerage account with Dean Witter in 1999-2000 and having the lady tell me that AOL was a screaming buy at $150 and that the "new economy" was rewritting all the old laws.

    I didn't buy AOL, but I did invest in an internet mutual fund that gave me a whopping -59% return in 2001. I have since closed my account with them and will never be a "long-term" investor again.

  5. Swing trading global crossings when it was near a dollar. I barely got out alive. Never, ever again. Never!
  6. lundy


    During April 2000, I used and qcharts and turned 4k into 22k in 2 months using level 2. I got cocky and put it all into some stupid 5 dollar stock that dropped like a rock and killed me.
  7. Rigel


    The first time I tried scalping "by the seat of my pants" was Sept 2000. I had never even heard of a stop-loss at the time. I bought 128sh MRVC for 62.63ea.($8000) and was looking for a 50-75 cent scalp, just for fun. It went up a dime or so then down ~ 40 cents into the close. I thought to myself "I'm not going to take a loss, I'm going to at least get back my commission.", and held it until the next day. It went down a little farther and I thought "It may take a couple days, or weeks but I think it's going to reverse.". It never did. I still own it at $1.25ea. I turned $8000 into $160 just like majic!! One of these days it's gonna go back up, right? :p
  8. coming here using many differeny handles, thinking your the crackerjack trader (how could anyone be such a good trader posting here ALLL day??), and belittling others you are jealous of.

    Did I get everything?

  9. LouieR


    Two trading blunders come to mind. The first was listening to my broker tell me that Motorola was not a $36 stock. In a way, he was right since MOT is now trading between $10-$14.

    When I first got into short term trading, I was watching the QQQ's trade between $45-$50. On a Friday I decided to buy some QQQ 50 options as the index approached $45. Fortunately, I recognized, in retrospect, that I had made a bad trade, watched the futures in the premarket the following Monday and unwound that trade asap. The QQQ's plunged through $45. As a result of that busted trade, I paid the market $4300 tuition for that lesson to never "catch a falling knife". This was another situation where my broker could have earned his keep by warning me about "catching a falling knife" but chose instead to collect his commission.

    While somewhat expensive, the tuition I have paid to the equities markets for these lessons have forced me to become a much better trader. In particular, I am much more cynical about advice provided by any of the "so-called" experts.
  10. rs7


    Well, it was better than holding 'till now. Wouldn't you have ended up an owner of COMS? There is no perfect entry and no perfect exit.

    I know I told this one before. I was long VERT overnight. Opened up 9 pts. Sold it up 12. Ended the day up 70. Last I looked, it was trading under a dollar.

    No regrets.

    #10     Aug 23, 2002