Home > General Topics > Trading > What's the dumbest thing you've done?

What's the dumbest thing you've done?

  1. Misery loves company I've always said. So lets all hear the dumbest thing you've ever done while trading. Amateurs and professionals alike do every day. Like the guy a couple months back who pressed the million sell key on INTC by accident. Or the guy who sold more shares than there were on the float last week.

    For me, it was offering 5000 shares on attain 27 cents out of the money on INTC. Made someones day, That's for sure. Oh well, at least I was still positive :)

    And of course nothing can ruin a great trade more than realizing you've punched in short instead of long. And nothing can make you look more stupid than screaming go go go Riiip! while holding it.

    (Geeze I am pretty stupid. Maybe this thread wasn't such a great idea after all?)
  2. I quit a well paying Job to take up trading full time. In hindsight that is the dumbest thing I ever did in my whole life. I gave up a nice income working 9-5 and lost my entire savings and went into debt learning how to trade 24 hours a day 7 days a week, I have no health insurance, no 401K plan matched by my employer, no paid vacations. After 1.5 years of losing and eating through my savings, at least now I'm breaking even and have a few Job interviews lined up for 2006. I'm going to work fulltime and swing trade part-time :D
  3. Buying RFX as a scalp about 10 seconds before it was halted
  4. What made you think it was the thing to do do?

  5. Short TZOO when the path of least resistance was up.

    Poor Bartel though... a paper billionaire that could not dump his shares nor buy puts. Imagine just watching a billion dollars go down the drain.
  6. Buying ELN the day the news came out. (how low could it go?) *sigh*
  7. let the specialist handle an order on a fast news play... my short got filled at the LOD. :(
  8. Fell asleep at the wheel going 80 mph and ran off the road.
  9. buying 100 contracts of the T-note on a VERY hockish FOMC statement...I just read it wrong...didn't turn out pretty...about
  10. There are sooo many...

    Buying the FTSE tracker in Mar 03 and selling a few weeks later, only to watch it rally for two and a half years.

    Buying £110 of the FTSE to close a short when I meant to buy £10.

    Stubbornly holding onto a day trade and taking a much larger loss than I should have done.

    Of course, the important thing is to learn from ones mistakes.
  11. Mine was buying dollars at 107 and then going the otherway at 136!

  12. dumbest thing ive done?

    hmm - a few candidates, but some of my posts on et probably come close

  13. How about when you think you're long but you're actually short. You don't realize your mistake for a while and its ends up being a fairly decent trade.
  14. Covering a QQQQ (then QQQ) short for a big loss around 120.00 in march of 2000.
  15. I was short via Rydex 2x inverse S&P funds from early Sept 2002 into the bottom October and I gave back 90% of my paper profits because I didn't think the bottom was in.....it was.....
  16. Not a trading story, but: When I was younger I used to drive a motorcycle and I also smoked. One night it was late and I'd been riding for awhile and I was tired so I decided to pull over to the side of the road and have a smoke. As I was relaxing w/my cigarette I got curious as to how much gas I had. So I took the cap off the tank and actually lit a match, intending to put it into the mouth of the tank to check the gas level. Then I realized what I was about to do. It still gives me the willies 20 yrs later to think that I was about to pull some kind of grotesque 3 Stooges routine.

  17. Trading 4 ES contracts on a 5k account.

    Me love that leverage... :(
  18. Sending a large basket of orders after entering the price of S&P futures out by 100 points.

    I was long about $10M worth of stock before I could cancel the rest. Got freakin' lucky with the market and actually made a few grand, but could have wiped out my account.
  19. My top two:

    1) Trying to short the market from March to June 2003 !!

    2) Signing up for EWI services - the ultimate newbie mistake. Utter bollocks.


  20. Moving the suburbs from the gold coast in chicago, then trying to trade from home alone instead of in an office environment.
  21. I have a bad habit of playing with people...when it doesnt seem like playing. I sometimes give them a "jestful middle finger". I do it to my dad, my wife, my boss, coworkers...whoever. Most of the time it is understood as playful.

    To add insult to injury, i live in a foreign country, where american jestures or mannerisms by not be interpreted quite the same way. different cultures have different interpretations.

    i was at a party that my competition was throwing. I was there sort of to "spy" a bit. fell them out and see what we could do to beat them. I was the only one there from my company, and everything was fine. I had about 3 glasses of wine...and then the CEO walked in. At some point in this guys life he has been the CEO of the central bank, Minister of finance, CEO of the stock exchnage. A good guy, we have had drinks on several occasions, but none the less one of the most powerful guys in the country.

    I wanted to say "man, what are you doing here..this is the competition! are you buddies with the competition???" instead, from across the room I gave him a "playful finger" to say "what are YOU doing here!". a few people saw this. being the good guy that he is... he called me over and told me to get a cab and go home.

    The next day i apologized for being so american and overstepping the boundries. He said it was ok and he has done much worse over a few drinks.

    I still have my job.
  22. let me ad something to my last post...that same guy...

    If you look at the local currency, his signature is on it! wrong guy to give the finger to in a crowded room!
  23. Got married.....
  24. Waking up before noon on cold days.
  25. In 1998 I was position trading a few different futures markets, including a couple of currencies. I was in a losing Deutsche Mark trade. I added to the losing position. I had sleepless nights, and when I did manage to sleep, I woke up in night sweats. I lost almost a quarter of my trading capital over a period of a few weeks. It has never happened since, and I hope it will never happen again. There have been other foolish mistakes, but this one is by far the most memorable.
  26. thinking money make you happy
  27. Taking a stock overnight, and down -$13K due to a gap down. It still gives me chills taking trades overnight.
  28. I didn't realize this is supposed to be so "American".!LOL:D
    That's a bad "sign" in just about any culture!

  29. I'm amazed there hasn't been a response, "Shorted GOOG". Someone must have, I did once, 5 bucks and 5 minutes later I was done.
  30. Selling naked puts in 2000 just before the market tanked. Getting a margin call every morning isn't a nice way to start the day. Amazing I survived. But the hardest lessons are always those that you remember, eh? Just when you think that something can't happen....
  31. I hate to say this but I think the worst mistake I made was trading right out of school and not doing something with my new degree and high grades at that time. Trading will always be there and there will always be good and bad times. If you are doing something else you have the option of just trading the "good times". Right after school was the time when I had the most flexiblity and opportunities to do something to gain real experiences and skills. However it was in the late 90's so I got caught up in the hype and did not realize the real odds of trading for the long term and how high the highs were or how low the lows can be. Once you get locked into trading for a few years, it can be hard to leave even if you should (as the mentality of if I can just get this I will get back on the right track start doing better) and because suddenly a lot of your options are shutdown even if you want to leave. What skills do you have that a "real job" would want after trading for awhile. I use to think it was a low risk time for someone right out of school to try trading if they could afford it. Now I think different unless it is approached with a definite exit plan, because as soon as you know it time has passed, you have not developed skills that a firm could use, as time goes by your being passed up by new graduates, and you can get trapped. Of course this is all different if you are in the 1% percent that get in and hit a homerun early on. Otherwise it can be a hard way to make a variable, sometimes great, sometimes very poor living.
  32. Good post Corn.
  33. you can go to business school and get yourself back on track that way. not a bad option really.
  34. turned down an offer from Microsoft to become a stockbroker in 1986.
    I think I beat most of you with this one....
  35. OUCH!
    I've always heard that there are a great many, for example, millionaire secretaries and janitors at MSFT from that era. They got stock...
  36. I think we have a winner.
  37. curious as to why you made that decision.
  38. Trend full size

    counter trend I don't even bother to trade anymore

    not worth my time for the risk.
  39. It was a long time ago and I did not know what a stock option was. I turned down options when I hired in Tandon Corp in lieu of higher pay. I would have made $250,000 my first year with the options. I don't want to think about it actually.
  40. think about it this way. taking a sure thing over a gamble cost you money in that particular instance, but the same kind of decision probably saved you much more money elsewhere.

    has you taken those options you might have become more of a gambler, and you may have lost more money going for other gambles.

    it's an alternative path, you never know.
  41. the dumbest thing i've done is getting involved with this soul-destroying game which is what it is if you don't do it right and if you're not profitable
  42. Susan Kelso......definitely the dumbest thing I ever done...
  43. I know of someone that turned down a sales mgr job with Microsoft at 1984 and went to work for Tandem. A lot of famous MSFT people, Brad Silverberg, joined after '84.

    As for me, a couple of interesting career decisions, then I will go to trading.

    I was in CS grad school in '94, and I got invited to join a startup called "Mosaic Communications", which, as everyone knows, became Netscape. I would have been employee #15-16 or so, right after Rob McCool (the guy who wrote the Netscape web server, I contributed to some of the server code). I got a call from Jim Clarke wondering why I turned them down, I decided to finish my grad studies (I finished in early '96), heh. But they allocated a few hundred shares to me for the IPO anyways, so it was very nice of them.

    One more, I came out of a hedge fund in 2000, I interviewed at Andor, they really liked me, but I chose to go an investment bank (I didn't want to have to move to Greenwich), heh. As everyone knows, Andor is now has $17-18B AUM.

    In terms of trading, I played risk arb during the PALM spin off in the fund, so I was shorting PALM and longing COMS, the scary thing was that 3Com's share in PALM was worth more than COMS market capital by itself, it was a great cap-structure arb, right? Heh. I think I lost at least $4M in the play, but my book was up $15-16M then, so it didn't matter much.
  44. Saying, " I do"

    2nd dumbest thing: forgetting to gas up the plane.
  45. I live a life of zero regrets.

    Sure, I've done lots of dumb things. Today alone I can count the number of stupid things to be about six. I don't regret any one of them, they did cost me some but oh well. I'm not in this business to be "smart and right" all the time. Still netted about ~300 overall.

    Tomorrow is a new day with an unlimited potential for stupid behavior. I'm gonna try to be "smart".

    With respect to the title of the thread, the dumbest thing I've ever done changes on a daily/weekly basis. Today was not trading one signal that was worth about $900 in retrospect.

  46. Getting seduced/laid for the first time by a very hot...and eventually I found out very Psyco girl in my building, wasn't watching the clock and forgot about my open positions, which I had to sell out in the after hours....
  47. All right this is worth telling about. I few years ago as a struggling small trader, (did I say struggling) i had a small account and it went down to $500.00. So i decided to add some cash the the acct. i sent a bank wire for I think 3k dollars right, now i can trade again ( I was trading the ES )

    The next morning when i looked at my statement it had like 13k in the account. i knew they made a mistake, But i thought "hmmm i wonder how many contracts i can trade". so i threw a Limit order above the market for 10 cars, OK i can trade 10 how about 20, ... you get the picture. Well i never called the broker to tell them of the mistake and i started to trade with 10 contracts. Not only did i trade with 10 ct, but i started to over trade. as a small trader i learned for me that it was easier to trade larger size because i was able to take profits quickly. My issues as a trader has always been about EXITS i stay to long, i get greedy, I get stubborn. So i traded the account and made some good money the broker didn't figure out the mistake until 3 days latter :)

    I ended up trading the account up +5k in the 3 days and was able to trade with 10 from that point on. Of course I over traded and gave back much of it. (stipid trading) silly guy i am

    What do you learn from this? How stupid was I. Dont anyone ever do that you can get screwed. No one ever accused me of not having any guts......

    Anyways I thought some of you might like this story. I would imagin that some can relate unfortunatly. If you went down on the floor of the exchange in Chicago CME, CBOT, or the CBOE you would hear some crazy storys. (a dime a dozen)

    Take Care

    Lotus 7
  48. I think I got the clap from her...You better get checked! :D
  49. I was a contractor there and did not like the 'environment', already had my series 7 (albeit knew diddly about brokering)
    I did not know that I could have gotten stock options and become rich had I stay there 10+ years....but staying there 10+ years seemed like a jail sentence....
    I met Bill, our director back then was Balmer (OS2 project believe it or not...)
    oh youth and stupid things you do....
  50. It is that fog creeping up on you and the ole braino circuits into another world that is how life is for us geezers.
  51. That sounds like running the wrong way on the football field and making a touchdown for the other team all the while thinking you were making a touchdown for your own team.
  52. Did they let you keep the 5k you made on their dime? They just took back the wrong amount credited??
  53. Yes of course, they let me keep it, on the third day they took out the 10 grand that was mistakenly in my account and i had like 9k left in the account from the 3k i originally added.

    Belive me this in nothing to brag about..........I was trading highly over leveraged... "It can Kill you" . I knew what i was doing.. I knew the risk....But did it anyway...

    Reminds me of Borsellino in his book when he described how in 1987 he made his first million bucks took a high leveraged position against the grain and it worked out but he still went into the restroom and puked his guts out.

    of course I have done even worse stupid things........

    Lotus 7
  54. I am surprised they let you keep it since you made alot of the profit on their dime. Years ago I had this brazilian bank stock that busted up. My shares supposedly become practically worthless. One day i got up and checked my account and viola my stock was worth close to 100 grand! My worthless shares had become prefered stock! Intead of selling them i called the broker and they researched it out and alas my prefered stock was no longer the prefered but one of the other 12 to 13 companies stock that spun off this bank bust up. Over the years I have wondered if my broker did really somehow keep those stocks and put back in my account the worthless ones. Maybe I should have sold the things without saying a word to the broker to see what would happen.
  55. thats what i would have done. you probley would have had the money, buts its hard to say with equities. I would have made them prove to me why it is still worthless when i still own stock.......
  56. Smuggled 2 people ( a woman and her daughter) into the United States "THRU" the port of entry. It was about 4:30am and there was only 5 cars waiting to cross into the USA. When i got to the border guard I was completely calm and collected and answered all the border guards questions and they let me thru. Found out 2 weeks later that 93% of people that smuggle people thru the border this way get caught! I'll never do that again.
  57. that was Big time Russian roulette.......you are very count your lucky stars. Your whole life could have been ruined in an instant...

    Funny how some small decisions can ruined a persons life

    Lotus 7
  58. nah i wouldve never got caught...if i did i just wouldve used the ol' jedi mind trick. "you dont need to see their ID" ***waving hand*** "these arent the illegals you're looking for"


    But seriously...It was like have a 5k account with 2 million BP and trading 5000 shares of GOOG. Couldve really turned against me but oh what a rush :) Dont know how i was able to stay so calm, look the border guard in the eyes and answer all her questions.

    But like i said...I'll never do that again...it really was alot like playing russian roulette now that i think about it, only in my version there were 5 chambers loaded and 1 empty one...but at the time I didnt know that the odds of getting caught were 93% I thought i was playing with 5 empty chambers and 1 loaded one :)
  59. Hey Trader2020,
    Your honesty is refreshing, i feel your pain brother. Sounds like your doing what most everyone else is trying. I've been doing very,very well since I threw out all the crap the so called experts teach as market gospel. I'm keeping it real simple, trading trip Q's based on Intraday Market Timing advice I'm subscribing to. My guy is 18-4 since I've been signed up. Today at 2 pm EST I knew the close was going to be flat, so I went shopping. I'll do a post at 2:10 FRiday, and let you know what he's calling for.
  60. Oh, great!
    Another super-duper "advisory service" in disguise.

  61. Short over two points of bund vol on expiration day and there is a plane crash or earthquake somewhere in the world (I can't remember now, this was about two years ago...) and the market took off north and I am swinging 25 lots at the futures market trying to anti-scalp and am not getting any futures. I am swinging like a mad man all the way up and getting nothing so I keep swinging faster and for more size desperate to get an anti-scalp off since we have just rallied about 45 ticks in only a couple seconds. Little do I know that I have my software set so that when I swing at futures it routes a limit order. Everyone of my swings was going into the market as an order and staying in the market. We topped out about 50 ticks up and then spiked down a quick five ticks at which point I was filled on over 200 futures and then the market gapped down about twenty ticks in my face while I sat there stunned at what had just happened. About 45K in my face. Learned a valuable lesson that day though, if you are short vol and the market is going crazy, don't swing at futures, swing at options, but ouch.
  62. Indeed. Spam alert. Somebody should take this scumbag out back of the shed and give him a good beating.

    I don't know which I hate worse, the spam itself, or the sneaky, underhanded ways these jerks try to find suckers. He "feels your pain, brother". Cripes. Crawl back under your rock, you slug, you fake, you low-life grifter.

  63. How did you detect all that from one post? Perceptive mind, The guy has only made 2 posts on this forum. Are you gun shy? Have you been bitten before? Is it possible he might be wanting to "help" his fellow trader?? Are you looking at the world thru tinted glasses and suspect everything that comes your way with no real factual basis unless you know something anout the dude that I don't know. Give him a break! Until he proves otherwise. He is new on ET
  64. What's the dumbest thing you've done?

    Read a cool web thread.
  65. Before you post that info on a public forum you might better check with your source. I doubt he would want you giving away his calls!
  66. i'm curious as to why you chose the ib over Andor. was it different groups within the firms?

    dang you just never know about these startups. remember back in the day when yahoo just got started one can actually go to every single link that yahoo had in its directory? now who the heck would pass up an opportunity to join a big prestigious company with better pay for an online directory/search company? online ads? why the heck would anyone want to advertise on web pages? lol!

  67. Somrthing dumb I have done has earned me GBP 8000 today.

    Back in Sept I think I wanted to sell one naked put on Z at 4525. The premium received would have been GBP 200( 20 points x 10).
    My default is always one contract.but something went wrong and my default was 40 and I did not notice that and I got filled for 40 contracts giving me a premium of GBP 8000.

    I did not reverse the trade as strike 4525 was so out of the money that it being hit was remote but I was monitoring all the time. This contract was for Dec expiry which has expired worthless today. I am lucky I had enough margin for the trade.
  68. Well, read his post again.
    I do not know what the close of the next 2 min bar will be and yet he knew the close on Trip. Q's will be flat.

    Wait a second, I now the close for trip Q's it is flat again, by the way how many still trade TRIP Q's.
  69. Maybe not the dumbest thing I've ever done, but I kind of wish I wouldn't of covered my OSUR short at the close yesterday.:eek:
  70. The dumbest thought ever to cross my mind happened at the beginning of my trading career and it went something like this.

    "wow optionpro, you have made all this money not knowing what you are doing !!
    just imagine...imagine all the millions you are going to make when you actually know what you are doing !
    this trading stuff is a piece of cake !!"

    By far the dumbest idea I have ever had ....:D
  71. It must have been the early 80's and I'm getting my hair cut in a Barber shop in North Georgia. A man walks in with a strange looking baby doll wrapped in a blanket in a basket. He knows the Barber and tells him for 500 dollars startup capital he would sell him a 25% stake in his company. He said he needed the money to make more of his dolls. The Barber politely declined, so the guy asked me if I was interested. I smarted off that his weird looking dolls would never sell. He went on his way. To make a sad story short, that man I later found out was Xavier Roberts, creator of The Cabbage Patch kids That 25 % stake would have been worth at least 10 million.
  72. All I bring to the party is 30 years of mistakes.

    I wouldn't know where to begin ...
  73. never had a dumb moment yet in trading although I am extremely risk adverse.

    most I lost in trading is $3k which was last year shorting AMTD during a downtrend knife action and kept shorting like 10,000 shares and lost 30 cents. Although I did enter a short order instead of a long today, but covered it for no lost today.

    Although other dumb moments I've spent over $30k a week ($120k a month) in advertising on other businesses which brought no results until I canceled the contract by paying an extra $20k for nothing to avoid litigation.

    This was when money was plush, and we were spending it like its 1999 baby :D

    Cristal, Parties, Money, internet craze, Girls, PARTY LIKE ITS 1999 baby

    Love it. Never regret a moment just like Mike805.
  74. If all of us could only be lucky enough to make 30 years of mistakes and end up where you are. You won't get much pity around here.
  75. Anybody remember Zeos computer??

    It was the early ninties i believe. Zeos was a very hot item and
    trading at around 2$. I convinced several people to buy
    shares but i did not. Really strange...i could easily have
    got hold of some shs.

    In a short time....maybe a couple of months, im not sure now, it
    moved up to over 20$. I wont forget...really stupid.

    Ive done several order entry screw ups since i began trading stocks last May that really ate into my small profits.

    We learn...or... we dont survive....we lose!!

    good trading to all .......... rj
  76. In 2001, after the company indicated that they might
    bankrupt, I still bought the stock with all the money in the account. one day later, it bankrupted.
  77. Back in 2001, as a newly minted CTA, I made my first trade in the Schindler Trading Program. It was an exciting day for me and I wanted very badly to make my first couple of investors some money and to start what I hoped would be a profitable track record. My systematic strategy had me go long the e-mini Nasdaq futures.

    It was the afternoon of September 10th.

    Aaron Schindler
    Schindler Trading
  78. no way dude! are you serious?
  79. Heres a trading story. It was 1996 and I decided to buy a little company that just did their IPO 1 month prior...it was called puma technology. I bought 100 shares (i was really poor back then) for 16 3/4. The stock slowly went down over the next year or 2. I finally said "ack this stock is never going to go anywhere but down and i sold it for 8 1/2. Checked it about 6 months or a year later and it was trading between 3 and 5 dollars a share. I had some money and i thought "hmm seems like a bargin maybe i should pick up 300 shares when it hits 3 dollars. A few days later the stock was at 8. A few days after that it was at 16...then 30. I said well I missed that boat...but I didnt know how bad....next time i checked it a few days later....60 dollars...a few more days 140 dollars. It topped out at 200 dollars then split and just fell from there. It eventually went to pink sheets and i think out of business though, so i dont kick myself too bad
  80. This year it has to be going long OSTK Leaps(calls), closely followed by selling a major gold futures position at $475 after riding it up from $423 and only putting on 30% of a full position on PFE when it was under $21 (had intended to ease in to a triple position in Dec and take advantage of expected year end selling, will probably hit $26 Monday on the lipitor news) two weeks ago. My return this year will be between 970-1000% depending on what PFE does the rest of the year and yet, mostly because of the gold trade (had 250 mini's), I am not all that pleased with the year. Oh and how can i forget VPHM, bought at 4 and sold at 8 then watched it go to $23+. Most satisfying trades of the year were obviously Gold, short IBM days before the preannounced, Short toll when they started talking down future earnings earlier this year (still could kick myself there too as I was short between $55-47, should have held), and short Rimm a week before they preannounced, also riding AMD up from $21 to 26 was a noteable trade. Smartest trade of the year was advising a friend to get out of Calpine at 2.70, he eventaully listened at 2.25, only I guess it wasn't all that smart as I didn't have the conviction to go short!
  81. Thats not dumb. Thats the risk we take going overnight.

    This is dumb = 100k+ in your account. Buy 2000 shares of stock @ 14`ish and your buying another 1000 shares every .25 down until your account is down 70k or so.....thats dumb.

    To this day I don't know what I was thinking...my colleagues watched me do it and didn't say anything. It was if I was hypnotized. Frozen. Finally I sold out with a 75% or so loss. The stock still hasn't recovered after 3 years. And that was the last time I ever added to a loser. So the loss wasn't for naught.
  82. Heres something that happened to someone else. Some 30 or 35 years ago a guy wanted to go partners with a friend to buy 1000 acres of land in Las vegas for 25k. My friend says to this guy "Are you crazy? Why would i spend my money to buy some worthless desert in Las Vegas?"

    That same land today, has a market value of over 500 Million dollars.
  83. To the guy who called me a scumbag and wants to take me out behind the woodshed you can find me at 123 ASSKICK Street. If you saw the biceps on me you would never be snapping off like that. As far as why your mad I don't get it, you think I'm an advisory service, whatever Mister. Yea here's some advice, stop being such a Jerk. This is one of the first sites I've seen where there are no snapperheads making confrontational posts just because they are hiding behind their computer. You can learn alot reading the posts, and you can tell that most of these guys are the real deal. Myself I'm a long time options trader. I keep it simple, trading Intraday closing-trends. I keep my exposure to the Market as small as I can by always closing out my positions by the Close. My goal is to scalp a 15% gain per trade, never more. I like using a Baseball analogy to describe how I trade, in that I'm only trying to get a "base hit". I never even try for a Homerun because I'm out of the trade when I hit my 15% goal. I cover the downside by never, ever letting my position drop by more than 10%. It goes down 10% and I'm out. The only way this can work is if I'm guessing Market direction into the close correctly, well I hate "guessing". To be successful you obviously have to be right more than wrong. You have two choices here, You can try to figure which way the trend is going yourself, or you can find an expert timer who has a proven record. I tried making my own calls and nearly got wiped out. Then a broker turned me onto his intraday timing guy who nails the call better than 75% of the time. (to avoid accusations that I'm promoting anything I won't post any names). Anyway that's how this old dog plays the Market, determine the closing-trend, get in, then get out 15% higher, 7 "base hits" and I've doubled my money. And I always sleep well since I never hold a position overnight. Nice and simple, just the way I like it.

    p.s. sorry you guys, I know this post was off topic but I had to respond to what "H" was trying to imply.
  84. Becoming a prop daytrader two and half years ago instead of collecting the free money in RE as a sales agent or a mortgage broker. Or even being a personal trainer.
    Live and learn.
  85. By far it was when I was 24. A buddy and I traveled to SE asia. Being an every day pot smoker at the time I thought it would be a good idea to bring with me in case we couldnt get some there. I ended up bringing a 1/4 oz. in my underware to Hong Kong then onto Singapore. From there we went to Malaysia where we finished it. We had to fly back to Singapore to make a connecting flight to Darwin, Australia. Only then on the plane to Singapore did I notice the front of the immigration card we had to fill out upon landing. It was a picture of a man being hanged, with the caption "WE EXECUTE DRUG SMUGGLERS".

    This was before that American kid was caned for vandilism, and their total intolerence for drugs was played in the media, so I didnt think it would be that "big" of a deal. Not to mention we were young Americans, unshaven, carrying backpacks, it was a miracle we did not get searched based on that alone.

    I still get a shiver thinking how lucky, and fkcing stupid I was.
  86. If, indeed, you're not a shill, then I apologize to you for my comments.

  87. In college, I was in the Netherlands visiting a friend who was studying abroad there and considered bringing 4 ounces of "shrooms" back with me on the plane home. My thinking was that they were odorless and that I would hide them really well so that would be enough for me to get away with it. At the last minute, I decided to mail them from Brussels, Belgium instead of risking it (I was there for one day before I was to fly home).

    When I landed in the US (after flying home from Amsterdam), I was pulled aside and brought into a seperate room. At the time, I was 21 and had 4 earings and was wearing a visor so I looked like a druggie. Anyways, to make a long story short, I got strip searched down to my boxers and had a big german sheppard going through all my stuff from my luggage while a really mean cop kept telling me how fucked i'd be if they found anything.

    Needless to say, the decision to mail them, while stupid in itself, is what saved me from jail time.
  88. Follow up. When we landed in Darwin we were pulled from the line and had our luggage searched. I was not worried because we had absolutly nothing in us. However, my friend had a fanny pack (back when they weren't so gay) which had a blade of grass in it, not pot, but actual grass.

    That's all they needed. The custom agents took us to a room where they proceeded to x-ray everything, sneakers, shampoo etc...Then they started to read our journals, word for word, we each kept during the trip. In my friend's he wrote "I can't believe he's bringing the stuff across the border, he's crazy". When they read that, they freaked. They were yelling, "What the fuck is this!","Where's the stuff!". Needless to say we were strip searched (bent over and everything). Though I knew we had nothing, my heart was still beating a mile a minute.
  89. Next time insist on the hot blonde and stacked brunette security chicks before things go too far and that way when you get taken into the back and strip searched the only thing they can bust you for is hiding a loaded and concealed weapon in your shorts.
  90. They still have your picture in the airport security office :D
  91. 1/4 oz. is nothing....they wouldnt have hanged you for that....you wouldve only got maybe 20 or 30 years. :)

    There is a book called 4000 days about a man who spent that much time in a thai prison for smuggling (heroin i think) Man, it sounded so much worse than any hell hole you could ever even imagine. I think even Pablo Escabar would think twice about smuggling drugs in that country after reading that book.
  92. Placed a large spx credit spread order...buying versus selling...and was down over $500,000 ln the am...by the end of the day...I traded my way to only being down $32,000...
  93. reply to:

    Back in 2001, as a newly minted CTA, I made my first trade in the Schindler Trading Program. It was an exciting day for me and I wanted very badly to make my first couple of investors some money and to start what I hoped would be a profitable track record. My systematic strategy had me go long the e-mini Nasdaq futures.

    It was the afternoon of September 10th.

    Aaron Schindler
    Schindler Trading


    Definitely not dumb. These are the things a trader would do again, and again, until the strategy started to become unprofitable as a whole. :)

  95. This is my worst moment.

    A few years back when i started dating this very nice girl, we planned to have dinner at my place and such. That day i hit the gym hard, so i downed a HUGE protein shake. A few hours later it hit me hard. To make a long story short, when i was making dinner, she sneaked up behind me and hugged me, and from the hug came a MASSIVE FART! and i mean MASSIVE!
  96. Back when I was trading YHOO many years ago I was long 1000 shares and wanted to exit at 170. By mistake I entered a market order to sell 1000 at $17 and it filled instantly. When I got the electronic confirmation back it said 1000 YHOO sold at $17 for a total of $17,000 proceed. I almost had a heart attack after realizing I had just lost 153k from being stupid. So I called up ETRADE to see if I could get the trade busted and after being on hold for what seemd like hours , the guy started laughing at me and said, you got a little price improvement on your order and it was executed at 169.95 To this day I still have the paper confirmation of that trade to remind me of how stupid I was for not double checking my order.

  97. You weren't the only one. I had been trading options for a little while and was doing pretty good and I got the bright idea to step my size up and buy $3500 worth of calls and hold overnight for the first time ever. I bought the calls on Sept 10 and learned a very valuable lesson the next day.
  98. It's funny how stories get exagerrated over time. I am not flaming you here; I remembered your YHOO anecdote and searched for it. Still a good story, regardless of the PnL:


  99. Now I have a mission, I am going to go get the paper confirmation and verify the number of shares.
  100. Started a fight with 5 Georgia tech football players, needless to say - they got the best of me..!
  101. vol, while you're checking that, maybe you can also check the fill price. You gave wildly different fill prices each time, one for a price 11 cents higher than the price you were trying for.
  102. It is more the concept than the exact details ...
  103. Sorry, everthing I've done has been brilliant, so I have nothing to offer here.
  104. Decided that instead of picking my own football picks b/c i didnt have time to read anything i would FADE a person named "LOS"

    He posts his plays on a site called www.freewinners.com here's the link to the thread (NOT pushing anything - look its really there)


    at any rate - if you look around - he's been hitting like 38% or 42% all year - its listed under YTD Results or some crap - i thought i was good

    i just took his SIDE plays... Bastard went 8-2...
  105. The dumbest things I've done are all related to my most profitable trades. I didn't put on as much size as I should have. Proper risk control should take care of any mistakes on losses(aside from keystoke). Knowing I should have made 40K on a trade instead of 4K on those rare oppotunities when the setup seems to good to be true are my motivation for loading the boat when they come around again.
  106. This is not the dumbest thing I’ve done but easily in the top 10.

    I was driving somewhere one night with my friend, Chris. At the time I was 16 and you know how 16 year olds can be. Anyhow I was in the turn lane waiting when a car drove by and somebody yelled something at me. So I bellowed “F@#K YOU A*^HOLE” and finished if off with a rather dramatic middle finger.

    Anyhow the light turns green and I go around the corner, continue about a mile and take a right turn. I go a few hundred yards up the road when this car pulls up right behind me. He was really close so I increased speed but so did he. Finally I turned to Chris and told him I was …quote “gonna pull over and sort this Bastard out!!” (All 5’9”, 165lbs of me).

    So I pull my car over and the car behind did the same. I flung open my door and jumped out, walking confidently toward the other vehicle. I couldn’t see who was in the car because of the lights but it didn’t make a difference, I didn’t care. If things got rough Chris would jump in and assist. ( All 5’8” 150lbs of him).

    Next thing I knew all four doors open and four HUGE silhouettes appear, one of them advancing on me. Panic gripped me as they all came into view. All well over 220LBS and all wearing SDSU football jerseys.

    The lead guy asked me why I’d sworn at him and flipped him off. After sizing up the situation I just let loose……”I’m sooo sorry” says I “ I though you were swearing at me” I continued.

    He looks at me menacingly and says “No I shouted to you to let you know that your head lights were off.
    Silence. I glanced over at Chris who had a giant on either side of him, looking very much like he was about to wet himself.

    I then proceeded to apologize, grovel, beg and plead for mercy. This went on for what seemed like ages. Finally, I don’t remember what they said but they all got back in their car and drove off.

    Both Chris and I, shaking, got back in my car. A few minutes later Chris turns to me and says.
    “Man, I’ve never seen anybody kiss someones ass that badly before!”
  107. Did Peter Lynch write about that company? It's stock price went to 66 and then went bankrupt. The name sounds familiar....
  108. Anyways, my dumbest thing... Gold prices were going up. But my stock broke support, markets broke support.
    I held. It dropped 5% and I sold out. It continued to drop ten more percentage points.
    The dumbest thing I've done in trading so far, though I'm new and there's still a lot to come.
  109. Keep at it. You will soon.

  110. As promised, I verified the statement and it was 600 shares not 1000. When I was trading YHOO, I tried to keep my total position around 100k and when it was under 100 I traded 1000 share lots.
  111. I finished reading "A Killing in Hong Kong" from the Dec/Jan edition of the Trader Monthly magazine. I thought about all you guys who said marriage was the dumbest thing you've done. Look on the bright side. At least you are still alive.
  112. He means biologically alive... :p
  113. when i was a kid i played chicken with my mates - this is when you dare eachother to run out in front of moving cars on the highway.

    unfortunately i was hit and hurt real bad. i now have a permanent metal plate in my head keeping my skull together. this has some nasty side effects. when ever my girlfriend uses the microwave i piss my pants and forget who i am.

    i wont say what happens when i answer my cell phone.
  114. good one Fred
  115. How true...How true...Took me a while to learn this one.

    In personal trading, I've made all the mistakes but the stupidest was probably being long the stock and short naked puts. Easy way to double up your loss when it goes against you. Fortunately, I have learned from those mistakes.

    In professional trading (municipal bonds), the worst mistake I can make is to be short a position I can't cover. Doesn't happen often but when it does, it can be expensive.
  116. I was short US Surgical and the stock was very slow, so I put on a much larger short position. A few hours later the stock rallied by a huge amount and I was still short. This was on Friday. I could do nothing over the weekend, but look at the large loss I had. I cried that Saturday.
  117. I have been on elite for a little bit but I very rarely post. I think one of the dumbest things I did was get mad at this Arab guy who tried to kill my daddy. See my daddy spanked this Arab guy good for picking on this friend’s country and messing with our black tea. So I ran for president with this dick my daddy was friends with because I am not much for working. So to make a long story short planes hit buildings and I scream that mans name until people believe me. So now I go in there and take this land from this guy my daddy and me hate but those people who live there don’t seem to like me or my dick telling them how to live. So now I got those people mad at me and my people mad at me. Well I really don’t know what people want from me anymore. I was born rich did coke and drinking for 20 years then was born again and said hell I going to be president. I am not going to say who I am but that was one of my bigger mistakes for sure.
  118. Being up 20K on some mad cow stock and not selling.

    Lesson: take the money and run!

    Jim Cramer's book "You got screwed!..." comes to mind.
  119. Fighting the market . . . not simply admitting I was wrong and dealing with it by simply SAR.
  120. In 2001, I was fresh out of law school, living in New York, and looking for a job. I was working as a paralegal at some crappy insurance company for some measley pay while awaiting my bar exam results.

    A local in the oil pit on the NYMEX offered me a job clerking for him for $24,000 per year. Even though I was only making about $8,000 more than that, I decided I wouldn't be able take the decrease. Things were already tight and there was the prospect of a high paying attorney job after passing the bar.

    We all know what oil did in the ensuing years. A google search of that guy's name turns up some impressive hits now. I will always regret not taking that job.
  121. Ok, my newest dumbest thing. I sold an oil stock and the next day it goes up 10%.
  122. Could have been employee #3 of The Yost Group (the guys who made 3D Studio)...

    I feel your pain...
  123. Got married 9/11/01, need I say more?
  124. Breaking one's own rules. :)

  125. what the hell do you consider a homerun if 15% intraday is a base hit?

  126. 7 base hits and ive doubled my money, wham bam thank you mam thats how easy it is, now just do it a few times in a row and im a millionare. who said trading was hard?
    can i subscribe to this service too please?
  127. Liquidating a generous position of SEB@$230.00 in 1994 ( wedding gift), it's bouncing around @$1,200.00 now

    ignoring my attorneys advice to buy into AOL back when I had AOL's service for my business and paid by the minute on my Mac performa. They had a little banner ad that would slowly load and ask users to invest in the future. I ignored that ad like a true dumbie.

    Selling steady eddies to jump on the stupid momo wagon to the poor house.

    Sometimes I think the buy and hold guys are right. :eek:
  128. That's 'cuz they *are* mostly right ;-)...

    It's those times that they're wrong that make all the difference...
  129. :mad:

    selling naked puts with too much margin

    that was the dumbest thing so far. It was on OVTI when the trend was down and smart money was 30% short.

    Currently working on making money on dividend arbitrage and buying stock in small unknown companies. The risk being that many micro companies are scams.
  130. Went home long NG Christmas Eve!
  131. there are too many to list. tons of order entry mistakes that add up. a few long term plays that come to mind are being long 15000 shares of SIRI at 3.75 and sold at 4.10, and long 6000 shares of XMSR at 6.15 and sold at 5.75 - both were intended to be long plays. my gf wanted to buy GOOG when it came public, but i didn't.

    had a chance for a second interview at Timber Hill to work in the SP Futures Pit, but i made a mistake on the trader's name when i went to call him. contacted original interviewer and he said, we have no one by that name, thx for your interest. oh well. not sure it's that bad as i'm doing pretty well, but it was still stupid to write down the guy's name wrong.
  132. Bought LNUX at 160 let it go to 1.00
  133. Forgot this, about 8 years ago used to pay $100 in comission to ML to trade 100 share:mad:
  134. CBOT IPO came out and I really wanted in but I told myself I would not pay over 70$ for the stock. It opened at 80$ on the first day and sat there for a couple days. I thought," hey I'll just wait for a pull back to get in." The stock started going straight up the next couple weeks, through 90$ - 100$ - 110$ then 120$. Finally at 125$ I could not take anymore so I bought in at 129$. Within 1 hour of the trade the stock began to head down by the next day it was down to 115$ and continued to drop.
  135. Easy:

    To subscribe to Elliot Wave International. What a boondoggle!

    Now, I simply briefly subscribe to that service when I know that they're probably advising some loony prediction, just to see how they wiggle themselves out of their ridiculous wave counts. My favorite is when they say that they can't account for the current market scenario (because they need a few more days to get creative.)

    Or for that matter, subscribing to any advisory service. What a joke!
  136. I bought a stock on sale.

  137. Using a Keyboard to execute Trades and different sounds for fills long, short and pending order, One morning pre-market I wanted to buy a 2 buck stock pumping with nice volume.

    I kept trying to buy and didn't think I was filling because my speakers were off, didn't care to look at execution fill.

    well size was filled about 10x the amount I wanted and when I looked at the fills I had, well lets just say it was a good day to get shook up. Luck was on my side, offered all for a nickle and was hit..
  138. I sold a gold stock when gold fell to $534 from $544... That gold stock is up another 30% now so gold fell but my ex-stock ...
  139. I lost $6K to those damned options salespeople who said that heating oil always goes up in the fall. After I lost that I sent them another $6K to lose again. To be so young again....

    I was naive enough to think that the nice man on the phone really wanted to make me a lot of money, and I believed that $175 commision per option was normal. If I ever run into someone who does that for a living, I am going to verbally ream their shameless ass and if they get mouthy back I am not sure if I could hold back from hitting them.
  140. I tried trading fulltime without getting the proper "education" and establishing a great support system with a mentor. Since, I made the change all smile:D
  141. The dumbest thing for me is letting a losing trade go out of control. I have done this one more than one trade so, need to have more discipline. Instead, of exiting and minimizing losses----I let it run against me causing huge losses. That was super dumb. On the plus side, I do keep a trading journal and it kind of jumps at you----the horrible mistakes that you do not want to repeat and want to minimize atleast!!!
  142. That wasn't dumb, just untimely.

  143. The dumbest thing I did was longing MRK when MRK loses the first Vioxx trial. I got my shares way below the market and I thought I got a bargin. I have to take a point hit in less than 30 seconds.

  144. How old are you? a few month? :D
  145. although my trading career is still in its infancy in many respects, i probably have more stories for this than i would like to recall. the one that stands out the most was one of my first shorting attempts. i shorted a stock after it had broken out on good news and had gone up over 150% in only a few days. the stock had not stopped making new highs so that gives you an idea of just how blind i was. i also had no notion of risk/money management, and because of my position size i found myself down a few thousand within an hour (my account was only 24K). as big of a mistake as this was, this actually isnt the one that fits the bill.... the stock traded down the next down, all the way down to a break even point. did i get out? ofcourse not, i was filled with greed and thought that my short was good at that point. long story short, i slowly watched it get away from me and eventually head all the way back to its previous high from the day before. i eventually ended up with another near break even exit and this time i took it. this anecdote is filled with mistakes ranging from all the elements in trading. i seemed to make them all in one trade.

    the glory days...
  146. Aaron wrote a few pages back.

    "Back in 2001, as a newly minted CTA, I made my first trade in the Schindler Trading Program. It was an exciting day for me and I wanted very badly to make my first couple of investors some money and to start what I hoped would be a profitable track record. My systematic strategy had me go long the e-mini Nasdaq futures.

    It was the afternoon of September 10th."

    Not my dumbest but ranks up there. I was on line the morning of the 11th. All of a sudden I noticed many many stocks going short. Due to my inexperience at shorting, I hesitated not knowing what was going on. I should have done something, comes to mind, when I think back about it. By the time I figured it out, they closed all the markets. I don't remember the exact time but somewhere before EST of 9:30. I usually go online around 7:30 to 8:00 EST. to try and catch a few of the extreme moves due to the news and the emotions over reactions.

    Don't feel like the Lone Ranger, mine was much more of a mistake than yours, as you couldn't possibly know that was going to happen.

  147. gunslinger


    That's all they needed. The custom agents took us to a room where they proceeded to x-ray everything, sneakers, shampoo etc...Then they started to read our journals, word for word, we each kept during the trip. In my friend's he wrote "I can't believe he's bringing the stuff across the border, he's crazy". When they read that, they freaked. They were yelling, "What the fuck is this!","Where's the stuff!". Needless to say we were strip searched (bent over and everything). Though I knew we had nothing, my heart was still beating a mile a minute.


    I am sure you are aware, it was not too long before that kid had his butt batted around with a cane. They did hang a couple of Americans who were found with small amount of grass. Everyone including the President tried to intervene for them. All to no avail, they hung both of them. And it's not like here in the U.S.where it takes almost 20 years for a sentence gets carried out. Shortly after they were found guilty they were hung.

  148. Try to walk across a train tressle not knowing the train schedule or what time it was. When I first heard the whistle I didn't know from which direction it came. Since I was about halfway across, I stopped and looked both ways. As soon as I ascertained where it was coming from, I turned and started running in the opposite direction. Didn't make it to the end because I fell off. It's true, when you think you're going to die your life flashes before you. I landed about a hundred feet below in a huge pile of leaves and compost...a very soft landing! Walked away smelling like sh*t, but haven't tried that again in 42 years, and never will.
  149. Held for $1.00 even when it was trading .98 it saw .05 30 days later where I owed it from 5 months before.

    I won't tell you the number of shares I had at the time. :eek:
  150. puma became Intellisink (sp) sync...I actually made a lot of $$ on it then sold...bought back in....and finally sold again!...but its still in bus...
  151. Got wrapped up in the fed meeting on wednesday. Saw a huge crossed mrk in XOM. took 8000 shares and offered out. Ths nyse dot dropped 30 cents, filled me 15 cents lower. Ah yes the standard 10:30 wednesday oil number, how soon we forget.
  152. My two last trades were dummy trades. Both, turned into losers immediately.
    Hindsight is always 100% but, my mistake being entering in between a trend (down in this case) and I bought calls on ATI DJ (ATI) and XTO EI (XTO). On the plus side,
    my options still had a lot of time to expiration. ATI DJ turned into a winner for me. Sold it last Friday at $7.40 (in at $4.70). My XTO EI is still under water but, still has time too.
    Coulda, shoulda, you know the drill----if I bought the April/May 45 call for ATI and April/May 40 Call for XTO----I would have made a good sum by now!!! :(
    Oh, well, that is why we call them mistakes!!! LOL
  153. Early last year I put on a bear spread on GOOG @ 140.

    It gapped to 170 and then 190 in 2 days. I held. lost 7k

    I was doing it because I just couldn't see how a search engine could rip so hard.
  154. Like a lot of persons I presume I clicked on the wrong button.
    Instead of closing a trade I reversed my position !
    At the beginning (5 years ago) I went long when I wanted to be short and vice-versa.
  155. Handle money to my broker ...
  156. Sorry, no nightmare trades here but... Just built a house out in the country. According to the neighbors (before I built), high speed internet access was available on our road. Fast forward to present... it turns out high-speed is only available on certain parts of the road! Im in a few mile range where it's not available. :(
    Had to close the futures account. Now Im back to swing trading stocks. This is brutal. Does anyone have satellite internet service? The only person I know who has it near here says it's not any faster than dial up. I thought it was supposed to be like DSL or cable! Any responses/ help would be appreciated! J
  157. Checkout this thread:

    http://www.elitetrader.com/vb/showt...ge=6&highlight=direcway internet&pagenumber=2
  158. Excellent! Thanks Choad! I appreciate it!
  159. forgetting to cancel your stops when you close a trade is pretty dumb!

    Believe me.
  160. clicking on buy and not sell
  161. yeah I have it. its fast enough for e signal but I don't know if AI would want to day trade with it
  162. Listening to some financial advisors and friends for stock picking… ended up loosing all of the trades...:mad:
  163. They'll get you everytime! Try this! 1. Find uptrend. 2. Buy dip.
  164. ... thanks for your help, by the way have you tried "channeling" with buying in the uptrend technique?
  165. Faded PD short after Katrina.
  166. I had a positive P&L of over $7000 combined in a swing trade of CMED and BNT when I left for a week long business trip. I placed limit sell orders instead of trailing stop losses. CMED came withing .07 cents of hitting my limit order and then...........
    I returned home to and sold the positions for a loss of about $2000. STUPID!

    Yes, I could have sold at some time during the trip, but I expected a bounce that never came. Live and learn.
  167. Ah, lets see - this is what I wrote in my jornal. The recent dumb moves:

    1) Buying shares of CHI on its XDATE (not a day before). CHI happens to have no options so I couldn't hedge against it when I realized what I did.

    2) Doubling my stake in a company I considered fireproof. (I'm ashamed to list the name here)

    3) Selling calls against my long position in CSX at $53 a few short moths ago. At that time I considered it to be a smart move and recommended a few people that follow me to do the same. (now at 72 and climbing)
  168. shorted intel at 19.70

    covered at 19.71

    - nathan
  169. Becky Flugelman...

    why did I do her :mad:
  170. Dumbest thing I have done? Started learning how to trade with Futures!


    Pain could have been reduced significantly if only traded 100 shares of stock instead.
  171. I'm new to the trading world, so this was actually a very good learning experience:

    I bought 25 calls of Appl for 1.20 in January.

    I watched it, (watched it continuously mind you), for two days as it climbed straight up from the initial price of 1.20 to 3.80 then straight back down to zero.


    "Oh, here's where it comes back up .... ok,ok, here is the rally up,... no, now, it has to keep going up here ..."

    Very valuable lesson.
  172. smart :) QQQQ works :)
  173. basic woulda' coulda' shoulda' dumb things..

    dropping out of school for a year and failing calculus twice

    mismanaged my credit cards and damaged my credit score

    more recently, buying my gf a very expensive handbag with a credit card. she broke up with me a few weeks later, then i got the credit card bill.

    DUMBEST THING I EVER DONE: Not investing into my 401k when I had the chance a few years ago. I work for Albertsons and I had the chance to invest, but I chose not to. As you all know, Albertsons has been sold to an investor group a few months ago. Anyhow, long story short, I'm quitting my job sometime in the summer for something else. If I did invest into my 401k, I could've been fully vested in it and could've transferred it to my new job. Ahh.. so stupid.

    its 3:13 am and i should get to bed.
  174. Giving money to e-signal.
  175. Dumbest thing? Believing that I can make a living trading stocks. Should've put more effort at jobhunting when we knew the company is winding down in end March.

    Now 5 weeks out of job, and trading account down -3K. I have a trading plan, but got stopped out more often than ever. Now I'm scared stiff to even put in a new trade .......

    Better off working 9-to-5 and trading only parttime.
  176. Losing control, being paralyzed with fear and anxiety, and feeling completly dead inside.

    Oh for that post about those aapl calls, been there many times.

    I know it's really default, but take half off at a double! Move your stops up, even if you don't want to use advanced MM, that at least will lock in your profits.

    Isn't it amazing, the things we do. You watched your position (as have I) triple, and still held on. I remember being paralyzed when I was losing, but more importantly paralyzed when I was winning. 3x profit, and we want more.

    I have taken the traders tution. Lots of these stories, and my worst ones as well, seem to revolve around us making our own ego derived bets. Those have always been my worst trades, looking back.

  177. You bring up an important point. I think it's very difficult to trade for a living if you are dependent on a fixed income coming in per month.

    I think the better and of course more expensive choice is to be able to have enough money to cover you for a few years, aside from trading.

    I just have never seen trading as something to get a steady check. I remember I was doing bull call spreads making a fairly steady sum every month, thinking wow how easy is this!!


    I need a couple hundred K in a high yield money market with minimal bills so my trading can be devoid of thinking about making my car payment.

    I give anyone here trading on a small accoun for a living with the sole purpose of monthly yield, credit. That is difficult. I was able to do it in a bull market, but I can't imagine it being easy now.
  178. At dinner the other night a friend of mine from the CBOT was telling me about a guy he traded with at the old Mid-America Commodity Exchange. Apparently this guy back in the mid-80's had a girlfriend who came into a $40,000 inheritance. The trader borrowed some $ from her, flew to Miami and bought a kilo of cocaine. He brought the product back to Chicago and sold it, a GRAM AT A TIME. A year or so later he went back to Florida for a repeat deal except this time he decided to take the bus back up north. Presto, dog sniffing dogs get on board. Not only was the trader busted he served six years!
  179. Quote from Pabst:

    At dinner the other night a friend of mine [Pabst, referring in 3rd person] from the CBOT was telling me about a guy [again, Pabst] he traded with at the old Mid-America Commodity Exchange. Apparently this guy (I) back in the mid-80's had a girlfriend [hooker with heart of gold] who came into a $40,000 inheritance [rolled a trick]. The trader borrowed [lifted] some $ from her, flew to Miami and bought a kilo of cocaine. He brought the product back to Chicago [anal balloons] and sold it, a GRAM AT A TIME. A year or so later he went back to Florida for a repeat deal except this time he decided to take the bus [full of Cuban nationals] back up north. Presto, drug sniffing dogs [and Castro] get on board. Not only was the trader busted he served six years!
  180. Dumbest thing for me was getting deeply into systematic trading and software involved in this.
    Although I had learned a lot in the beginning, then I was working hard with myriad of of patterns, combinations, formulas and so on, and slowly got addicted to trading software. There was a time that I gained a lot of knowledge, working like a dog and my results were still mediocre.

    The best think happened to me in my trading life was to break free of software, tech supports and dozens of time consuming computer operations.
  181. when I left my house I was pressing car alarm to lock the house door.
  182. So you saying you went to a less systematic method of trading? Now you are trading discretion or automated?
  183. hah i'm starting to get into system development and software too :/ so i guess im a few steps behind you on that path heh.
  184. JM, I trade options now, but software and spreadsheets give me just additional details, whereas core strategy is based on simple logic.
  185. Got it, thanks for clearing it up.
  186. This is great lesson to see how hard is to make money, but don`t get blinded by impressive performance reports.
  187. shorted on margin
  188. Spent money on fast cars & women. That, and trying to pick the low on 9/11.

    Another dumb one was going short JDSU in summer 2000, with a 10% stop, instead of buying the back month puts which was my original plan. Needless to say, I got stopped out and then it collapsed 90%+ just as I expected. Since then I always use puts for long-term shorts on bubbles.
  189. Not the dumbest....

    In 2004, was successfully trading EUR/USD up and down (long and short) a 3 to 4 cent range (1.2100s to 1.2500s, if I remember correctly) for about 3 months. Was doing well.

    I moved.

    When I got settled again, clicked on my PC, I noticed EUR/USD was passing 1.2550....

    I decided to STOP buying and ONLY short. <-- I know, dumb.

    Continued shorting... all the way into the 1.3600s.

    Even increasing my trade sizes as the rate ascended.

    Came within a whisker of blowing my account out.

    Tsunami hit 14 Asian nations, EUR/USD fell nearly 2000-pts into the 1.1600s.

    Did I make any money?

    Nah, I bailed at the fiirst sign of daylight way back up near 1.3000, even though my average price was once into the 1.3300s pointing down.


    Worked 'round the clock in the trade for 8-months. Surprisingly, I didn't lose any money, though all the money I made during that time (about 1/2 my account worth) went up in smoke while I fought the upward trend.

    I do things differently after that trade. Much differently.

    Good thread.

    The DrawDown
  190. now this is a question that will never run out of answers ...
  191. What? Will I trade sex with a hot woman for trading knowledge??



  192. Bought EVLV (Evolve), some tech company in the beg. in '02 around $4.00/shr. (my dad's advice, btw.)

    I had $10,000 (AMTD acct under dad's name)in my portfolio (yeah, a piker) and I was about 17. Stock dropped immediately. And thus my tragedy.

    I averaged down. :eek:
    a lot.

    since I had no concept of pos. size, money management, how to trade, or anything, I simply kept averaging down, wondering how it was possible for a company to keep going lower. Wish I would've kept a journal back then...

    Well, fast forward about a year, the company went bust. I was out about 50%+ of my original portfolio. My worst mistake ever and my best lesson, period. Glad I didn't go bust. Broke even about a year after and haven't had a losing yr. yet.

    P.S. EVLV.Q is Evolve's new ticker :) I still have those shares, too, worth $50 bucks, now!
  193. Listening to advice on EliteTrader, instead of realising that ET stands stands for "Entertainment Today"

    vital statistics