Dumbest thing you ever did in trading

wxytrader said:
I had a spreadsheet that would track with one of those sparkline column charts how much premium I give back on any given trade. So if I collect $1,200 in premium it would show a full bar, and then I close it for $300 it would shrink down showing I had collected $900 as I had given back -$300 of the $1,200.

Well I was running an iron condor on TOS and it was showing the position at -2500, so I was thinking that was off of what I collected because of my spreadsheet. In my defense the way they tally positions is pretty ambiguous imo, they should have 2 columns, cost to open, and cost to close, so it should have been showing -$4000 to open, and $6500 to close, instead of putting them together as -$2500 pnl...but I digress. So when I closed the position, I thought I was still up $1500 ($4000 + $-2500) not down $-2500 lol. The worst part is me calling in trying to tell them their accounting is off...and that my net liq value should be higher until I realized mid sentence what I had done. :)

I did get to save face however when I was down a large amount on a BITO call during the ftx scandal, and one of the phone agents patronizes me by suggesting I open a practice account and learn about stop losses lol. So anyway I said to him "why would I want to close at a loss?" Then after I recovered with profits when Bitcoin rallied which I was expecting...the next time I got them I'm like. "Hey remember that BITO call? Yeah there's a reason why I'm sitting on this side of the phone and you're sitting on that side of the phone." Lol
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Hello wxytrader,

Good question.

The dumbest thing I ever done in trading??

hmmmmm, I do not have any dumb mistakes in my trading. I have only lost about -$20,000 overall in the ES futures market trading so far in the past 5 years.

Everything I have done has been with the goal of getting rich. So, I would not say it was dumb. I have to try to be successful trader. And that try come with some losses.

I am getting better day to day, so I am ok. My future is bright.

It is not like someone is calling my cell phone give me a trading edge or trading secret in this world. I have to figure out everything by myself alone. So I am doing the best I can to get rich in the trading world.

That is the best we can do. Because all the millionaires traders are not going to help us. They are busy protecting their secret to take care of their family so they can enjoy the rich life. So we are not dumb. We trying to get rich like every other trader out there.

Just do not risk all your savings in the ES futures market.

I know a few futures traders who risk +$100,000 in day trading and lost it all and now they are stress and have no money.

One guy I know lost $1 million in options and wife divorce him this year and he sad. But I told him he did his best, he was trying to get richer.

So do not be stupid. Risk very small money in the trading.
 
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wxytrader said:
I had a spreadsheet that would track with one of those sparkline column charts how much premium I give back on any given trade. So if I collect $1,200 in premium it would show a full bar, and then I close it for $300 it would shrink down showing I had collected $900 as I had given back -$300 of the $1,200.

Well I was running an iron condor on TOS and it was showing the position at -2500, so I was thinking that was off of what I collected because of my spreadsheet. In my defense the way they tally positions is pretty ambiguous imo, they should have 2 columns, cost to open, and cost to close, so it should have been showing -$4000 to open, and $6500 to close, instead of putting them together as -$2500 pnl...but I digress. So when I closed the position, I thought I was still up $1500 ($4000 + $-2500) not down $-2500 lol. The worst part is me calling in trying to tell them their accounting is off...and that my net liq value should be higher until I realized mid sentence what I had done. :)

I did get to save face however when I was down a large amount on a BITO call during the ftx scandal, and one of the phone agents patronizes me by suggesting I open a practice account and learn about stop losses lol. So anyway I said to him "why would I want to close at a loss?" Then after I recovered with profits when Bitcoin rallied which I was expecting...the next time I got them I'm like. "Hey remember that BITO call? Yeah there's a reason why I'm sitting on this side of the phone and you're sitting on that side of the phone." Lol
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Wow, what a rollercoaster! I totally get the confusion with TOS's P&L display; it can be super misleading.
 
Overnight said:
And this is why you fail, because not all of us are trying to get rich trading.

You poor deluded fool.

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Good Morning Overnight,

We are all different and have different personality and money goals for our life.

Yes, I am poor
 
Not me but a story told to me.
Guy was reading newspaper and the bottom of the paper kept hitting BUY key on keyboard and he ended up buying a bunch of stock
poopy said:
Don't naked-short. ;)
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Never understood why people do that
 
Maybe not the biggest mistake but the most recent - not going more long on Kuros Biosciences when it became clear it would break even this year. Stock was 1.70 when I went in... Look at it now. Was the easiest and safest pick on my watchlist in a loong time
 
SimpleMeLike said:
Hello wxytrader,

Good question.

The dumbest thing I ever done in trading??

hmmmmm, I do not have any dumb mistakes in my trading. I have only lost about -$20,000 overall in the ES futures market trading so far in the past 5 years.

Everything I have done has been with the goal of getting rich. So, I would not say it was dumb. I have to try to be successful trader. And that try come with some losses.

I am getting better day to day, so I am ok. My future is bright.

It is not like someone is calling my cell phone give me a trading edge or trading secret in this world. I have to figure out everything by myself alone. So I am doing the best I can to get rich in the trading world.

That is the best we can do. Because all the millionaires traders are not going to help us. They are busy protecting their secret to take care of their family so they can enjoy the rich life. So we are not dumb. We trying to get rich like every other trader out there.

Just do not risk all your savings in the ES futures market.

I know a few futures traders who risk +$100,000 in day trading and lost it all and now they are stress and have no money.

One guy I know lost $1 million in options and wife divorce him this year and he sad. But I told him he did his best, he was trying to get richer.

So do not be stupid. Risk very small money in the trading.
More...
I admire your perseverance.

However, if after 5 years you are still net negative, it is time to re-examine your goal to get rich quick. You are still young and have time on your side, perhaps try get rich slower so you won't take on too much risk?

20% a year is OK with me and would get me rich in 10-20 years instead of 5.

Good luck.
 
My mistake: Back in 2013, started to trade options, wrote naked DOTM options believing, like some books said, it was a very low risk way to "generate" income.

Didn't end well.
 
ironchef said:
I admire your perseverance.

However, if after 5 years you are still net negative, it is time to re-examine your goal to get rich quick. You are still young and have time on your side, perhaps try get rich slower so you won't take on too much risk?

20% a year is OK with me and would get me rich in 10-20 years instead of 5.

Good luck.
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Good Morning ironchef,

I do not bet my entire finical future on futures market buddy.

My long term investing strategies are simple.
Dollar Cost Average SP 500 Index every month.
Dollar Cost Average another ETF index every month.


My get rich with 5-10 strategies are
Futures trading
Forex trading
Options trading

Simple, just like my name.
 
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