What's the dumbest thing you've done?

Dumbest thing I have done? Started learning how to trade with Futures!

:D

Pain could have been reduced significantly if only traded 100 shares of stock instead.
 
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.

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.
 
Quote from JMowery1987:

Dumbest thing I have done? Started learning how to trade with Futures!

:D

Pain could have been reduced significantly if only traded 100 shares of stock instead.
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smart :) QQQQ works :)
 
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.
 
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.
 
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.
 
Quote from bstay:

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.
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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!!


Blah.

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.
 
Quote from peilthetraveler:

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.
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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!
 
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!
 
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