Replies to post #646983 on Zeev's Turnips Patch-No Politics (ZEEV)

[zab]

I remember working one night and one of my associates came in after making 10,000 in a single day on a two hundred share trade on a stock that climbed 50 points. I was so excited for him, my first words were you took the money. He said yea I took your advice and sold, but he was angry, what happens if it goes up another 50 points tomorrow. I then turned to him and said now pay off that loan you took out on your house to day trade. That he did not do, it also said he was going to quit and daytrade full time.

He lasted just a few more months, he also ended up losing his home waiting for those stocks too come back up. I knew then that we had reached mania state, but I was scheduled to transfer to Chattanooga and I took my profit and bought myself a nice home, rather than live in that small condo in Florida, best move I ever made.

There were many stories in those days of 5,10, and 20 point moves, dam that was fun.

[BarbaraT]

I finally dumped JDSU about a year ago .. bought it at 120 to start, averaged down as "low" as 30 and sold it AFTER the reverse split .. took over a 90% loss, maybe more .. foolishly held onto the stocks in 2000 thinking market would bounce. Then after a 50% haircut, thought .. NOW the market will bounce .. another 50% haircut, and again, and again - learned an expensive lesson about taking losses, sadly I was pretty much wiped out.
Hope others wised up before I did. But these days, it's trading scared which is a really bad way to trade.