Message Font: Serif | Sans-Serif
No. of Recommendations: 6

My name is Todd, and I'm a lousy trader.

In the last 2 months I've blown up over 16% of my total capital.

This is not a paper loss. This is real money that I'll have to work another year to replace.

I have broken every rule in the book:

-I've let losing trades transmogrify into "long-term investments"

-I've anchored on lofty purchase prices for my long positions, and subterranean sell prices for my shorts.

-I've let leverage own me, rather than work for me.

-I've been seduced by the easy money of "free" option premiums, which were anything but free.

-I've been impatient.

-I've been hopeful.

But I also know what to do about it. In the last week I've been cleaning house. Everything in my port gets evaluated as if I bought it yesterday. And if the immediate question is "Why the hell did you do that?", it's out of there. Otherwise I'm asking "Where do I sell or where do I cover, based on where it's sitting right now." Warren, you can have your "Buy, and never sell."

Me, I'm gonna get "Sell!, Sell!!, Sell!!!" tattoeed on the backs of my hands.

Confession mode off.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.