Ever heard of LA Gear... of course you have... well here's my story:A friend of mine made it a point never to buy any stock over $5. Since I had never invested before (and he kept telling me that XYZ stock just doubled and he just made $1,000) I decided to follow in his footsteps.I got an account with an on-line broker and scanned the business section.There it was: LA selling at 1 1/8. I even knew the name. I mean, I wear LA Gears!!!!So. Plop. $1000 worth please.A couple of days later it went down below $1.AHHHH Time to buy more so when it goes up I'll be rich.Plop. $1000 more please.The following week there was a news article about something to do with Foot Locker (I guess they owned it or Foot Locker owned LA Gear... who knows, I didn't read it)Anyway I got an error on my portfolio page saying that LA isn't trading.I wrote to them and they said that it had moved to another exchange and the letters are now LAGR.OK. Whatever. WOW it's now down to 50 cents.Plop. $500 (running out of money).Within a month I bought 2000 shares.I felt like I was king. 2000 shares of a company that, if... NO WHEN it goes to $10 a share I'll beat my friend at his game... HA HA HA HA HA (evil laugh here).Well, LAGR is no longer trading (Don't know exactly what happened to the company and I don't really want to find out..........)Everytime I look at my portfolio it laughs that evil laugh back at me.I keep it listed there to remind me of my past so that I shall never repeat it...Oh... and my friend... he says that he has lost about $10,000 total in the last 2 years.And now I tell him what I'm going to buy [Foolishly, of course] giving him a chance to buy with me.No Complaints Yet ;-)
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