Oh, I've been there, trust me. I learned my lesson on a little POS two years ago. It was a 4 dollar deal, I shorted it at 7, more at 9, and more at 13 before I ran out of money. It closed at 34 and I was out of business. I mean dead. I'd gone over my margin limit and the broker covered the trade at 4:01. I had nothing to say, he had a legal right to do it. I ain't gonna invite him to my birthday party, but it was my own stupid fault. The trade got away from me and I went into The Dark Zone. The place where my movie didn't quite match up with the Actual Reality of Earth.
I learned a very good lesson from that trade. That trade would have wiped out most day traders. It took me over a year to get back on my feet. But I studied that trade more than any trade I have ever made, and I don't short 5 dollar stocks that run to the moon.
You are right, it wiped out some guys today, that's for sure. And it will probably go back down to 12. But I remember the psychic pain I experienced when I blew up my account, and there is no friggin' way in the world that it will ever happen to me again. |
