Office in your home, eh? Careful, don't end up like these guys or your next "office" will be from the den of your "Luc-O-Matic Deluxe3000" cardboard box!
cnnfn.cnn.com
<<Rogers still has a roof over his head. His wife has stuck around. But he has lost more than his limit.
In fact, he lost more than his limit on one trade, a disastrous 1,000-share decision to go long on WorldCom (WCOM: Research, Estimates). He bought it. It went south. He held it, violating the day trader's cardinal rule to cut your losses quick. It went south some more.
"I should have taken my loss, and so that was a really dumb thing to do," Rogers admitted. But he couldn't sell right away - because, he says, many other traders were selling ahead of him. Then his trade got cancelled or "timed out."
Even so, it was very rare for him to hold a stock overnight. He broke the rule, confident WorldCom would come back.
In all, it declined from 50-15/16 to a closing price of 35-15/16 on Tuesday as he chased it down. Rogers sold 300 of the shares into some strength at 47. He still holds the other 700, hoping WorldCom will rally. But on paper, that one trade has cost him $24,000, plus commission.>> |
