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Pastimes : KZAP's Stock Talk Thread

SONS 7.830

+2.8%

Nov 28 4:00 PM EST

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To: Don P. who wrote (103)	1/10/1999 2:30:00 PM
From: KZAP	Read Replies (1) of 410

Just wanted to post this here as a warning. Lesson learned? <<<Anyway regarding your question of how I lost all of my money in the market in one day? Simple stupidity. I used to blame everyone in the world but myself. I tried to blame my broker the m@m's my wife my dog my car you know everyone except the one that was responsible for my trading. I finally realize that it is my fault and know one else's. I stayed home from work one day to daytrade stocks. I made about $800.00. Lot's more than I make on my job. A few weeks later I got bold and did it again. I was daytrading without the knowledge of a pro. I was trying to get out of a stock and take my losses. I put several sell order's in to get the best possible price. I did not have a margin account so I did not worry about selling short. So at the end of the day by my calculations I had lost about $600 minus commissions. That was OK because I expected it. I put my PC. in the shop to get it upgraded that afternoon. I did not get it back for over 3 full trading days. When I got my PC. back I logged on to my broker account. I cannot begin to explain to you the horror that was before my eyes. I am 34 years old and I almost had a heartatack. My account was showing that I was loosing about 2 years pay for me. Man!!!!!! All I could think about was Prison. I called a very good friend of mine and he logged onto my account and told me what had happened. All of the sell orders that I put in to sell the stock I was trading " got shorted". The stock since that time had gone up $5 dollars a share. I had several thousand shares I had to cover. I took off from work again the next day to handle the situation. Hoping that the stock would fall at least again some I waited before I bought back the shares. I went up another dollar. So now I had to cover several thousand shares at $6.00. It cost my wife and I everything we owned to cover this position. I do mean everything. But at least I still have my health and a good job. There are many people in the world much worse off than I am. So now I will work twice harder and twice as much to bounce back. I decided to find someone on SI that was very successful and honest. Honest was the key word. I found Tim. So now I am simply saving and saving I am saving 30% of my pay every month to get a small stake in the market. This time I will not go for the home run. I will use my head. I will not make any of the same mistakes again. Best of luck to you I hope that this message will keep someone from making the same mistake that I did. dawg >>>> Keep things in perspective. KZAP

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