Reply #6: It could have been much worse [View All]

[Coyote_Bandit]

I used to work in the financial industry. I had opportunity once to watch some fool turn his $3 million retirement fund into something less than $100,000. That's right, in just a little over a year he lost about $2.9 million trading. He had to come out of retirement and go back to work. How did he manage to lose so much money? Lots of trading based on hunches, complete ignorance of the fundamental principles of investing and a complete lack of discipline to follow an investment plan. He was a trader, a player and a gambler. He was not an investor. It was not at all uncommon for him to direct trades in the same security multiple times during the same trading day. It was fascinating watching the train wreck - but he refused all advice and attempts to intervene. Hard to feel too sorry for the arrogant old coot.