Worst financial decision
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Fritz Kobus
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Not necessarily the worst, but selling my Central Fund of Canada holdings when gold was going for about $450 an ounce only to see it shoot up to around $1600 a few years later. Central Fund of Canada was a closed end mutual fund (acts like a stock) that held gold and silver bouillon. I had a $4000 holding.
Probably the worst decision most make is not having enough set aside from the pay check each week.
Probably the worst decision most make is not having enough set aside from the pay check each week.
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Back in around 2005 I had the chance to buy a fairly substantial amount of gold. At the time it was at a 25-year high and I figured that wasn't the time to be buying. The price was about $450/oz....
Stravinsk
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Back when I had money the best decision I made was to buy gold bullion, which I held onto for several years and watched appreciate. Had I thought things through, I could still have it, but I sold it to live several years later.
The worst single financial decision I made was in the commodities markets, as a trader using large amounts of margin. I had educated myself on market analysis and had watched one particular market with interest. The technical data screamed that market was going to fall soon, and probably sharply. When a key report came out, I was up, in the wee hours Aussie time to see what happened.
Indeed it did fall - sharply. I short sold as many contracts as my account could afford. Within a few hours, I was 30K richer. I was right...and this was going to be a windfall for me. I also was drinking at the time. Lack of judgement predominated and I sold even more contracts to maximize the profit from a steep decline. Unfortunately, the market made a rather large short term correction upwards and my position being too high for my account, I was squeezed out. Later that day the market fell even further below the rally line. I could have made 50-60K in that one trade but instead my account was toast.
The worst single financial decision I made was in the commodities markets, as a trader using large amounts of margin. I had educated myself on market analysis and had watched one particular market with interest. The technical data screamed that market was going to fall soon, and probably sharply. When a key report came out, I was up, in the wee hours Aussie time to see what happened.
Indeed it did fall - sharply. I short sold as many contracts as my account could afford. Within a few hours, I was 30K richer. I was right...and this was going to be a windfall for me. I also was drinking at the time. Lack of judgement predominated and I sold even more contracts to maximize the profit from a steep decline. Unfortunately, the market made a rather large short term correction upwards and my position being too high for my account, I was squeezed out. Later that day the market fell even further below the rally line. I could have made 50-60K in that one trade but instead my account was toast.