What was your biggest ever mistake?

Made plenty but with the wisdom of hindsight mostly were due to being impatient and rushing in, if you miss this oppertunity another will come along and lack of research

Buying into companies I don't understand and think it's cheap but that was

a while time ago since I loss that 10K I had made back many many time over with

discipline and putting plenty of effort into understanding the business ...

1): Not starting my education and learning about investing twenty years ago when I was in my twenties and earning a wage without responsibility
2): In Sept 2007 - listening to my Financial Advisor (MLC Agent) who told me to put $5,000 into MLC Horizon 4 plus monthly instalments of $200-$350. Hello GFC - roughly two months later? I remained ignorant for too many years. Throwing money into some unknown pit. One day I decided to read the statements. The rip off high fees is what made me angry and I finally got out in Sept 2012 with roughly $20,000. Technically it was a $2000 taxation loss.
3): Being stupid not to take enough notice of my MLC Super and it's rip off fees. Finally transferred to a much cheaper industry fund Sept 2012. My new fund has increased by more than 85% since 2012 without the rip off fees. I'm not even managing it (not confident yet to start my own SMSF)
4): Being guilible - listening to my MLC Agent. I thought he'll look after me
5): Being ignorant. Being financially uneducated

These are not big mistakes but things I want to kick myself over.
6): Buying Acrux - ACR - a falling knife. It taught me a lesson about rushing into my first share purchase without understanding anything and reading some Morning Star recomendation. Thankfully I did not put in that much.
7): Not buying CCP back in July 2014, also had opportunities in Oct 2014 and Dec 2014. Why did I hesitate? Thinking that I could wait until it drops lower.
8): Not buying BOQ when it was under $11.
9): not buying Sirtex SRX - thinking that $16 is too expensive last March 2014
10): Not buying any shares nor having any interest during 2012 and 2013. I was holding off any spending because I thought I had to spend big on some family stuff which never happened. I lost big time.

These are mistakes that I hope I do not come across
11): Discovering that I have the WRONG temperament. I feel I am highly reactive. Not doing much because I am too busy with my mini business plus other stuff.
12): Being a slow learner or an impatience learner. After 12 months, I feel more naive and greener than ever.
13): Not saving enough - especially when an opportunity pops up but I baulked. Need the money for an expense when I could have invested if I had a bit extra.

Sorry, I didn't mean to rant. I'm thankful that I am not one of those poor retires who were caught up with Storm Financial Group.

I can find the odd occasion to surf and trying my best to learn. I can still manage to volunteer as a Lifesaver despite of my poor time management and being busy in life. Guess this thread shows us that we are all trying to improve.

I recently discovered a big mistake...i forgot that i had decided to accumulate GLB back in 2011/12 with a view to holding long term/waiting for the inevitable (US/EU) turn around.

i only remembered this last week when i posted in the GLB thread about the $1 SP breakthrough, i was kicking myself for not holding on to a few more and then a few minutes later remembered that i had planned to, then looking back at portfolio screen shots was stunned to see that i held 22000 shares.

GLB was my 3rd largest holding for about 20 months, somehow i forgot to hold on to them all...basically i missed out on 12K in profits, i had a great 3/4/5 year plan and executed it then promptly forgot about it 20 months later.

I would say my biggest mistake was trusting a very large sum of money to a managed futures fund. While draw-downs are part of the ride, i think i should have been more patient and started off with a smaller sum to put into the fund. Between the currency loss and the exceptional draw-down my wife no longer has any faith in managed futures...This is a shame because i still feel there is a place for them in a portfolio of investments.

I've got plenty more mistakes that i could refer to and all have taught me something, so the lessons, while expensive where not a total loss...

Faramir said:

... These are not big mistakes ...

Click to expand...

1): Not learning about investing twenty years ago

Not your mistake ... the Education System should teach this.

2): listening to my Financial Advisor (MLC Agent)

Not your mistake! This is why we need less idiots in politics ... these people should be heavily regulated.

3): Being stupid not to take enough notice of my MLC Super and it's rip off fees.

Not stupid ... perhaps naive.

4): Being gullible

We are all born gullible ... country raising seems to be the best cure!

5): Being ignorant. Being financially uneducated

Not your mistake ... the Education System should teach this.




And don't kick yourself ... it leaves bruises but doesn't fix anything.

Thank you Burglar. I have nearly reached my 12 month anniversary.

Faramir said:

Why did I hesitate? Thinking that I could wait until it drops lower.

Click to expand...

All the share stuff is pure hindsight. Disappointing to see prices go in ones favour, thankful when prices go against when not invested, but the wrong focus.

Wysiwyg said:

All the share stuff is pure hindsight. Disappointing to see prices go in ones favour, thankful when prices go against when not invested, but the wrong focus.

Click to expand...

I thought I had said enough in my earlier post
But I sooo agree with you about "Hindsight Trading"!

It reminded me of postmortem after chess (the ancient game).

Useless anecdote about a chess game I had with (WIM) Ngan Phan-Koshnitsky
Once, I weakened a "b pawn" in a game with the girl.
She pointed it out as the significant departure from theory.
Firstly, I had run out of significant theory in my head.
Secondly, I had no idea if she would pounce on the blunder.


Good ole wiki:
http://en.wikipedia.org/wiki/Ngan_Phan-Koshnitsky
"After the 1998 South Australia chess championship match, her opponent Robert Cowley claimed he lost (4-2) to Ngan Phan-Koshnitsky because he was too distracted by her cleavage"!

I had no such problem. :

burglar said:

1): Not learning about investing twenty years ago

Not your mistake ... the Education System should teach this.

2): listening to my Financial Advisor (MLC Agent)

Not your mistake! This is why we need less idiots in politics ... these people should be heavily regulated.

3): Being stupid not to take enough notice of my MLC Super and it's rip off fees.

Not stupid ... perhaps naive.

4): Being gullible

We are all born gullible ... country raising seems to be the best cure!

5): Being ignorant. Being financially uneducated

Not your mistake ... the Education System should teach this.




And don't kick yourself ... it leaves bruises but doesn't fix anything.

Click to expand...

Really ? Take some responsibility..If you are talking about a plane crashing into your house then I will agree. But all those on that list is PERSONAL. They are mistakes. Do not blame the public education system - it is there to provide jobs for the society, not to increase your personal wealth. You are free to seek other (money making) education to educate yourself. So easy to blame someone else like politicians instead of blaming yourself for not looking at what YOUR money is doing.

No need to kick yourself, but definitely do not make up excuse on external third party for your individual poor personal performance.

Hi Minwa
That's why I posted here and not on "Why won't the Government or an Angel help me?" thread (does it exist).

I had a very different mind in my younger days. Now I am very grateful with everyone's help and input.

Strangely enough my two biggest mistakes were also my two biggest successes.
Bought TPG (as SOT) back in 2008 for 28c, then sold half at $1.50.
Bought SRX for $6.00, then sold half at $13.00.
Though I have done well by hanging on to the rest, If I calculate the potential profit foregone if I had kept them, it would easily outweigh my losses on my many disastrous share purchases.

minwa said:

Really ? Take some responsibility..If you are talking about a plane crashing into your house then I will agree. But all those on that list is PERSONAL. They are mistakes ...

Click to expand...

Really!?

In school, I learnt algebra and religion.

I did not learn SMSF or investing.

Soon I will be on a pension for life, and I don't much mind!!
Youse young people are howling for a level playing field.
Too late mate.

burglar said:

It reminded me of postmortem after chess (the ancient game).

Useless anecdote about a chess game I had with (WIM) Ngan Phan-Koshnitsky
Once, I weakened a "b pawn" in a game with the girl.
She pointed it out as the significant departure from theory.
Firstly, I had run out of significant theory in my head.
Secondly, I had no idea if she would pounce on the blunder.

Click to expand...

I am a Spark Chess Premium regular player (Wallaby) and had a few of the real boards in my youth including an early version of the touch pad electronic boards. Great relaxant tis chess.

Good ole wiki:
http://en.wikipedia.org/wiki/Ngan_Phan-Koshnitsky
"After the 1998 South Australia chess championship match, her opponent Robert Cowley claimed he lost (4-2) to Ngan Phan-Koshnitsky because he was too distracted by her cleavage"!

I had no such problem. :

Click to expand...

Yes they're a firm set alright. :

I bought $5K of a company I liked. When it went down, I bought $5K more (dollar averaging, haha). Did it again twice, so then I had $20K capital riding on it. When I gave up, I sold the lot for $5K net. Mistake was not re-doing my original research because I had overly convinced myself of the story, and wouldn't accept quickly enough that I was wrong.

I made a fair bit of money in speccy miners in WA when i worked there skippering gin palaces for local businessmen, i was enticed to put most of my capital into a venture that the owners of one particular boat reckoned was a sure thing, it was private shares too, pre IPO, they disappeared with my money so i lost my shirt basically.

The only thing that mitigated my mistake of greed and trust was that i was suspicious enough by nature that I unloaded about 3 dozen bottles of very good cellared and aged reds from them that was stored on the boat - it helped offset the loss somewhat!

Faramir said:

... MLC Super and it's rip off fees ...

Click to expand...

Worst was the exit fee, mine about $4000

This is where you reward the bustards,
despite a dismal failure at managing your funds.

I choked when I heard.
Told that amount decreased towards zero over time!
I chose to wait.

That was a mistake!!

Losing 25K cold on a "safe and secure" debenture fixed interest investment. Lesson learn't was NOTHING is safe and secure or guaranteed if the company goes bust. The only one investment that is worth the guarantee it is given is the 250K per account in the bank by the Government.

Wysiwyg said:

I am a Spark Chess Premium regular player (Wallaby) and had a few of the real boards in my youth including an early version of the touch pad electronic boards. Great relaxant tis chess.

Yes they're a firm set alright. :

Click to expand...

These are the best "firm set" photos i could find.
~