Real Estate market crashed. SRS, the bearish Real Estate Triple ETF got as high as 300.00 per share. I had a buddy (dad was a millionaire) was kind of a trading partner at the time. We were both rookies in the market. I decided it was a good idea to buy "insurance" $100.00 SRS Puts at 1.70 each. I had 20 contracts 3400.00 invested, he had 5x as much (100 contracts)
Anyways to make a long story short, this fakkit called me scared as shyt that he was going to sell his contracts bc he didnt feel right (trading daddys money). I got scared too and sold. We made a little profit, but SRS crashed from 299.00 to 50.00 in a few weeks, our 1.70 contracts went to $50.00 each (5,000.00 per contract) 105k was my fukkup and my friends was over 500k. Ill never live that one down.
Lesson learned. Never listen to anyone about the market, go with your gut and what you think.
:D