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Trader loses 130k+ on short, owes eTrade 100k
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Trader loses 130k+ on short, owes eTrade 100k

  #21 (permalink)
Elite Member
auckland New Zealand
 
Futures Experience: Intermediate
Platform: trading Blox, Tradestatio
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Posts: 5 since Oct 2014
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Do I understand this correct that he had all the money he had available to trade in this one position?

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  #22 (permalink)
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Dallas, TX, USA
 
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Pariah Carey View Post
The article I read said he's 32. One of the comments noted that after he liquidated, the stock dropped by 50%. So if he'd waited the three-day period he'd owe only 50k. But who would be able to do that? Who has the nerves? That's just an extra twist of the knife right there.

I remember the Swiss Franc move in January. I trade a foreign currency overnight and of course I do keep a stop in place, but it makes me wonder if it's just a matter of time...

That Swiss Frank incident made me to stop trading forex, even though I was holding very small, afterthat I stopped even looking at forex. I was lucky that I didn't had any Swiss Franc position that night. One of my friend lost a fortune on selling calls on GOOG not even knowing how that works...

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  #23 (permalink)
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Some people are also really weird.

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  #24 (permalink)
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bmtrading9 View Post
That Swiss Frank incident made me to stop trading forex, even though I was holding very small, afterthat I stopped even looking at forex. I was lucky that I didn't had any Swiss Franc position that night. One of my friend lost a fortune on selling calls on GOOG not even knowing how that works...

Sent from my SAMSUNG-SM-G900A using Tapatalk

Swiss frank was kept by the Swiss National Bank above the level 1.20 so everybody knew there will be a day when the support will disappear and it is going to be ugly.

Flash crash like situtions happens time to time no matter what you trade. You are not safe with your index futures because in extreme situations there will be no depth to buy or sell and it can gap for example 1000 points lower/higher. It can easily be a system error in broker's platform or even in clearing co. and you will be the one who pay the bill. Thanks to that small text in our account agreements

But life is: You know you can die on the streets and still you keep walking

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  #25 (permalink)
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Big Mike View Post
Some people are also really weird.

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Mike

What the flying fuck...

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #26 (permalink)
Market Wizard
virginia
 
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Quoting 
The stock was at $16 and my account was negative over 100k. I figured it was a mistake, Etrade would never let that happen, they must have cut the position when my account got to $0….nope. I immediately called them and they confirmed I still owned all the shares. He says that it got out of hand too fast for them to cover me, he says that all he can do right now is cover. I was devistated. I asked him to cover at $16 and he waited trying to find me a good exit. I told him to do it asap and the fill was around $18.50 avg.

I had the same disastrous results as him also with Etrader, But it was because they did exactly the opposite, they liquidated my trades when the balance felt to zero then it recovered but without me.

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  #27 (permalink)
Market Wizard
 
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The Danny Muffarige donation was the best one! DM for president, man of conscience puts his money where his mouth is! haha (If Elizabeth Warren really really won't run, she reminds me of my mammy).

The comments are surprisingly nasty/troll like but I guess that this (very mild) surprise is a testament to effective moderation on this forum.

I shall pay attention and see what is eTrade's response as a news report is waiting for it. I assume they can't close during an overnight gap anyway?.. stop, no emergency customer call (obviously) and no sensible advice when he rings them. Hmmm.. Also him making more mistakes talking about sacrificing a protected 401k and only asking for 5k of 100?

I see a reporter allegedly spoke to him so it may be legit even if a possibly sociology experiment. My girlfriend is somewhat perturbed that I'm spending more than 5 seconds before dismissing this "bit of a first world problem Rory!!" Perhaps ironically she has been doing a PhD on solidarity for 5 years.

If I do donate $5 tomorrow, I have to balance it with $50 to some poor wretch near here who does not have the wherewithal to ask for help. I shall see.

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  #28 (permalink)
Hi Mom!
Bridgeport, Ct
 
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Why did he only ask for 5k? Something stinks in Denmark...

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  #29 (permalink)
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Scalpguy View Post
1000 points lower/higher:

can this happen...are there are stats on gap up / gap down 1000pts. have seen extreme readings for flash crash events....but a whats the biggest gap up ?

always in the factor for 500pts if in a long OVN ....but 1000?

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  #30 (permalink)
Trading for Profit
Kansas City, MO U.S.
 
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TheShrike View Post
Why did he only ask for 5k? Something stinks in Denmark...

Modesty? He seems to be making it clear that he expects to be handling this mostly on his own.

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