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

  #51 (permalink)
Patience my young padawan
Houston, TX/USA
 
Futures Experience: Intermediate
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Big Mike View Post
Imagine losing every dollar in your current account right now, in 2 hours, while you were away at a meeting. Then imagine tripling that loss and having to liquidate your retirement accounts for you and your wife.

I feel for him, I really do.

Mike

Does anyone know if this happen overnight? If that is the case his Stop (if he had one) would not have been triggered, right? That is what I don't like about exchanges/instruments not working 24 hrs.

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  #52 (permalink)
Site Administrator
Manta, Ecuador
 
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ElChacal View Post
Does anyone know if this happen overnight? If that is the case his Stop (if he had one) would not have been triggered, right? That is what I don't like about exchanges/instruments not working 24 hrs.

Of course it can.

And 24 hours solves nothing. Stocks are halted intraday all the time for news releases.

Mike

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  #53 (permalink)
Patience my young padawan
Houston, TX/USA
 
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Big Mike View Post
Of course it can.

And 24 hours solves nothing. Stocks are halted intraday all the time for news releases.

Mike

Well what I really meant is that on ES for instance you can place a stop to trigger after RTH and sleep well at night. With other instruments like commodities (NYBOT CBOT) you get the gaps the next morning and there is really nothing you can do about it.

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  #54 (permalink)
Market Wizard
Boca Raton
 
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shanmugs View Post
I cant find 1 share of this stock to short. There is none to borrow anywhere. I cant understand how Etrade let him short 9000 shares unless Etrade took the other side of his trade. This whole story sounds bogus to me.

Seems like that took that page off line. https://www.gofundme.com/jwctrek

Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #55 (permalink)
Site Administrator
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ElChacal View Post
Well what I really meant is that on ES for instance you can place a stop to trigger after RTH and sleep well at night. With other instruments like commodities (NYBOT CBOT) you get the gaps the next morning and there is really nothing you can do about it.

Index futures are far less likely to experience the same type of event because they are made up of so many underlying equities.

Let's say that tomorrow a nuclear bomb goes off in New York. Then yes, there will be a problem. But the market will be halted and untradeable anyway, plus everyone will have bigger problems.

The solution is this: a) keep the minimum amount necessary to do business in your broker account, b) do not reinvest all your proceeds into the market, c) diversify, d) diversify, e) diversify.

Owning real estate around the globe is probably one of the simplest ways to diversify, in my opinion.

Mike

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  #56 (permalink)
Patience my young padawan
Houston, TX/USA
 
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Big Mike View Post

Owning real estate around the globe is probably one of the simplest ways to diversify, in my opinion.

Tell me about it, I'll need to work the next 30 years to pay my mortgage. Just closed on the house a month ago.

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  #57 (permalink)
Elite Member
Chicago, IL
 
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Big Mike View Post
I do admire the guy for saying he will pay his broker back. Legally, he's on the hook. I don't know what his financial situation is, or how old he is, but 100k is not chump change. People have filed bankruptcy for much less.

Mike

He is 32 yrs old.......

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #58 (permalink)
Site Administrator
Manta, Ecuador
 
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ElChacal View Post
Tell me about it, I'll need to work the next 30 years to pay my mortgage. Just closed on the house a month ago.

Do your homework on a 15-year vs 30-year. If you can't afford the payments on a 15 year then I suspect you can't afford the house. And the cost savings of 15 vs 30 is substantial over the life of the loan, but of course you have to look at tax deductions as well for your specific situation.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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The following user says Thank You to Big Mike for this post:
 
  #59 (permalink)
Market Wizard
virginia
 
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mattz View Post
Seems like that took that page off line. https://www.gofundme.com/jwctrek

Matt

yes, he said 5K goal reached he will update what he does with the money later.

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  #60 (permalink)
Site Administrator
Manta, Ecuador
 
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cory View Post
yes, he said 5K goal reached he will update what he does with the money later.

Funded campaigns don't get deleted. The fact that it was deleted indicates a different story.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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