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Started By
Message
Idiot sold naked calls on AMC meme stock and lost $639K
Posted on 6/9/21 at 12:41 pm
Posted on 6/9/21 at 12:41 pm
10
Posted on 6/9/21 at 12:45 pm to stout
Posted on 6/9/21 at 12:49 pm to stout
Options are a death wish for people that cannot properly manage risk.
There is a reason brokers give higher and higher levels of options trading to experienced traders.
Wonder who the broker is that allowed this?
There is a reason brokers give higher and higher levels of options trading to experienced traders.
Wonder who the broker is that allowed this?
Posted on 6/9/21 at 12:52 pm to Hussss
quote:
Wonder who the broker is that allowed this?
TDA
No doubt she lied about her options experience.
Apparently, she made $500K last year trading, didn't pay $200K in capital gains tax, and now lost $639K trading.
This post was edited on 6/9/21 at 12:57 pm
Posted on 6/9/21 at 12:53 pm to stout
DAYYYUMMMM
Posted on 6/9/21 at 12:59 pm to stout
So what's the end result for this? Does the person just have to declare bankruptcy assuming they can't pay that back?
Posted on 6/9/21 at 1:12 pm to stout
People who have quick YOLO success in the market who are newer to investing is always bad for them, it turns into this because they feel they are invincible and they wont ever lose their arse off taking hyper risky strategies.
This post was edited on 6/9/21 at 1:21 pm
Posted on 6/9/21 at 1:15 pm to Hussss
quote:
Hussss
you still showing your face around here?
Posted on 6/9/21 at 1:21 pm to Thib-a-doe Tiger
Nah, I’m just a figment of your imagination
On a serious note, I tried to have your LSURussian alter reinstated on the reinstatement thread but you weren’t banned.
Why the alters?
On a serious note, I tried to have your LSURussian alter reinstated on the reinstatement thread but you weren’t banned.
Why the alters?
Posted on 6/9/21 at 1:22 pm to stout
Naked options are really dumb. Its fine if you can do it on large cap stuff that doesn't move very much, but I have no idea why you would try this shite with some volatile meme stock.
Posted on 6/9/21 at 1:23 pm to stout
I can’t even imagine WTH was happening with the thought process.
They need to file bankruptcy, get a W2 job and start over right now.
The application that was submitted could not have been truthful.
They need to file bankruptcy, get a W2 job and start over right now.
The application that was submitted could not have been truthful.
Posted on 6/9/21 at 1:25 pm to stout
quote:
didn't pay $200K in capital gains tax
Posted on 6/9/21 at 1:27 pm to Hussss
quote:
Nah, I’m just a figment of your imagination
On a serious note, I tried to have your LSURussian alter reinstated on the reinstatement thread but you weren’t banned.
Why the alters?
I don't have a single alter, good sir. Must feel good to know that a global pandemic couldn't even get the S&P down to where you said it was going
Posted on 6/9/21 at 1:34 pm to stout
Why in the hell would you do this? I would have sold yesterday or just held on if I had that much money. I don't know shite really about investing and even I know better than this.
Posted on 6/9/21 at 1:37 pm to stout
quote:
No doubt she lied about her options experience.
Apparently, she made $500K last year trading, didn't pay $200K in capital gains tax, and now lost $639K trading.
This is the exact scenario that I feel will be widespread in the next several months. People thought they were geniuses buying stocks at pandemic lows and saw them almost immediately go up 50-100%. Made a boat load of money, delayed taxes and then lost it all because that scenario they experienced was not a historically accurate market.
I bet these redditeers will be asking for a “mainstreet” bailout before long. “Wall Street got bailed out in the past now it’s our turn!!”. Just wait. It’s coming.
Posted on 6/9/21 at 2:03 pm to stout
Call me crazy, but I believe many of these things are complete BS.
This person has been posting all over WSBs about their losses too. Seems more like a photoshopped troll. If it is true, this person is dumb as shite. Naked calls on AMC never made sense from a risk reward standpoint.
This person has been posting all over WSBs about their losses too. Seems more like a photoshopped troll. If it is true, this person is dumb as shite. Naked calls on AMC never made sense from a risk reward standpoint.
Posted on 6/9/21 at 2:14 pm to stout
Tbh you should have to have a very large amount of money in your portfolio to be allowed to sell naked calls or short a stock. Those aren’t plays retail should be allowed to make from a risk perspective from the broker. Too much risk for too little gain on broker side, I’m shocked they allowed it
Posted on 6/9/21 at 2:18 pm to Upperdecker
quote:
Tbh you should have to have a very large amount of money in your portfolio to be allowed to sell naked calls or short a stock. Those aren’t plays retail should be allowed to make from a risk perspective from the broker. Too much risk for too little gain on broker side, I’m shocked they allowed it
What people don’t understand is the arse kicking you can get with IV. This person was forced to liquidate to cover calls that actually finished out of the money, but the IV was astronomical.
Posted on 6/9/21 at 3:55 pm to slackster
quote:
Call me crazy, but I believe many of these things are complete BS.
Me too. Just more distractions away from the Fed and their cronies that are on a hedge fund crushing mission. It’s NOT the Reddit, Discord crowd and Elon Musk did NOT crash crypto. The topping pattern had set up for months on negative RSI and volume divergences.
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