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Which one of you was this?
Posted on 6/12/19 at 1:53 pm
Posted on 6/12/19 at 1:53 pm
Poor guy wrote some in the money puts and had no idea what his obligation was. Probably had no idea what he was writing but I am not sure how Robinhood gave him that much margin to begin with.
Even if this was a spread and only the short was exercised I doubt he knew what he was doing and what his obligation was.
This post was edited on 6/12/19 at 1:55 pm
7
Posted on 6/12/19 at 2:05 pm to stout
r/wallstreetbets is a scary place 
Posted on 6/12/19 at 2:10 pm to stout
Can you explain what I'm looking at? I dont understand it either
Posted on 6/12/19 at 2:12 pm to stout
Robinhood is going to sell his seat on the exchange.
Posted on 6/12/19 at 2:16 pm to stout
I have no idea what I am looking at.
Posted on 6/12/19 at 2:27 pm to HailToTheChiz
quote:
Can you explain what I'm looking at? I dont understand it either
He sold puts in exchange for a premium, as you are basically selling insurance. Say you own 10,000 shares of a company and you can’t sell for 1 year, then you buy puts for a premium for the right to be able to sell them to the person at an agreed price, the strike price. Hence the term put as you are putting the shares on that person.That’s the only money you can make selling puts. If the security falls below the strike price then you can be liable for as much as the strike price - 0, say the company went bankrupt.
This dude obviously sold a bunch of SPY shares that were in the money and likely had a large premium and have now the security has tanked. Granted he still owns the SPY shares so it’s not like he lost 600k. Usually you can just settle up the difference.
This post was edited on 6/12/19 at 2:29 pm
Posted on 6/12/19 at 8:49 pm to stout
All I know is I’m not fricking with options. Good way to lose your arse real quick
Posted on 6/12/19 at 9:11 pm to stout
T’was me. I’m on a break from sucking dicks behind circle K to cover the margin call
Posted on 6/12/19 at 11:03 pm to stout
You dont have to jump through hoops on Robin hood to start option trading?
I use etrade and you have to apply, and then theres different levels you can work up. The first level is just stocks you have owned for a certain period. Think it's more than a year? BA would be the only stock I could trade options on. Not touching that atm
I use etrade and you have to apply, and then theres different levels you can work up. The first level is just stocks you have owned for a certain period. Think it's more than a year? BA would be the only stock I could trade options on. Not touching that atm
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