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I was a millionaire, then lost it all in 15 minutes. I was set for life. I am in my 60s now and with no job for the last 20 years, and will have to try to get by on my $1k in social security I start collecting later this year. At least I was able to keep my modest house and car which are paid...

Thank you. I tried to search for answers before I started a new thread, but nothing came up. What happened to me was brutal, so now I have a massive tax loss carryforward that I need to use up by earning capital gains. So I need to invest again. Even though I sell naked puts and calls, I am one...

I want to sell naked puts and calls. Will a recent bankruptcy filing be grounds not to approve a margin account? What is the min. deposit to open margin acct. at IB? Thanks.

Does anyone know the minimum account size to trade naked options on IB? What kind of net worth and income requirements will they desire? Will having a recent bankruptcy on your record preclude one from getting approved for naked option trading? If the bankruptcy was due to blowing up a trading...

Thanks for taking the time to reply. Bankruptcy is my ONLY reasonable option. I don't mind a weak credit score. I don't need credit. If I don't file, then if anyone will ever hire me, then I won't have to give up 25% of my pay in garnishment. I have zero assets they can take in the bankruptcy...

I read "...losing a million dollars" last year and felt it did not focus enough on his emotional reaction to his losses. And his loss happened slowly over many weeks so he had a chance to get out of his position. My loss all happened in less than 15 minutes in after-hours. I plan to read the...

Thank you. yes, if any brokerage will ever let me open a margin account in the future and I ever get any money and can trade again, and I end up making money, my next 1.5 million in gains will be tax-free!!!!!!

I never elected to declare myself as 475(f) trader even though I would likely qualify. If I had, I could have carried losses back 3 years on my section 1256 contracts (vol products, and SPX). I would have been able to get about $13k back in taxes had I done so. oh well. Now I just have to plan...

Bankruptcy is my only out. I owe almost $500k, I have no job or job prospects, and nothing to pay any of the judgment amount. If I live for 2 more years, I can get $1k a month in social security.

I am paranoid to post it yet, but I will after my bankruptcy is final. That should happen around January.

I didn't start doing vol trade until 2016. I had 40% drawdowns in 2001 and 2008 and 15% in 2011. $1 mil is more than enough to retire with. (I can live modestly on 25k a year) I paid living expenses out of trading profits. I made 16% a year compounded for 9 years after 2009 (vs 15% for sp500)...

Man's search for meaning has been on my "books to read" list for a long time, but I have not read it yet. I did read "Auschwitz: A Doctor's Eyewitness Account and it was sobering. https://www.goodreads.com/book/show/315578.Auschwitz

Perfect storm. Was short Vix via short puts on svxy, was with a good broker in fall 2017 then switched to a new broker. went busto in one day on Feb 5th, 2018. Lost over 1.4 mil. I would have only lost 10k with my old broker who had better risk management tools. Big gap down in after hours. I...

thanks, but I feel I am too old to start over. I am 60. It took me 34 years to be a millionaire and then 1 day to lose it all. I have no job, I was retired for the last 18 years. At most I might make 30k a year with a job. My life is pretty much over.

I am pretty sure debt forgiveness outside of bankruptcy is taxable, but debt discharged through bankruptcy is not taxable.

I am the OP. Not a trader, just an investor. Lost a 7 figure amount in a day. Broker won a 500k judgment against me. I am now preparing to file bankruptcy, but in doing taxes for my trades, it seems odd to show $1.5 mil in losses when only $1 mil are mine and the other $500k were covered by the...

Assume you had a $1 million trading account and you blew it up and lost $1.5 million and owed your broker $500k which you cannot pay and have to declare bankruptcy. When you list your trades on your taxes do you show a loss of $1.5 million and thus have a $1.5 million tax loss carryforward, or...

What if you blew up your account selling puts and calls and owed your broker $300,000. Will they (TD, IB, Schwab) come after you to pay it? What if you do not have it? What is the process they go thru to try and get at least some of it back? Thanks.