I am being SQUEEZED!!!! by the ES
- Thread starter saxon22
- Start date
Admittedly, I confess to mild amusement after perusing this thread because many of the comments have been quite witty. My feeling, and I think I know a thing or two about trading, is the veracity of the OP's claims do appear suspect. This is not to declare his posts completely a fabrication. Rather, the OP strikes me as a neurotic attention seeking individual prone to histrionics. Likely, he did "sweat" out a short position, but most assuredly it is not the 67 contracts he so vehemently argues. As a rather seasoned trader myself, I can "smell" when there is something amiss. If he is able to swing such size as he exhorts, his trading account shuld be in the half million dollar range at minimum (based on margin requirements). His purported losses would still be quite modest in relation to his net worth. Also, with his less than timely reporting of trades, coupled with the non-existent margin calls which he should have been laboring under, and his completely reckless trading style, lack of "edge", disregard of position sizing makes me convinced of this:
The OP was likely trading the /ES and was caught in a short position due to the extraordinary rise last week. As most stubborn traders do, he refrained from exercising prudence and merely increased his risk, via the "all-in" "Texas Hedge" strategy, with absolutely no mental or mechanical stop in place. He is an insecure, attention seeking individual wishing to have others commiserate with his pain, but in order to garner maximum sympathy, he exaggerated his "suffering" by imagining contracts which never existed. From experience knowing other traders, they tend to use the 1/10 rule: If they were short 10 contracts, they tell others they were short 100 contracts, and exaggerate the losses in kind. As they draw in increased sympathy, they feel a certain sense of pride that they cannot now admit defeat and humiliation, and must cover their initial "half truth" with a litany of future falsehoods and gross exaggerations, hence the highly suspect revelations of his future "trades/actions".
As a half truth/lie progesses in its gestational period, as the REO Speedwagon song supports, "The tales grow taller on down the line..." (Song source "Take it on the Run"). Likely at this point, he is fabricating every single one of his trades, and I would not be surprised if the OP is now completely out of his position, and now reported trades "after the fact" to add fuel to his imaginary position. While I may be wrong about this, my intuition has been proven keen before, and my decades long trading experience should prove a proper "radar dectector" for this type of trader/trades.
While I cannot stake on the souls of my seven children that I am correct, I could confess to maintain that I am as certain of my assessment as I am that Slyvestor Stallone will not make another movie as good as 1976's "Rocky". Finally, I do not particularly fault the OP's behavior and stretching of the truth. The best of us fall victim to this neurotic behavior, and so the OP ought to be pitied, not maligned. I would caution the OP however in a Yiddish saying that my mother repeatedly told me while still an innocent cherub, "A "half" truth is a "full" lie". Still, if the OP is speaking the absolute truth about the sequence of his trades (stranger things have been the case in human history), then he has my sincerest apologies.
And I thought it was just a tv show!
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It just occured to me that there could be a 3rd explanation beside the real or demo choices.
Saxon is trading real contracts with real money, but he is trading CFDs. They are quite popular in Europe, specially in Germany and England. With his strange sleeping pattern, it is safe to guess that he isn't in the USA.
With CFDs one can have a 70 contracts position with a $1000 account. No kidding. And extra money (founding) can be added by credit card in a few minutes if needed. So yes, he did have 70 contracts on, just the exposure was much smaller than he stated.
Saxon is trading real contracts with real money, but he is trading CFDs. They are quite popular in Europe, specially in Germany and England. With his strange sleeping pattern, it is safe to guess that he isn't in the USA.
With CFDs one can have a 70 contracts position with a $1000 account. No kidding. And extra money (founding) can be added by credit card in a few minutes if needed. So yes, he did have 70 contracts on, just the exposure was much smaller than he stated.