Millionaire Trader Bankrupt

[Snuskpelle]

Kind of sparse on saucy details (as it should be given public info). Though one might guess that he is one of many that either ignored tail risk all the way resulting in an eventual spectacular blow up, or lost his edge and failed to reduce leverage/size and then burned through his capital in short order.

 

[Overnight]

So he borrowed other people's monies, and gambled it away. What a jerk. Sounds so familiar.

 

[beginner66]

hehe

 

[W-M-A]

Well according to the court document, he's actually 40. The article must be from 4 years ago. And it's very discreet of them to publish his address to the whole wide world to see. Don't know where he lives now but at the time when that court document was published, his house looked nice too.

Man, that's even worse aging than initially. If he was 40 in 2020 at the time of court filing and 25 in 2015, it means he aged at a ratio of 3:1... wtf is going on? hahaha

 

[W-M-A]

hehe

, thank you for this gem!!! lol

 

[ffs1001]

How the fuck is this guy aging almost 2 years per year?

It's obvious - he's using 2:1 leverage

 

[Laissez Faire]

“There are old traders and there are bold traders, but there are very few old, bold traders.”

- Ed Seykota

 

[lwlee]

I genuinely LOL. But like every daytrader, I've been in similar situations though maybe not as bad as that one. It can happen to anyone. Check DATS this past week. Million+ shares moving price up/down 50c+ at various times. Holding for too long in the wrong direction with size can be disastrous for some people.

hehe

 

[murray t turtle]

Trader has an edge that works really well for the market conditions of the time and prints money using leverage.
Edge diminishes or market conditions change.
But trader still seeks the thrill of making big money. It is too addictive.Using leverage without an edge, bad things will eventually happen.

For certain people, me included, nothing else in life comes close to the thrill of making large sums of money using leverage.

%%
Sounds like he went bankrupt\if that second link is correct??
NOT all addictions are bad, even though in your 1st, 2nd sentences\he should have cut back.
Its not really clear from 2 articles, all the straws that broke the camels back so to speak.
Horse sense is what keeps a horse from betting on a track meet/LOL,
And'' being proved right'' sounds like an oversize ego that wantsbe right + oops, forgot its about profits. I almost lost my biggest farm, seemed like leverage was ok;
but good thing , had a bank that was wise + reasonable............................................................................................

 

[JSOP]

Man, that's even worse aging than initially. If he was 40 in 2020 at the time of court filing and 25 in 2015, it means he aged at a ratio of 3:1... wtf is going on? hahaha

Yes accurate journalism at its finest. Thank God for the bankruptcy court that does not respect privacy otherwise we would never know his true age.