My account wiped out. Any recourse?

dealmaker · Mar 12, 2020

"If you don't know who you are, [Wall Street] is an expensive place to find out."
--"Adam Smith" (George J.W. Goodman)

bthale51 · Mar 12, 2020

tommcginnis said:
Your fate was sealed the moment you closed up your computer leaving naked puts to be unwatched.

I've had long term naked options on oil for more than 5 years. Never a problem. I don't daytrade. Who would think the Saudis' would drop their price 25% after spending the previous week trying to help prop up the market

bthale51 · Mar 12, 2020

smallfil said:
Knowing you would be on vacation, why didn't you close your positions before then? Seems like common sense. If you got a margin call and the broker closed your positions, you are out of luck.

AS posted here, I've sold oil options short and long term for more than 5 years, vacations and all. Who would think the Saudis' would price their oil 25% lower than the spot price after spending the previous week trying to prop it up. I'm pretty sure I'm not the only one who got ran over

tommcginnis · Mar 12, 2020

bthale51 said:
I've had long term naked options on oil for more than 5 years. Never a problem. I don't daytrade. Who would think the Saudis' would drop their price 25% after spending the previous week trying to help prop up the market

The people who bought the puts that you sold "would think the Saudis would drop their price..."

I don't mean to rub your nose in anything, but you seem bent on avoiding the responsibility by which your mouse clicks brought all that cool-looking cash into your account. So, a story: 5 years ago, I irked a client when I bought back the bottom side of way-OTM index spreads, so that I could go march around in a mountainy wilderness. Come out of the woods to find that China had -- out of the blue -- revalued the yuan and plunged global markets into a septic-tank-filling tizzy. (Yes: August 2015)..... Then, I was declared "a Bloody Fuquing Genius." No. Just mindful of responsibilities.

d08 · Mar 12, 2020

That's quite irresponsible of you.
When I traveled, I was often the last call passenger on the plane/ship as I was looking at trades to make sure everything is in order. 3-4 minutes of your attention can save your ass, sleep can wait.

Turveyd · Mar 12, 2020

Atleast most of us are having a better week than you, made me smile.

Losing 180k rich people problems, rich enough to write it off no doubt.

bthale51 · Mar 12, 2020

tommcginnis said:
The people who bought the puts that you sold "would think the Saudis would drop their price..."

after the fact... market makers bought them

bthale51 · Mar 12, 2020

you kno

Turveyd said:
Atleast most of us are having a better week than you, made me smile.

Losing 180k rich people problems, rich enough to write it off no doubt.

you nothing about me, and I ain't rich.

d08 · Mar 12, 2020

bthale51 said:
AS posted here, I've sold oil options short and long term for more than 5 years, vacations and all. Who would think the Saudis' would price their oil 25% lower than the spot price after spending the previous week trying to prop it up. I'm pretty sure I'm not the only one who got ran over

5 years isn't that long. You have to be prepared for the worst.

tommcginnis · Mar 12, 2020

Turveyd said:
Atleast most of us are having a better week than you, made me smile.

Losing 180k rich people problems, rich enough to write it off no doubt.

My read is a tastytradeKoolAid-swallowing oldster who put a confident $60k chunk of the ol' retirement nest-egg into "easy income" positions, specifically shut down the horrid thought of being disturbed while slathering sun creme in Cañcun, and now can't face the reality of what those actions have done, and wishes like hell that there will be someone besides the trader in the mirror to blame, blame, BLAME. So, I feel sorry for the bad position, and the bad account outcome, but hope like hell that the lesson gets learned. (If not by him, then p'raps by someone else.....)