My account wiped out. Any recourse?

[dozu888]

Isn't it too late to rationalize? Why don't you just confess that you've messed up and you're sorry for your overoptimistic blunders?

idiot.

 

[schizo]

idiot.

LOL Yeah, and your sage advice about taking out the mortgage to buy at the ATH was absolutely brilliant. Guess what? We're ONLY down 28% from the ATH! (and still counting.)

Seriously, don't you have anything else to say about your blunder?

 

[NewTraderAdventure]

Always a poster with 3 or 4 posts reporting nonsense like this

He's world traveling during an epidemic, and leaving an infinite loss position unmanaged,

lol

 

[NewTraderAdventure]

More likely a shill poster seeking attention.

Go away. Never come back

 

[ph1l]

Always a poster with 3 or 4 posts reporting nonsense like this

He's world traveling during an epidemic, and leaving an infinite loss position unmanaged,

lol

He might be one of these:
https://www.theguardian.com/world/2...g-worried-wealthy-jet-off-to-disaster-bunkers
Super-rich jet off to disaster bunkers amid coronavirus outbreak
‘Self isolate’ for some of world’s richest means Covid-19 tests abroad, personal medics and subterranean hideouts

 

[RandomEvents]

...Fuck straight off.

"Where there is anger there is always pain underneath."
-Eckhart Tolle

The guy just took a beating, your attitude is unnecessary. To the OP: you need to take full responsibility for the loss (if you haven't already done so). You made the bet so you should honor the bet, good or bad.

As for the brokerage, their mistake was setting too low of a margin requirement. They should have done a better job at preventing any account from reaching a negative balance. By not doing so, it increased the risk for both parties. The brokerage firm's margin requirement was a bet made by them to attract customers at the cost of a creating a negative balance situation. Litigation is costly so as a recourse, you can try to strike a deal with the brokerage as a previous poster suggessted.

 

[PoopyDeek]

"Where there is anger there is always pain underneath."
-Eckhart Tolle

The guy just took a beating, your attitude is unnecessary. To the OP: you need to take full responsibility for the loss (if you haven't already done so). You made the bet so you should honor the bet, good or bad.

As for the brokerage, their mistake was setting too low of a margin requirement. They should have done a better job at preventing any account from reaching a negative balance. By not doing so, it increased the risk for both parties. The brokerage firm's margin requirement was a bet made by them to attract customers at the cost of a creating a negative balance situation. Litigation is costly so as a recourse, you can try to strike a deal with the brokerage as a previous poster suggessted.

You don't know what you're talking about.

His broker uses SPAN. All FCMs use SPAN for overnight risk. He did not benefit from intraday margin over the weekend. His FCM marked the position under SPAN and the guy was in compliance until crude took a massive shit.

Troll somewhere else or respond to topics where you have at least some expertise.

 

[Handle123]

On Friday, I had some short put and call options on CL (oil). My acct stood at $112K cash balance, $60K net liquidity and $19K cushion over margin requirements. After what the Saudis did over the weekend, I log into account Monday and all positions closed and I'm -$58K. So a $170K loss. BUT.....
I received an email at 3:15 PM Sunday stating my account might go into margin call and positions could be closed. My wife and I flew into Cancun on Sunday morning and at the time I received the email I was on a bus traveling thru the country side to our final vacation destination. We arrived at our island hotel around 7:00PM after traveling for more than 12 hours, so I wasn't going to turn on my computer. I don't receive email on my phone because I don't want all the interuptions.
The positions were closed at 7:40 PM. I had no way of knowing this until the following day so couldn't notify the trading company of my willingness to wire more money to my acct. Of course I wouldn't have been able to do so on Sunday anyway.
Do I have any recourse? Is there anyway to get out from this mess?
I talked to the broker and they said they were so busy that they would have to discuss this with me at the end of the week or maybe next week

You don't want interruptions? That Friday's close broke Quad lows on the weeklies and you holding short puts?

"I don't receive email on my phone because I don't want all the interuptions."

I was on vacation back in the 1990's and was costly trip, not as costly as yours, but never the less, changed my trading plan, didn't have what they have now in place in electronics or I would not mind the interruptions.

 

[murray t turtle]

Lessons learned but look at it from the bright side: Your broker might have done you a favor by closing your position. It could get even worse if it stayed open.

%%
That; +learned some thing from an account going down to zero. It was a large move; but oil is known for that.

 

[PoopyDeek]

Any broker offering CME Globex quotes?