My account wiped out. Any recourse?

[PoopyDeek]

Zero? He went debit to the tune of $58K.

 

[Nobert]

this was a very expensive lesson. I learned mine a while back as well.

After i read about naked's in a book,ironically, i thought to myself :
,,..oh, people probably learned not to do this anymore, they warned about it so many years ago and these are different times, beside, who would go for unlimited loss in exchange for limited profit ?''

Then, few years down the line, kum-ba-yah begun, increased activity in people getting blown away with naked's.

Someone only learns when nobody feels sorry for them and being told to stand up, be a man and fix your problem...get rid of the bad trading habit of travelling while positions are open. Luckily for him it resulted in a bad loss. I say lucky because had he made a big profit...it would have instilled bad trading habits so that when it happen again...the next time it could be a trade loss he can not financially recover from or worst.

This is a trade loss he can recover from and learn from. No pity from me too.

wrbtrader

Amen.

 

[smallfil]

When you are trading the stockmarket without any risk management accounting for the worst case scenario, you are asking for that worst case scenario. It only takes one to blow up your account or if not, you would sustain huge losses to keep you out of the stockmarket for good. Yet, too many fools think they know better than the market. Too many fools think they rule the stockmarket. You are but, a sardine (retail trader) swimming in a huge ocean filled with sharks (hedge funds, brokers, banks). Ignore that and you are but, chum for the sharks.

 

[easymon1]

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

damn dude, this really happen?

responsible
adjective
us
/rɪˈspɑn·sə·bəl/
responsible adjective (DUTY)
having the duty of taking care of something:
The government’s Energy Regulatory Board is responsible for nuclear safety. three mile island.
A responsible job/position is an important one involving control and authority over something.

responsible adjective (BLAME)
being the cause of a particular action or situation, esp. a harmful or unpleasant one:
We are not responsible for things getting lost in the mail.
responsible adjective (GOOD JUDGMENT)
having good judgment and the ability to act correctly and make decisions on your own:
We want to be responsible citizens. traders

 

[ironchef]

damn dude, this really happen?

responsible
adjective
us
/rɪˈspɑn·sə·bəl/
responsible adjective (DUTY)
having the duty of taking care of something:
The government’s Energy Regulatory Board is responsible for nuclear safety. three mile island.
A responsible job/position is an important one involving control and authority over something.

responsible adjective (BLAME)
being the cause of a particular action or situation, esp. a harmful or unpleasant one:
We are not responsible for things getting lost in the mail.
responsible adjective (GOOD JUDGMENT)
having good judgment and the ability to act correctly and make decisions on your own:
We want to be responsible citizens. traders

Guy is asking for help and advice. Not a lecture.

Don't throw rocks if you live in a glass house. We traders, especially us amateur retails are living in a glass house. Rocks are raining down right now and we all could get hit.

The take away I get from the professionals here is that naked calls/puts need to be watched carefully, better, need to be hedge. That might reduce returns but you sleep better.

 

[schizo]

OMG reading the entire thread was a torture. Did you guys really need to regurgitate the same crap over and over?

 

[ironchef]

OMG reading the entire thread was a torture. Did you guys really need to regurgitate the same crap over and over?

Us amateurs are quite dense.

 

[bone]

I can’t believe I read through this entire thread looking for the punchline.

 

[Overnight]

I can’t believe I read through this entire thread looking for the punchline.

Very cheeky.

 

[bone]

I worked at a brokerage for 7 years. The majority of brokerages will not chase the debt aggressively. I'd advice not paying the full debt but maybe offer them 10-20 cents on the dollar.

Cost of doing business.

For $5800 - sure. For $58K they’ll file property liens and go after him in Court. And he’s on the hook for the broker’s attorneys fees and Court costs, btw.

My sense is that he’s not been a scalper generating fat brokerage the past five years. Sounds like another TastyTrade options success story.