Quote from forsalenyc:
just checked rest of the mkt(been ages)...i guess it could've been made on $50M worth of shorting non-financials....lol
crazy dude
Quote from drumbandit:
I can't confirm that he held overnight, but you would've had a very good day had you shorted many stocks other than financials.
I'm sure Lescor or Shreddog had record days if they played the openings this morning.
Quote from lescor:
Echotrade rejected our short orders with no notice. That is ALL shorts. I definitely did not want to be long only and had to cancel all my orders at the last second. Me, Shreddog and PatrickQ woulda all been up 500 to 850k according to our spreadsheet calculations.
With the ES locked limit up all you had to do was look at SPY to figure what price to use.
No doubt it was the opening of my lifetime and I had to watch. Bummer
Quote from Don Bright:
This is totally uncharted territory, this absolute governement intervention in free markets is "Communist China" in my personal opinion...
Don
Quote from DonKee:
Sadly, there will be some traders and their families financially destroyed by this over at the CBOE. Think of the thousands of short call positions that were not trading yesterday, as premium was zero, and they open up at $5-$10 dollars. I guess these people just weren't "big enough" to save.
Quote from total_keops:
Did you ever asked yourself the following questions?
What if I lose power at 9:29?
What if I lose my internet connection at 9:29?
What if my computer crashes at 9:29?
There is a lot of sketchy situations. When you do that on a large scale you need some backups (battery, alternative internet, computer,...).
I'm still on small volume so my backup is the internet cafe at the corner of the street but when I pump up the share size I'll have to invest in hardware.
Quote from Don Bright:
Trading is a game of percentages. What percentage of the time does your television just not work? .001 percent of the time? Sure, if you're in a real rural area, get a backup, have a cell phone (as our traders all do)..... Can't concern yourself with "what if" ---- and, remember this (as I tell my new boot campers)..."...if you lose power, you have a 50/50 chance of making money, probably better than what you had when you entered the trade" (not for openings of course, but for "day trades" when you're new, LOL).
Quote from Cutten:
This is terrible advice. Trading is not just a game of percentages, it is also a game of odds. A 0.01% event can wipe you out if the loss will be high enough. That's why you don't sell 10,000 out the money XLF calls at 0.05 the day before expiration.
If you go short or use leverage, or even if you only buy high beta stocks on reasonable size, then you need a backup, end of story.
Quote from lescor:
Echotrade rejected our short orders with no notice. That is ALL shorts. I definitely did not want to be long only and had to cancel all my orders at the last second.
Quote from Pasternak:
Everyone can make a mistake, but what really annoys me is that there is no explanation or "we're sorry" from noone on what happened. A very frustrating day.