Short and sweet:
How many guys have seen people blow up in theri office??
And how much did people blow up by????
How many guys have seen people blow up in theri office??
And how much did people blow up by????
Prop Blowups, how common are they?
- Thread starter Pumpanddump
- Start date
Also, make it interesting and post the situation and why he/she belw up and how. It might help peopel learn and get an insight.
Ex: The stock it was?
Was it news related?
A mistake trade?
Someone constantly doubling down??
Etc Etc Etc
Ex: The stock it was?
Was it news related?
A mistake trade?
Someone constantly doubling down??
Etc Etc Etc
wasnt in an office but a friend of mine shorted arba on the day it ipoed. just kept adding. ended up losing his whole account of about 250k.
A newbie, small-account trader without much experience was doing pretty well...large share size on slow moving Naz stocks like JDSU, SUNW, SIRI, etc (a la rebate-trader style).
I noticed his holding periods for losing trades were 3-5 hours...and sometimes he was covering them in the afterhours market. I also noticed that he was getting real lucky on many trades....shorting rallies before they were turning over, but eventually his holding period would permit these trades to turn profitable as incredibly the market would turn his way.
One day SUNW was in-play (day of the Microsoft and Sun play nice announcement). SUNW went up fiercely early in the morning, then a slow sell-off ensued. This guy then sold right at the lows of the day......just before an afternoon rally was starting. First three thousand shares, then five thousand shares....and his position was getting ugly. SUNW was going straight-up ! He was down $500, then $1000. Everyone was telling him to cover it...he refused. Finally, he was up to 10k shares short. He closed-out that day at minus $1600. Next day, he did not come in. Following Monday arrived and he was back, now "refreshed". Incredibly, same thing happened: he got caught short as the market rallied....he refused to cover. Lost another $1800 that day.
Boom. Never saw him again.
I noticed his holding periods for losing trades were 3-5 hours...and sometimes he was covering them in the afterhours market. I also noticed that he was getting real lucky on many trades....shorting rallies before they were turning over, but eventually his holding period would permit these trades to turn profitable as incredibly the market would turn his way.
One day SUNW was in-play (day of the Microsoft and Sun play nice announcement). SUNW went up fiercely early in the morning, then a slow sell-off ensued. This guy then sold right at the lows of the day......just before an afternoon rally was starting. First three thousand shares, then five thousand shares....and his position was getting ugly. SUNW was going straight-up ! He was down $500, then $1000. Everyone was telling him to cover it...he refused. Finally, he was up to 10k shares short. He closed-out that day at minus $1600. Next day, he did not come in. Following Monday arrived and he was back, now "refreshed". Incredibly, same thing happened: he got caught short as the market rallied....he refused to cover. Lost another $1800 that day.
Boom. Never saw him again.
WOW..the guy losses 1600 in a day...Problem with you swift pikers is that you think 1600 is BIG...thats why you guys take home 3-5 k a month if your good...real traders COULD loose 1600 in a tick but make what you make in a month in one hour..GROW up or start another thread
January 3rd, 2001.
A day that will live in infamy.
Market was acting weak, and I was short heavily in all my accounts. Suddenly the fed cuts interest rates by half a point. WHAT THE FUCK? I let out a loud blood curdling shriek. There wasn't even a fed meeting that day, and this was the first rate cut of the cycle. Spooz instantly pop 50 handles. Instantly I find myself down 2 1/2 mil. Yes, $2,500,000.
I instinctively cover & reverse, ending the day down 'only' 1 1/2 mil.
Of course you don't believe me. I wouldn't believe me either, but it happened.
A day that will live in infamy.
Market was acting weak, and I was short heavily in all my accounts. Suddenly the fed cuts interest rates by half a point. WHAT THE FUCK? I let out a loud blood curdling shriek. There wasn't even a fed meeting that day, and this was the first rate cut of the cycle. Spooz instantly pop 50 handles. Instantly I find myself down 2 1/2 mil. Yes, $2,500,000.
I instinctively cover & reverse, ending the day down 'only' 1 1/2 mil.
Of course you don't believe me. I wouldn't believe me either, but it happened.
now thats a story.........2.5 million or 1600...see the difference you pikers
lmao i had 100 qqq calls that day. i had bought them a week or so before . i was up maybe 50 cents and there was a large spread on them of like 70 cents. i tried to sell at the ask and by lunch time never got filled and so i cancelled. that suprise rate cut was at like 2 pm and the market went wild. it went up like 350 pts in 3 or 4 minutes iw as loading stocks like crazy and working my qqq sells. i made like 85k that day