Prop Blowups, how common are they?

[Pumpanddump]

I know a guy who lost $180,000 on a trade suspension. The stock got suspensed. It was around $20 when it was suspended. The guy had 8,000 shares. When they resumed trading it opened at .25 cents. This is a real story - beleive it or not, I am dead serious!!!! No BS.

 

[Pumpanddump]

The reason I know it is not BS is because it was ME!!!!!!!

 

[Trend Fader]

Quote from Pumpanddump:

I know a guy who lost $180,000 on a trade suspension. The stock got suspensed. It was around $20 when it was suspended. The guy had 8,000 shares. When they resumed trading it opened at .25 cents. This is a real story - beleive it or not, I am dead serious!!!! No BS.

what stock?

 

[jaketrader]

yes for them 1600 is huge when its not your money, when someone tells you to focus but doesnt say on what to focus, when weird al yankovicz wont pay you your 35-40% until you make 5 k in a month, you might stick around 3-6months and not get paid, all the while they pocket your profits, you still get nothing, and the training class(LOL) shows you F10 is Arca buy etc....The good thing about that shop is that you get simonized pretty quickly and you're are exposed to all the different scams etc....in one place. Learn what you can, try to get paid then leave. There are other places in canada, look at westwindtrading, proptrading.ca etc....

 

[Truff]

Just saw a guy lose 700K shorting PSFT

 

[mnx]

Quote from momo trader99:

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

how about $11,000 in a trade, is that big enough for ya?
thing is, at swift you can't blow up cause you're not trading your own money...

mnx

 

[Avalanche]

Quote from Rearden Metal:

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.

I wonder how many have that day as there worst (or best) day ever. It was my worst day ever by far probably by a factor of 10.

And I had almost slept in too.....god would I have saved a lot of money.

 

[FredBloggs]

buddy of mine....

lost/bled $500,000 over 2 weeks. he had been trading for 10 years.

this wasnt really a blow out for him though. just a shitty market (in his words)

that makes me a real big piker!!



the reason?

cocaine
emotionally trading
marrying a market
over trading
trying to make back losses
.....


you know em all!!

just surprised that even after 10 years a trader still makes the newbie mistakes.

 

[Truff]

Quote from Avalanche:

I wonder how many have that day as there worst (or best) day ever. It was my worst day ever by far probably by a factor of 10.

And I had almost slept in too.....god would I have saved a lot of money.

I dropped 45K that day in 5 minutes. i think i was short 9000 shares. Didn't kill me though. Made it back and took home a check the next month. Wasn't my money though, if it was probably would of been it for me. One of the advantages of trading TRUE prop with no money down.

 

[Excalibur]

I was long. Went for 5 minutes on toilette, bad news came out and when I came back i was down 5700$.

But there was nothing to do. The stock was suspended.


Good Luck Trading