Recent bankruptcy trying to open margin account

[zdreg]

How about you learn how to use a computer first.

Zd, I love ya man, but you really did screw the pooch on quoting in your post #11 up there.

*cringe*

Right. I should never have deviated from KISS.

 

[newwurldmn]

Thank you. I tried to search for answers before I started a new thread, but nothing came up. What happened to me was brutal, so now I have a massive tax loss carryforward that I need to use up by earning capital gains. So I need to invest again. Even though I sell naked puts and calls, I am one of the most risk-averse investors you will ever see. Unfortunately, I got over-leveraged and had 30 years of gains wiped out in 15 minutes.

it was impossible to be wiped out in 15 minutes if you weren’t over leveraged. That’s the whole point of risk management. Not to blow up. Don’t call yourself conservative.

I wouldn’t trade if I were you. What happens if you lose another 100k? At what point will you be on food stamps for the rest of your life?

 

[JamesJ]

it was impossible to be wiped out in 15 minutes if you weren’t over leveraged. That’s the whole point of risk management. Not to blow up. Don’t call yourself conservative.

I wouldn’t trade if I were you. What happens if you lose another 100k? At what point will you be on food stamps for the rest of your life?

30 years in 15 minutes...

Might be blow up on that oil negative settlement in April 2020.

 

[newwurldmn]

30 years in 15 minutes...

Might be blow up on that oil negative settlement in April 2020.

No. he blew up on the Volmaggedon. He started a thread a few years ago about how he lost 1.5MM against 1MM net worth being short putsin SVXY or something.

Selling unbounded vol on a vol etf is one of the least conservative things you can do.

Perfect storm. Was short Vix via short puts on svxy, was with a good broker in fall 2017 then switched to a new broker. went busto in one day on Feb 5th, 2018. Lost over 1.4 mil. I would have only lost 10k with my old broker who had better risk management tools. Big gap down in after hours. I had closed out 1/3 of my position prior to the gap down. New broker allowed my size to be 10x bigger than the old broker.

 

[JamesJ]

No. he blew up on the Volmaggedon. He started a thread a few years ago about how he lost 1.5MM against 1MM net worth being short putsin SVXY or something.

Selling unbounded vol on a vol etf is one of the least conservative things you can do.

Ouch, ok i see...
If he made his 1MM on that strategy before, i don't see how he could make money going forward, if he has a real edge and made it somewhere else then things look different

 

[newwurldmn]

Ouch, ok i see...

sadly, OP has no clue what he's doing.

He's short VIX 2x his life savings and thinks this is conservative.

He now has a negative net worth and he wants to trade to monetize his deferred capital losses.

This will end poorly and hopefully he won't be on the street begging for change after this.

 

[OptionFool]

it was impossible to be wiped out in 15 minutes if you weren’t over leveraged. That’s the whole point of risk management. Not to blow up. Don’t call yourself conservative.

I wouldn’t trade if I were you. What happens if you lose another 100k? At what point will you be on food stamps for the rest of your life?

I was a millionaire, then lost it all in 15 minutes. I was set for life. I am in my 60s now and with no job for the last 20 years, and will have to try to get by on my $1k in social security I start collecting later this year. At least I was able to keep my modest house and car which are paid off. I always lived a frugal lifestyle. I can probably make it on 16k a year. I need a bit more than SS offers.

 

[ajacobson]

Consult with whoever filed your bankruptcy as to how to handle it. 7 has different nuances than a 13.