That is interesting. But He is still a newbie even if he has traded for 1 century
Remember this pathetic option seller who lost $150 million for shorting natural gas and crude naked?
- Thread starter JSOP
- Start date
I can still remember very clearly what happened in Nov 2018, US winter time.
It was very very cold in US.
upper chart - price chart.
lower chart - range chart.
price went up very drastically in Nov 2018.
lots of ET members suddenly became very interested to long NG futures.
You can see the evidence in ET forum.
but they were far far too slow to long it.
because price went down massively after that.
I was doing day trading during that time.
It was very very difficult to trade NG because its movement was very chaotic, messy and violent.
So what did I do? because of higher risk, I had to reduce my trading quantity.
what did that
pathetic option seller who lost $150m shorting NG do?
most likely, he traded very heavily !!!!!
and worst, it was naked credit option!
The guy I remembered shorted the NG options at like 2.5 or something and the price shot up to 4.X. That was brutal. I feel really bad for those investors.
^Is there equivalent for Pareto's Distribution, as an alternative of a dark side, that relates to scammers and idiots ?
Because like Theranos and this man, few manages to get to the very, temporary top.
Bought Security Analysis by B.G, for $20, ~3 years prior, to the first time of going live. Somewhere it wrote :
,,...naked puts - one of the most dangerous financial products there is''
Damn, ouch. Congratz on making it back, and not giving up.
p.s (laughs), i expected to see, inside of the article, a comeback story, and now - it's only getting worse.
This was a 360 degree stupidity situation, that lad managed a bunch of accounts, while those account holders where on the hook for any losses (unlimited). Then he just did a few Karen the Supertrader trades during exreme market volatility. I remember that apology video from way back when, that his lawyers made him take down....just a cautionary tale. Sad to see ppl still getting harassed way into their retirement bc of this guy
Hmnn, any ideas on why did they told him to do so ?
admission of guilt from the get go I presumed
@Sweet Bobby, please explain to them why selling naked puts is not risky, that you can hedge and profit with a calendar, like when you made a killing with it this Mar 2020.
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Your broker gave you the permission to sell naked options as a newbie??
You can sue someone for fraud but can you sue someone for being incompetent?
right.
you can sue someone for fraud but not being incompetent.
most likely he was being sued for being negligent .