Trader Loses $377,000 Day Trading TSLA

farmerjohn1324 · Sep 22, 2020

I also potentially lost money with TSLA. I have a bull call spread (433 and 435). I have until Friday for it to go back above 435 (or break even at 433.85). Otherwise I'll lose a whole -$86.30.

Capping your losses and rewards is a double edged sword. The previous week, I paper traded TSLA bull call spread. If I would have bought naked call, I would have made some ridiculous percentage like 2000%. But with a spread, I only "made" $595 I believe.

Capping gains kind of makes everything pointless in a way lol because even if you win, you don't win that much. But I guess it's better than losing everything.

traider · Sep 22, 2020

Most likely yet another sim trader, yawn
real traders don't survive long without proper risk control
Sim is so easy to bet big, lose 500K , reset to 2M, even a 5 year old can do it.

https://www.elitetrader.com/et/threads/madazmoney-scam-or-legit.340940/

CALLumbus · Sep 22, 2020

I dont know if Madaz trader is real, but I like his stuff.

This time Justin Oles, the "Garage Daytrader" traded TSLA better than Madaz. Very good and consistent guy, but he takes too big losses sometimes.

newwurldmn · Sep 22, 2020

Madaz is a vendor.

Nobert · Sep 22, 2020

All that matters is :

#1. Is it a real deal
#2. His acc size

formikatrading · Sep 22, 2020

This firm has been short for a while.

https://www.diamond-hill.com/wp-content/uploads/holdings/20200831_long-short-fund-holdings.pdf

formikatrading said:
This is nothing compared to the firms who shorted it months ago -- or even last year and continue to hold their short positions.

traider · Sep 22, 2020

I love sim trading. Made billions before

vincentnyc · Sep 22, 2020

there is no pain cause it's fugazi money.

qlai · Sep 22, 2020

Just to put this in perspective - He was about 800k up for the month (month!) with most of it via TSLA. He says he is still 400k up for the month. He was going for 1M month and got carried away.

smallfil · Sep 22, 2020

realtrades said:
Only gave back 7 days of profits, probably take 2 weeks to make it back.

https://twitter.com/x/status/1308175475710205952

Operative phrase "major size". This guy is one trade from blowing up his account. When he does not have proper risk management and keeps rolling the dice, he will blow up. Only, question is when? He said the loss is only 15% of his total account and he is still a millionaire. I followed him on Twitter to see what happens.