"Suicidal" Trader Loses Everything, Launches Online Begging Site
Here is his narrative as documented last night on the momentum trading website StockTwits:
- I'm down 200k aka basically everything and pretty much suicidal right now
- kept buying on margins as it went up. Held too long as it went down
- started small then after it did well I took figured why not put more in. Got behind kept trying to break even. Never did
- Put just about what I had left in 15.5 calls here...my life is totally fucked right no; what I have left is fit 15.5 calls which will most likely be worthless on the open tomorrow
- wasn't hoping for a huge return just quick return to get lost money back but yes I learned the hard way about how they're toxic
- I went wrong by using margins and I don't think I'll be back in it to bounce back
- I was doing great which is how I got onto margin. Got greedy but then January came and it got bad fast
- May seem like a joke but I'm fucked
- Last hope was calls so I doubt they'll be worth anything by Friday
- Worked 4 jobs the past few year to save up. Sucks seeing my life savings disappear in a little over a month
- Thinking what I was at in December vs now just makes me sick, and I'm still working multiple jobs. As you can see this isn't my calling
- it was purely my fault for being too risky with margins and trying to quick flip during a bad month
- This was a hard lesson to learn but must be a sign that I should never put my money into the stocks
- I'd say learning about margins was the worst possible thing to ever happen to me. If I didn't then I'd be up 50k right now
The bottom line:
- I've had a realized loss of 180k this year.
- no do over for me...I'm outta the stocks. Clearly not for me
Good luck. For now, however, online begging does not seem to be the best recourse for all those who chased momentum in a rigged market, and found themselves on the receiving end of a massive margin call. As of this moment, nobody has donated a single penny to the 24 year old now former trader.
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