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A long time ago a friend and I were both long the same tech for a few days. I didn't like it so much, and exited at the close. A few minutes after the after hours close, news broke of major fraud and cooking the books. Friend ended up losing nearly his entire account on it, and he was long.
Lots of lessons to be learned here, but diversification is an important one when it comes to stocks.
We all pay our tuition to the markets one way or another. But to receive a bill that large, in one day, is terrible. I may pitch in a few bucks just as a gesture and show of support. Though I'm sure some people will revel in his misfortune and say he brought in on himself. Which he did, but I'm not going to kick a man while he's down.
If this is the worst thing that happens to him this year, he's still had a pretty good year.
Imagine losing every dollar in your current account right now, in 2 hours, while you were away at a meeting. Then imagine tripling that loss and having to liquidate your retirement accounts for you and your wife.
On his GoFundMe page, it seems the comments are pretty harsh.
I think everyone needs to learn countless lessons in trading, but losing triple your account in a couple of hours is a bit extreme for anyone to cope with.
I noticed he said he would be back trading, but with stops.
I am not sure he realizes (though, surely...) that let's say he was short $2.00 and had a stop at $3.00, if the stock is halted or the deal is done after hours, it can reopen at anywhere it wants, for example re-opening at $12.00 and then his stop gets filled at $12.
I do admire the guy for saying he will pay his broker back. Legally, he's on the hook. I don't know what his financial situation is, or how old he is, but 100k is not chump change. People have filed bankruptcy for much less.
I feel absolutely nothing for this guy. In fact, I think he's got a lot of nerve begging others for money to help him out of this. Of course he'll spin this as it wasn't his fault, market manipulation, insiders screwed me over, e-trade didn't liquidate me, wah wah wah. Anything to deflect the blame. This is what happens when you don't treat the markets with respect. I think he should sit in the corner by himself and eat his humble pie but that's just my opinion.