He should have listened to them, if even WSB comes together to tell you how stupid that idea is, you know you've got a real stinker on your hands.
19 year old doesn't have a lot of personal savings anyway not a big deal Time to start saving again. ¯_(ツ)_/¯
That person had 400$ and now owes 56k
That's what we call an ouchie.
I'm pretty sure that can be cleared with a bankruptcy. Considering a 19 year old isn't likely to have any non-exempt assets, they can go bankrupt with basically no penalty other than having a bankrupcy on their record for the next 7 years.
He's in a better financial position than I was coming out of college. And it sounds like we both got a valuable education for our money.
Well, not exactly, his brokerage bought 100 shares of SPY and charged him the price of that. He can just sell them.
The problem with options trading is you can lose more money than you invest.
They are betting that they can make more than they are investing, with the downside of losing more than they are investing.
That has got to be the stupidest reasoning for doing something on the stock market that I have ever heard
Then this person has won r/wallstreetbets, because the entire sub is a meme
Wait till you hear about the gourds...
Isn't it the risk of trying to make money with money? It's like gambling. If you don't want to risk losing that money, don't play that game.
The thing is that what this guy did is absolutely gambling. Investments are gambles but the risk is low. This was just putting everything on 00 and when it didn't pay out, he got as much credit from the casino he could and bet again.
it's not like gambling. it's gambling. except more stupid because they shorted fucking copper based on their opinion on medals.
At least with normal stocks you have an asset at the end. This was options trading though lol. And shorting, which is like the most risky thing. You have finite possible returns but infinite possible losses.
19 years old. Life savings. 🙄
i thought it was code for daddy's money but apparently it was 400 bucks.
He had $400 left in his account before the margin call. The trouble with options is that they can be very highly leveraged, meaning you're trading on credit, and you can lose a lot of money really fast (and likewise, gain a lot of money really fast). Most brokerages don't even let you trade on options until you can prove you have knowledge of how the market works. So the kid is probably smart, but like many smart 19 year olds, not smart enough.
This guy owes the brokerage $56k.
How can copper possibly go up in price, its a soft metal, low tensile strength, not resisyent to acids, tarnishes easily. Literally useless except for, I dont know, pots or whatever! Literally nothing else in the world uses copper!
- This guy
link to original if anyone is interested.
Laughs in Ea-Nasir
Nanni gonna write a yelp review
So he expected something like: "Those bronze medals look awful! Time to rip out all that copper piping and wiring from my home and dump it on the market!"
Oh no!
Anyway…
God I miss old WSB the memes were so spicy and loss porn was better than pornhub. I'll never forget that kid that got $800,000 loan on futures only to go like -$1.5Mn in debt lmfaoooooo.
That’s about what I’d expect from wsb. Delusions of grandeur combined with complete failure to understand the modern world.
😃🍿
