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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
$400 left.Who knows how much he started with initially.
E: started with about $7k
Where the hell is a teenager finding 7k? That takes some bootstraps pulling.
I don't know how this one got $7,000 but I do know that some teenagers have jobs and it isn't very hard to save money when your needs are taken care of due to living with your parents.
I had about 8k saved up when I was 17, mostly for college.
There are a lot of upper middle-class kids who start out adulthood with tens of thousands of dollars.
You can make $7k by 19 relatively easily if you never spend money on stuff and your family is large and generous with the birthday cards
If you're working full time and still living with your parents then $7k is easy to save up.
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.
If I understand correctly, they can sell the shares they were forced to buy and get back most of the $56,000 they owe.
When you short a stock, you borrow a stock, then sell it, then you buy it back at a (ideally) lower price. Then, you have to give back the stock plus interest. This person can’t sell the stock because they have to give it back. It wasn’t theirs to begin with. They were just borrowing it.
Yeah, but the big number (-$56k) is not from a short, it's from a call getting assigned. He sold it naked (didn't have shares to back it) it expired ITM, and he has to cover. The broker is going to give the shares to the call buyer, and OP is out maybe a couple hundred bucks whatever the difference between spy close price, and the strike he sold *100 shares depending on what SPY closed at that day. He's not -$56 k on that trade.
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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.
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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
Making any kind of profit on this sub is seen as a tragedy
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.
Boomers keep telling me I should have put $20 in my savings account with every paycheck starting at age 18 and I'd be able to retire at 65. Dude was not going to be able to retire at 65 apparently.
the fun part of it is that a combination of inflation and stagnating wages means $20 keeps getting smaller in terms of value but also keeps becoming a larger part of your disposable income.
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.
400 bucks you don't owe for rent is a lot when you're 19.
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.
So probably a fake story is what I'm reading?
i wouldn't outright call it fake,
at worst its misleading.
he misunderstood his account info and didn't loose as much as he thinks.
wouldnt be the first make that mistake.
Oh shit, that reminded me of that guy who thought he owed something like 90k and killed himself only for the account to be settled the next day and he had earned money.
that was exactly the same issue.
thats why the comments are so uncharacteristically helpful and serious for r/wsb
How did they learn he made money if he was dead?
It was in the news. I guess his family or friend checked the account afterwards?
If he's making that mistake he should not be trading lol
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!"
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.
Oh no!
Anyway…
That’s about what I’d expect from wsb. Delusions of grandeur combined with complete failure to understand the modern world.
Bet on copper! I am not an advice person.
😃🍿
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this post was submitted on 05 Sep 2024
328 points (98.2% liked)
The Internet in Ancient Times
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Welcome to the stone age... or the bronze age... or the iron age... heck, anything with an 'age' is welcome, except our modern age or any ages to come.
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