A trader faces 100k debt after shorting a penny stock and now starts a crowdfunding campaign

If you don’t understand the basics of trading you should not trade. The odds were against him, risk was much bigger than potential profits.

Even people who have an average understanding of trading have difficulties to survive.

We never shared in profits and probably never would if the trade would have gone as he wished, so why share losses and not profits? So who should help financially? Nobody. I know my statement is hard, but I know rich people that receive almost on a daily basis demands for help ( child sick or lost job, or was unlucky in investment or trading…). But they still wait for the first person to ring on the door to bring money instead of asking money.

 

Would he have "crowd shared" his gains if it went to $0.30?

 

I am sure he would not share the profits.

 

I don't think stocks below 4 bucks are shortable

 

Well he pulled the gofundme account but he did get a little over 5K http://money.cnn.com/2015/11/20/investing/trader-gofundme-drug-kalobios-shkreli/

 

This puzzles me. If they have been rich for a long time, even if they have inherited their wealth, they know about being a good steward of money.

If they have earned their fortune, they are great sources of wisdom on designing processes to acquire wealth. The creativity and knowledge behind this is far more interesting than the money; and if studied properly can become key to earning your own wealth.

Asking for money is missing the point. The rich people I've encountered are fascinating people in their own right, and also generous with their time and advice. Don't abuse it. It is gratifying to help others who have ambition and potential, to give advice and watch others succeed. And it is a privilege to receive such non-financial help. Also, one way to be of service is to help grow networks by making introductions where appropriate. Networks are valuable and this is one significant way where non-rich people can contribute to the lives of rich people.

If you are an interesting person and have value to add, are polite, and considerate..there is much to be gained from association with interesting people, including rich people..but no point begging for money. It should be mutually beneficial. Why ruin a relationship by being so insensitive?