Or, as somebody else has stated in another thread, their knowledge of the futures market is pretty sketchy. But you should also know that CME sent out an advisory note regarding negative pricing LONG BEFORE the price actually dipped below zero, so IB had plenty of time to implement this change into their system.
What I find more irritating is these naive simpletons who actually bought at the low thinking they're getting a real bargain. Did they truly believe it was normal for oil to trade at these low prices and not have any doubts or suspicions? How gullible can you get? Did they not hear the maxim "when it's too good to be true, it's a scam"? Man, these types (these xxxxx) should not be trading.
Oh lawd. Captain hindsight right here calling everyone a simpleton for buying the lows. Just calm down dude. You are very very clever OK? Lol.
https://www.zerohedge.com/energy/one-trader-started-day-77000-his-account-end-he-owed-9-million good article. We can blame IB for their lousy system. But then, obviously those who lose millions of dollars are newbie / poorly disciplined traders sorry I find very hard to find pity / sympathy for such people like Shah. why? - if your money management says you can trade max 5 lots, you cannot trade more than that no matter how cheap oil price is - price has been going down. there was totally and absolutely no U turn sign / reversal pattern to indicate price was going to reverse to go up. why go and long? his trade plan is faulty. this reminded me of myself years ago. price went down. I went to buy thinking it was very cheap. price went down some more. I went to buy more thinking it was very cheap. price went down some more. I went to buy more thinking it was very cheap. price went down some more. I went to buy more thinking it was very cheap. price went down some more. I went to buy more thinking it was very cheap. price went down some more. I went to buy more thinking it was very cheap. finally account had nothing in there and I had to top it up.
Most of the comments in the Zero Hedge article are disgusting. People over there come across as jaded people who failed at trading and take great joy that the trader lost 77k. Most of the members over there suck.
ZH and ZH comment section are a totally different beast. I like most ZH articles. Overly alarmist, yes, but for the most part I learn something. Just don't go to the comment section. You can give them any topic and they will turn it into talk about Jews, Hillary's email server, and what not. Complete cesspool
Yes you bought though knowing Your notional value so did he at 5 cents he can afford all costs not just the margin, of course assuming it cant go negative, you probably made the same assumption based on what your trading unless u ran a margin call
really so June contract at 6.5 is not low ? Just because its low it Doesnt mean its gonna reverse but it can bounce back