Let's hear some future trading horror stories. I'll start it off the first time I started trading I didn't know what I was doing. My broker talked me into buying options and of course they all expired worthless. I of course lost all of my money in my account.
a couple of months ago I was talking to an experienced trader about selling naked options, of course I didn't fully understand when I did but I went out in March Chicago wheat and sold fucking NINETY naked calls all the way from 10.00 to the 14.00 strike I had 50 sold at the 14.00 strike and then wheat made a 2.00 move, I lost 30 k in a week. but the worst part is the exposure I faced, several hundred thousand! I made it out alive though, learned alot! got a 30 k education in options lol
I did the same thing with silver options about two years ago. Silver went from $10 to $15. I wrote some naked calls at $17. I got smoked pretty quickly but exited the trade and saved myself from losing a whole lot more. Last time I will ever write naked options
My partner and I started trading in July, 1987. We would phone in S&P orders that would take about a minute to get filled, and only the big contract existed then. Anyway, during the '87 crash, my partner was doing well selling the mini rallies, but then decided to go big, on gold, long. He figured it was just a matter of time before the world panicked and fled to gold. Well, he was no economist and didn't realize that a crash is by definition deflationary. In a matter of minutes he was down like 30 grand, on a 50k account. He was a deer in the headlights, and couldn't do anything. We call it brain freeze. Finally just covered everything. Started trading MUCH smaller after that. BTW, we would call in orders for currencies BEFORE major reports. Total nuts. Surprising that we lasted about a year before blowing up. Even day traded juice! Geez, what morons we were.
Yeah, he still talks about that. And a juice trade that took 15 minutes to get filled - at a terrible price. Broker wouldn't fix it (Lind Waldock). The guy has been a pure FX trader for about 8 years now, and making bucks, but long term stuff only. he works about an hour per day!