if he trades index futures his loss wouldn't be just $150,, this is probably the least expensive and most valuable lesson one could learn
We've been over this: http://elitetrader.com/vb/showthread.php?s=&threadid=65612 Based on your figures, 'Cat in the Hat' will cost you 7% of your remaining net worth.
He's just lucky to get his FIRST real lesson for a such little fee. Newbie, don't make yourself feel that after such "most valuable lesson" you become the king of fx, you know... only after years of practice, you can say ... you know something