Nice bluff Bub, you are a lousy poker player. Take the June 8 SPY weekly expiration: On TOS this morning the most expensive OTM call is the 275 and is quoted .73 bid .75 asked and there is a TOTAL OPEN INTEREST of 30,587 options -- so you would just plunk down 300K for 400,000 options? And you call that "a few thousand" You have exposed yourself. The emperor has no clothes. It is impossible to place the size of trade that you say you did in one trade on the weekly SPY options. You my friend are a fraud.
Ok, Now I'm sure you have never traded a single option contract in your life!! You have to multiply $.75 by 100. So $300k divided by $75 (.75*100) for each contract and that comes to 4000 contracts which is available on the offer now.
With IB (you stated your portfolio was with IB) and I believe you stated the old Chinese man open an IB account and then gave you the password... Those people you mention that manage 10k or 100m...must check the box that they are professional to do such. If they don't...its just a personal trading account. In fact, I think all brokers are require to ask their clients to designate the appropriate identification...professional or individual. Thus, you would have clearly checked the box for "individual" for your personal trading account (that low 7 figure portfolio you mention). I guarantee if the old man has filed a complaint about you with IB...they will check how you designated yourself in your application for your IB account for that portfolio...individual or professional. If you were clear to him that you're not a professional fund manager...he clearly knew the risks especially if your own profile at IB has the "individual" designation...not the professional designation. Yet, my real issue is the impression you gave this forum along with the location of this thread in the Professional Trading section when you're clearly not a professional manager nor managing a portfolio for others as you've confirmed...its just your personal trading account and you're just a full-time trader. Also, many at this forum are retail traders and some like me are full-time traders that's trading our own personal trading account too. I've never seen anyone in the many years here at this forum that only trades their "personal trading account" and then use words like you such as "I'm managing a portfolio..." except for the few that were actually professional (licensed) managers. Once again, if he clearly knew you were not a fund manager nor were you managing a fund...he knew the risks when he gave you access to his account at IB. Its now the old Chinese man burden to prove you did in fact access his account...easy to do for IB to investigate the IP addresse locations that access his account assuming he files a complaint. Then if you're sued in court...you would then need to prove he knew you were not a fund manager and that you did not manage a fund. If you can not prove the old Chinese man knew such (agreements with signatures, witness to the conversation, email exchange and such prior to the money lost)...you're screwed as was others in similar like court cases. If its just hearsay conversation as your proof that he knew...a typical judge will side with the old Chinese man that you gave a false impression. I'm sure your lawyers have already explained the above considering you stated you were now seeing a lawyer for this situation that you gotten yourself into. By the way, I've never had a thread moved at this forum. Therefore, I'm not sure if ET management notifies its members when their threads are being moved to prevent confusing the member about where his/her thread is now located at. Yet, I have heard others say they were notified when their thread was moved to a new location along with explanation from the moderator that moved the thread. Yet your refusal to notify Baron that your thread was moved to the wrong section for Professional Trading...is odd especially while you continue the play with words... "I manage a portfolio...". wrbtrader
My Bad on that. You are correct. I apologize for my bad mental math. But you will have to produce the actual screen shots of the trade to convince us that you could be so stupid to actually go all in on a very risky trade.
Come on guys. Really, arguing about who moved my cheese??? Can't you just sit back, get the popcorn and enjoy the show, like true gentlemen do???
I honestly don't understand your obsession with what section my topic has to be in! If he makes the wrong move and sues us, we will counter sue him for emotional distress and wrongful employment termination.
Do you really think I'm going to access his account after he has terminated his relationship with me?? I'm not going to put myself in a new legal jeopardy, just to prove to you I made those trades. He probably has changed his password or closed his account by now!
The much bigger question is why the OP did not simply mirror his trades in the client account. When the client accepted , the presumption was based on the screen shot that the OP sent the client. So if the OP took losses, then if litigation comes about, the OP can say that he mirrored the trades in his own account, and that the losses were valid because the fund lost money. So there is an implied agreement here. If the OP deviated severely from what s/he trades, then the client has cause to sue based misleading information based on what was given the client. Why bet 100% of the money given? Even a hobby trader would not do this. This whole scenario does not pass the smell test.