how many times do you have to bring up the dips you cannot catch... there have been many posts in my 'trading is easy' thread.... catch dip is a myth... can we put that aside, or can you come back with some proof that dip catching beats the very basic DCA. personal guarantee, sure... I never said no draw down.... often refer to Buffett's 50% rule... look it up.
Only advice is that he should immediately begin paying his debts from that type of routine / habits he has about travelling with open positions. Yeah, he gotta away with it before but why do such now when the global economies are freaking out. It only takes that one time to get burn by the fire to learn a lesson. He could take out a personal loan, get a 2nd job, sell his home / properties or borrow money from family / friends...not to trade but to pay this margin call. That's the only advice he can be given because his screw up is cemented...nothing he can do to fix it. Someone only learns when nobody feels sorry for them and being told to stand up, be a man and fix your problem...get rid of the bad trading habit of travelling while positions are open. Luckily for him it resulted in a bad loss. I say lucky because had he made a big profit...it would have instilled bad trading habits so that when it happen again...the next time it could be a trade loss he can not financially recover from or worst. This is a trade loss he can recover from and learn from. No pity from me too. wrbtrader
Sure, like all WS firms stood like a man and took losses. Yeah right. I would consult and see if declaring bankruptcy is a better route. for some 170k is drop in in bucket, for others fortune.
Actually, I didn't think about the declaring bankruptcy option but it may be tough to do considering he had 112k to put in the market and money to take his spouse to Cancun. Yet, I don't know anything about bankruptcy nor what country he's from (different bankruptcy laws in different countries). Thus, not sure if they look at his finances like that. Yet, if someone has 112k plus money to take the spouse to Cancun...he may have money elsewhere to cover his margin call but is just trying to find a sneaky way of saving 58k considering he may be feeling that his broker screwed up and did not close his position at/near $0 dollars instead of @ -58k. Advice to him - Get a international cellular phone plan so that he can monitor his trade positions via a mobile device or personal hotspot for the laptop when on vacation. Also, settle that margin call as soon as possible if he plans to trade again in the future. wrbtrader
Did I say anything impolite? If so, ignore my posts. We gave you our honest opinion. Don't have to take it if you don't like it but no need to curse.
Nothing would have helped in his situation, markets were closed when news came out, and gapped 25% at the open. Selling puts on volatile markets is very dangerous. We do not trade options, and close all positions on Friday. Well, algos close them
He's quarantine now and he can not cause anymore harm to his finances beyond paying back that -58k. wrbtrader