She was trading with no stop loss, lied to you and increased lots not by a few but by a multitude, obviously trading without a set plan, the rules changed as she traded. She acted like she has never traded before. There could have been a loss much greater than that. Stay away from her.
I feel sorry for you and especially to your "boss"; or your team leader. It reminded me that I had worked in this kind of operation before; couple of guys working and pooling with limited capital; so we can trade our plan better; building up a trading record for a firm; where most our guys were aiming at.
Must agree here with FTF. Hers was a "rookie mistake" BIG time. If she and her team believe she's not a rookie, then her understanding has a big hole in it. And of course, rookies should not be trading anybody's money except their own.
Looking at your previous post: http://www.elitetrader.com/vb/showthread.php?s=&postid=1734024#post1734024 It seems like you're earning next to nothing a month. It's time to quit this job and find something else. If your team earns more than 1/2 mil in 4 months and you are only getting ~1000 a month, it's time to find a job that gives you real money.
i'm also curious about your boss' role in the company, and her trading experience. immediately doubling down to try to recoup losses is a total newbie mistake. absolutely no one with trading experience would do that, but almost everyone who starts out does it.
If its a percentage split thing, I wonder if you just got "CONNED" out of your share? She pretends to "lose it all", so she doesn't need to pay the rest of you. Why was she trading S & P or the other stuff with your money, unhedged, in the first place???? Get a lawyer.
and going short a 100 cars on the S & P in this volatile market.!?!? You need a set of brass balls to do that and it looks like she doesn't have a pair, or the brain to match. Thanks for this thread as it serves as a reminder to trade within your means and use risk management at all times. Go find another firm to trade with your boss just went from being an asset to a liability.
I can't be spitting out what company I work for as I don't want to bring any kind of embarrassment to anybody. I simply needed a place to vent. I will say it's a small private company. Also besides this, she's actually an awesome trader. Literally one of the best at the firm. The proof of this is that our lot sizes are about 1/2 to 1/6 of everyone elses and we are/were in the top 5 in the firm. Also, whomever told me to find a job somewhere else must understand that it's almost unheard of for a 18 year old to get a trading job, ACTUALLY TRADING. So, I'd never be able to find another job. Plus I must admit I love doing this stuff. I also could never go on my own. Me and what capital? Unless someone was backing me for like a year (why would anyone take that risk on someone with only a year of futures trading experience?). We do get paid our bonuses from the account which I think is actually a small reason I got pissed off. I think I was more pissed off because I saw a good trader, a friend, go haywire for no reason at all and she almost lost her job. Not to mention that she feels like shit and she doesn't have too. As to the one that says I should be supporting her and stuff. You're right. I just keep getting angry and I need to vent or something. You are right, however, it has been a blow on her self-esteem and even financially as they took a very sizable bonus away from her. I think I just needed somewhere to write this, but the only thing to be thinking from now on is the future.