Italian trader loses his ‘entire life savings’ on one insanely risky position | Metals Mine

  • Italian trader loses his ‘entire life savings’ on one insanely risky position

    From marketwatch.com

    This year’s been a real grind for Luckin Coffee LK, +10.73% investors. At one point, Lone Capital held $367 million in stock to lead all hedge funds covered by Insider Monkey. DSAM Partners had $146.2 million worth. Melvin Capital, Renaissance Tech and Tybourne Capital were also bullish on the company, according to Yahoo Finance. So when the stock, which was already down 89% for the year, had its trading halted back in April amid an investigation into financial misconduct, the losses were felt far and wide. But one retail investor with a PG-13 Reddit name took a particularly grievous hit. Yes, StopFapForever, who ... (full story)

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Not-KPMG
Jun 3, 2020 5:46pm
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You misspelled "Moron does stupid , gets shafted and even if he won he'll lose it tomorrow not to mention spread is like 50 dollars. LOL."

Fixed it
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NotAtrader
Jun 4, 2020 2:54am — Edited
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Quoting RossEdwards
{quote} God .. @Not-KPMG you are an astounding arsehole. If I get CoCd for this.. I will have no regrets.. it needed to be said by someone.
Haha believe me he is not. He just has a special way of telling the truth which is he actually tells the truth . And while some people (I hope not included you) don’t like to hear the truth, I admire people telling the truth and I am a fighter for the truth.

Here is your reason why you should believe me. I remember my mother advised me to never become a lawyer nor a politician as I will fail because of my honesty.

So I am honestly telling you I know this guy and he is not an arsehole. Are you becoming increasingly sensitive?
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RossEdwards
Jun 3, 2020 6:22pm
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Quoting Not-KPMG
You misspelled "Moron does stupid , gets shafted and even if he won he'll lose it tomorrow not to mention spread is like 50 dollars. LOL." Fixed it
God .. @Not-KPMG you are an astounding arsehole.

If I get CoCd for this.. I will have no regrets..
it needed to be said by someone.
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NotAtrader
Jun 4, 2020 4:29am
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Quoting mkjenna
{quote} I can confirm they are. And btw, any trader here with more than a couple of years of experience claiming never to have made a horrible trading decision is a god damn liar. Ask Not-KPMG
Indeed There are no unmistakable traders. Only pretty good liars.
And yes ask Not-KPMG - I admitted a horrible mistake which cost me a half million US dollar. Luckily that’s a long time ago and I am back in business as usual again. The good thing about mistakes is that what can’t kill you, makes you stronger.
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Not-KPMG
Jun 4, 2020 12:23pm
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Quoting mkjenna
{quote} I can confirm they are.
And btw, any trader here with more than a couple of years of experience claiming never to have made a horrible trading decision is a god damn liar. Ask Not-KPMG
Hi

I've made mistakes... Mariage etc....
Cr.p job that pays well and leads nowhere...

NaT, known as NotAtrader 🤔 is right. We talked, support and admited mistakes. Merry band of different people...

That leads to honesty, digging, finding ideas.... News reactions .. Small frames scalp.. ..
Finding crazy people... 😲😂 LOL.

Me - 2013 some dumb trades.
2015 and 16 summer same I think.... Euro up big I sell big. Who was stupid  😢😭.
French elections.... Damn.

Then I didn't sell E/Chf as I planned December 2014 ....damn I'll be angry forever...

Traded Aussie - total rip off moves.... Gold.. .. No more 😒

Mistakes by the dozen.... 😊 😳

So I call out most crazy talkers - you know.... 🐒👏
I'mlike NaT - fighting for more truth.
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CashBox
Jun 3, 2020 9:27pm
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Great tag line: "If I get CoCd for this.. I will have no regrets..
it needed to be said by someone."
Being you know you never get censored. Makes me wonder if your an FF mod getting paid by FF and the Chinese Communist Party (CCP).
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swd
Jun 4, 2020 3:30am
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Quoting Banditten
Havent we all been in make it or break it trades? Unfortunately I think many enters the game of trading thinking it is the path to quick and never ending wealth. Truth is far from that. We all know that. It is a blood- and confidence sucking game that takes years to master. But unlike being a pro golfer of an rocket scientist I believe that trading can be learned by everybody who enters the arena with the right mindset.
No, I think your mistaking that for gambling. That's not what trading is. You know that.
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Banditten
Jun 4, 2020 3:04am
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Havent we all been in make it or break it trades?

Unfortunately I think many enters the game of trading thinking it is the path to quick and never ending wealth. Truth is far from that. We all know that. It is a blood- and confidence sucking game that takes years to master. But unlike being a pro golfer of an rocket scientist I believe that trading can be learned by everybody who enters the arena with the right mindset.
Reply
Banditten
Jun 4, 2020 3:49am
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Quoting swd
{quote} No, I think your mistaking that for gambling. That's not what trading is. You know that.
No I am not gambling. But I have a setup that I am looking for on Fridays in DOW (I did not find this so not taking the honour for it). Statistically it works out right on 85% of the times. As it is a trade I take on during Fridays and need to keep over the weekend I take a calculated risk of exploding. I accept that risk because I know that spastics are significantly on my side.

That has nothing to do with gambling - as a trader I am looking for set ups and when a setup occurs I have to accept the risk to make profits. No risk = no profits. And if I want a risk over weekend I am not in a position to manage risk even with stops so keeping the position over the weekend in itself is a risk of losing.

On another note, yes, I have busted many accounts before getting my heads around trading. And honestly, I think most traders have done just that before becoming profitable.
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Banditten
Jun 4, 2020 5:57am
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There are many ways to trade. I am not the one to judge if others are traders or gamblers. I can only speak for myself and I believe I know what I am doing. If others think I am taking top much risk then that be it. But for the weekend positions I have I only have a limited amount on my account. Lets say I normally have 100,000 on my account then this will be reduced to eg 5,000 to risk over the weekend. Then I deposit the 95,000 on monday morning. So its not just an all-in gamble
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mkjenna
Jun 4, 2020 4:17am
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Quoting Banditten
{quote} I know that spastics are significantly on my side.
I can confirm they are. And btw, any trader here with more than a couple of years of experience claiming never to have made a horrible trading decision is a god damn liar. Ask Not-KPMG
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mkjenna
Jun 4, 2020 5:24am
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Well, cheers for keeping our senseless coversation going.
Also, you're preaching to the choir.
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shox
Jun 4, 2020 5:40am
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Risk anything more than 2-5% per position and you lose the right to call yourself a "trader". Then you start crossing the line into "gambler." This guy fully deserved what he got. And he deserves divorce papers from his wife. How do you go all in into a highly volatile asset which is in a country known for its corruption and opacity when reporting financial data?

It's so tragic to see large sums of money being handled by total morons.
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Not-KPMG
Jun 4, 2020 12:18pm
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Quoting CashBox
Great tag line: "If I get CoCd for this.. I will have no regrets.. it needed to be said by someone."

Being you know you never get censored. Makes me wonder if your an FF mod getting paid by FF and the Chinese Communist Party (CCP).
Hi

Are you two talking about me???

Say my name.

And I've been censored lots, I swore at FF hotshots a lot.
Even Twee pings me some time to say "Chill"
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swd
Jun 4, 2020 3:52am
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Quoting Banditten
{quote} No I am not gambling. But I have a setup that I am looking for on Fridays in DOW (I did not find this so not taking the honour for it). Statistically it works out right on 85% of the times. As it is a trade I take on during Fridays and need to keep over the weekend I take a calculated risk of exploding. I accept that risk because I know that spastics are significantly on my side. That has nothing to do with gambling - as a trader I am looking for set ups and when a setup occurs I have to accept the risk to make profits. No risk = no profits....
Your backtracking and conflating two things. Your original statement "haven't we all been in make it or break it trades?" is one of gambling. I'm not commenting on the rest of what you said.
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Banditten
Jun 5, 2020 5:15am
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Quoting Not-KPMG
{quote} Hi I've made mistakes... Mariage etc.... Cr.p job that pays well and leads nowhere... NaT, known as NotAtrader is right. We talked, support and admited mistakes. Merry band of different people... That leads to honesty, digging, finding ideas.... News reactions .. Small frames scalp.. .. Finding crazy people... LOL. Me - 2013 some dumb trades. 2015 and 16 summer same I think.... Euro up big I sell big. Who was stupid ...
Mee too. I still regret I traded my two camels for my wife. That the most costly trade I ever did and from that time I have gad no time trading.
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el_duende
Jun 4, 2020 6:33am
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Of course trading is gambling, anyone who says otherwise is fooling themselves and doesn't understand the game.

Doesnt matter if you trade 1% or 20% of account size you are still risking it on an unknown outcome in a chaotic market with too many unknown variables. As a trader/gambler you try and maximise your chances of winning so in the long run you are up overall.
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mindscream
Jun 3, 2020 6:15pm
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Poor guy...
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w.penn
Jun 4, 2020 8:22am
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Quoting CashBox
Great tag line: "If I get CoCd for this.. I will have no regrets.. it needed to be said by someone." Being you know you never get censored. Makes me wonder if your an FF mod getting paid by FF and the Chinese Communist Party (CCP).
Great call out, I was thinking the same thing.....
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Trader#D729
Jun 4, 2020 4:37am
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Quoting mkjenna
{quote} I can confirm they are. And btw, any trader here with more than a couple of years of experience claiming never to have made a horrible trading decision is a god damn liar. Ask Not-KPMG
It's a bit senseless keeping this conversation going. Gambling and horrible trading decisions can go hand in hand, but that's not what the guy is trying to say. Traders DO NOT GAMBLE for a living. Being in a make it or break it trade implies over-leverage, bad risk:reward odds. You will not stay in business doing this! It's not hard to understand. Shorting into a raging bull market is a horrible trading decision but is NOT a gamble if money management is used. Trying to defend the indefensible, just go get a job as a lawyer. lol
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Trader#C676
Jun 4, 2020 4:14am
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Banditten - where did you find your original DOW set-up?
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Trader#5EDA
Jun 5, 2020 12:55am
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Learn from mistake and move on. I made a similar mistake before and lost almost all my life savings. Now I'm a much better trader.
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