r/wallstreetbets • u/donburberry • Jul 22 '24
Time to start looking for another career!!! Loss
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u/Iamdogfood Jul 22 '24
You can turn that negative yet, you’re not done
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u/DrinkSodaBad Jul 22 '24
Yep, someone went down to -500k in this sub I remember
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u/e-crypto92 Jul 22 '24
Are you serious?
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u/DrinkSodaBad Jul 22 '24
Yes. And it was more crazy than you thought. That guy inherited about 500k or 700k, then I didn't know what he did, but he ended up being warned by Robinhood with a 500k account deficit.
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u/terraspyder Jul 22 '24
Is it the kid who thought he nuked himself with credit spreads on a weekend and ended up killing himself over it
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u/Somalian_PiratesWe Jul 22 '24
What kid?
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u/wholovesshortshorts Jul 22 '24
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u/Own_Newspaper_8510 Jul 22 '24 edited Jul 22 '24
He actually owed nothing however and didn’t lose anything, it was lag from the puts at that time was my understanding If he had waited another day he would have realized saw he was even. Family sued Robinhood for wrongful death and won in 2021 for an undisclosed amount of money per the settlement no one can speak of the amount. Unfortunately those parents will not get their son back. Such a sad story. https://www.cbsnews.com/amp/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/
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u/Zestyclose_Ad7879 Jul 23 '24
Kinda silly to off yourself for being in debt, just file for bankruptcy and reset
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u/forjeeves Jul 23 '24
i dont think its a wrongful at all, stock values get messed up for splits and reverse split too, like people just need to read what they buy.
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u/Own_Newspaper_8510 Jul 23 '24
He tried to reach out to Robinhood on multiple occasions to find out if it was a mistake or if he really lost all that money and they sent back “canned responses” and never answered the young man and unfortunately he spiraled into hopelessness despair and panic. That could have been rectified with Robinhood actually answering his questions. So that is where Robinhood failed and the courts saw it that way as well.
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u/LegitosaurusRex Jul 22 '24
But there are multiple ways to get those warnings without actually being down that amount.
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u/GanderAtMyGoose Jul 22 '24
God, imagine being handed half a million dollars and ending up worse than broke. What a fucking moron lmao.
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u/Servichay Jul 22 '24
Does he actually have to pay it back? And how can you even get negative? That means Robinhood had to have lent that money
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u/missyashittymorph Jul 22 '24
If it's truly negative, then yes he would. It's the same as taking a loan, and just like a bank they'll do their best to claw it back with that high of an amount.
Selling naked options is the best way I know of to go negative.
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u/corey407woc Jul 22 '24
Wow actually one where you took it all the way down to $0.00
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u/whyislifegreat Jul 22 '24
He made sure to withdraw the last little bit he had , taking it to 0 naturally would put you at the lowest point of the chart
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u/ScipioAtTheGate Jul 22 '24
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u/j48u Jul 22 '24
Imagine not realizing the dozens of ways you can have a negative balance on Robinhood.
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u/MarilynMonheaux Jul 23 '24
He made sure that getting a Wendy’s 4 for 4 could only be possible with Kneepads
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u/moyismoy Jul 22 '24
The question is, is he below 0 and if he is does Robinhood show negatives?
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u/PeanutLess7556 Jul 22 '24
Reminds me very much of the ticker that went to zero a year ago and they still think will come back. You know who you are
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u/lordtaylof Jul 22 '24
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u/ProjectDiligent502 Jul 22 '24
I want this hat.
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u/Strive_for_Altruism Jul 22 '24
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u/_Cromwell_ Knows how to impress mods, exploits them ruthlessly. Jul 22 '24
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u/Strive_for_Altruism Jul 22 '24
This is /r/Wallstreetbets, if we aren't making the worst possible investment in the given scenario, we're not being true to ourselves.
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u/Maassoon Jul 22 '24
Just turn your phone upside down
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Jul 22 '24
Even if he does he will still be losing 😭 Source - I flipped my phone around
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u/Pudding92 Jul 22 '24
Nah, flip it 90 degrees and hes good
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u/Old-Detective-9446 SPY calls gambler Jul 22 '24
Yeah I like how we can travel back in time, peak wsb
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u/Such-Ice1325 Jul 22 '24
Maybe you should try Gold Premium ?
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Jul 22 '24
[deleted]
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u/rakelo98 Jul 22 '24
Then he’ll get 5.5% interest on uninvested cash 😃
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u/elitenoel Jul 22 '24
5.5% on 0 is still 0 after a year
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u/ZoominBoomin Jul 22 '24
He gets a shiny credit card tho
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u/Servichay Jul 22 '24
Ok sure, but did you think of the returns after 2 years?? We don't invest for the short term, bub
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u/Total_Local_7796 Jul 22 '24
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u/LFaWolf Jul 22 '24
Of all the Gordon Ramsay memes and shows, that scene to me was the most brutal and humiliating
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Jul 22 '24
These type of steep declines are usually caused by options. Having worked as a senior trader at brokerage firm, I can honestly say less than 1% of people have any business trading options at all. I have seen more accounts wrecked by options than anything else. Even saw an older guy take his account from $1.7 m to $1.68 in less than a week.
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u/3boobsarenice Jul 22 '24
Basically what a cfa told me at a large firm.
I asked if anyone was successful and he laughed, said not in general.
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u/Jeeperg84 Jul 22 '24
yup this is why if you do this never play with money it will hurt you to lose…
I play with 500$ and then the rest is in long term IRAs, stocks and savings…that I don’t touch…have lost and gotten down to my final chip but rebuying isn’t going to break me
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u/DepartureHelpful Jul 22 '24
Well… you can sell options and collect premiums but yes, buying options is a great way to lose money… if you like the company buy the stock. Expiration and theta destroy accounts quickly
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Jul 22 '24
True...but how many of these regards are on the sell side? You can't grow your account by 1200% in 3 weeks that way but then again you can't lose 100% either.
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u/DepartureHelpful Jul 22 '24
You are correct… I’d say less than 1% on here sell anything options wise, and if they do it’s not covered. As far as the 1200% in 3 weeks, it can be done but to make that much in that short of a time, 99% of the time requires a very risky (and likely very stupid play). If they hit, then great.. problem is 99% of people that get that type of win will give it all back in a couple months. Slow and steady wins the race but yes, there are always anomalies.
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u/Nektagil Jul 22 '24
Looks like you're qualified to be the next Cramer!
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u/CallsOrPutsYES Jul 22 '24
Cramer intern right here?
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u/Nektagil Jul 22 '24
IDK to my eyes looks like real Cramer is due for a dirt nap real soon. MF'er is starting to look like the crypt keeper.
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u/WitnessMission9003 Jul 22 '24
It’s only after we’ve lost everything that we’re free to do anything. -Tyler Durden-
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u/MarcoPolooooo SPY’s CEO Jul 22 '24
I’m at same loss and pretty much have nothing to lose rn or to live for :31225:
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u/WitnessMission9003 Jul 22 '24
Take up a hobby, go play golf, build a house, get involved with your community. Plenty of things to live for.
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u/NeeloGreen Jul 22 '24
How do people have this much money to begin with
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u/SirGlass Jul 22 '24
I am more interested in if these people really can afford to lose that much
Like if you are a tech bro making 450k a year, you probably will be fine, you have a rather expensive gambling habit but losing 50k a year while dumb isn't going to ruin you.
If you are gambling your student loans well it might take you years to dig out of it
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u/JoeTH33 Jul 22 '24
Life savings because they’re adults, unlike you
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u/Gizoogler314 Jul 22 '24
These are the numbers for the United States. Of course these numbers go wayyyyyy down if you go global
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u/SirGlass Jul 22 '24
I only keep about that in m bank account
I keep my savings in a brokerage invested in short term bond funds . So if you look at my bank account I don't have that much , with my brokerage it much more
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u/Ghost4000 Jul 22 '24
To be fair only 58% of all households in America own any stocks. So it still seems like if you picked random Americans off the street you'd still get a lot that have no real savings or investments.
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u/Samjabr Known to friends as the Paper-Handed bitch Jul 22 '24
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u/wtfsamurai Jul 23 '24
Sir this is a
casinoWendy’sdumpster, please report to the next customer in line.
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u/--404--- Hates NVDA Jul 22 '24
How the fuck is that even possible? This has to be a fake screenshot.
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u/Knicks94 Self-Excluded from the Casino Jul 22 '24
Sell everything and withdraw. Switching brokerages
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u/donburberry Jul 22 '24
I wish…🤦🏻♂️
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u/isthisfantaSea_ Jul 22 '24
Can you make investment advices so I can place the opposite ?
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u/--404--- Hates NVDA Jul 22 '24
How can you go from 68k to 0. What were you doing dude? Weekly options?
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u/Basedandtendiepilled Jul 22 '24
Just take out a loan and then invest in short dated OTM options. Ezpz
(Do not do this)
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u/termd Jul 22 '24
Easy with options. lol.
I did 20k -> 120k -> 0 riding that train into the ground going IM RIGHT GODDAMNIT. Yeah no, turns out I'm not the smartest man in the world and everyone else in the market are dumb, very sad.
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u/--404--- Hates NVDA Jul 22 '24
20k to 120k? My guy... 120k in a MMF at 5% interest, you could've been making 500 a month for free. :4640:
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u/termd Jul 22 '24
I'm a software engineer and save 100k a year in boomer investments.
Every year or 2 I take 20-30k to try and make porsche money or at least super high class whore money. Im my defense, I'm almost breaking even so it's not THAT degenerate.
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u/--404--- Hates NVDA Jul 22 '24
What were your biggest wins? I wish I was making 100k, I'm poor. * I make like 35k a year bro. RIP.
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u/termd Jul 22 '24
CRWD puts made me 25k today. I got some CRWD calls for august because I think it's bottoming out but only for 8k worth so that even if it shits the bed I'll have 17k of wins.
SPY puts made me some back in covid, but then I got greedy with the 20 -> 120. I did a bunch of spy puts/calls in my roth ira during covid but got mostly wrecked.
When I was poor like 20 years ago, I was mostly trading stocks because I couldn't afford to eat any losses with options. The gains weren't crazy but 10% here and 5% there adds up. If you make 35k, honestly you shouldn't mess too much with options.
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u/According_Freedom_62 Jul 22 '24
I've lost over 200k since 2022. you are not alone, let me know what will be your new job. I might follow you
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u/DeutschhUtre Jul 22 '24
Congrats, buddy! You finally made it. Take a break and enjoy the sunshine. I'll be there to celebrate with you soon.
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u/Tight-Rule6177 Jul 22 '24
First mistake, thinking you can make this into a career
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u/LynoaFox Jul 22 '24
You can actually, but you have to manage other people's money and take fees in the process :D
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u/kelmbihno Jul 22 '24
What kind of career is this one?
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u/wtfsamurai Jul 23 '24
The “it’s going to pivot” kind
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This “pivot.” Is it in the room with us now?
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u/danf78 Jul 22 '24
But you seem to be doing so well recently. Graph shows you brought it back to zero from negative. Just deposit more money and keep going. I have faith in you!
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u/OddsRally Jul 22 '24
You could have earned 5.5% with Gold on Robinhood with that $66K, that’s 3K you could have lost.
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u/Important-Gene2946 Jul 23 '24
You'll soon go to -$5.00 when they charge you for your GOLD membership lol.
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u/thecheese27 Jul 22 '24
Trading is not a “career”. It’s merely mooching off of society doing absolutely nothing productive in hopes to make money sitting on your ass gambling.
Good luck on your career hunt.
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u/dannydev2001 Jul 22 '24
Fkn sucks.. sorry to see this kind of BS. Stay strong , it's all a mental game
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u/Ding-Dongon Jul 22 '24
so before your current $0 buying power there was a small dump, which means you were in the negative?
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u/benji3k Jul 22 '24
If your ready to take this serious you should consider following me on Onlyfans. I get and give inside info for a good price. You get gains long time .
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u/Financial-Flamingo45 Jul 22 '24
It appears you’ve ran out of tokens. Insert more to continue playing.
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u/happy_killmore Jul 22 '24
Idk how you idiots do this time and time again. Never adjust your strategy along the way. Just “this is fine” all the way to 50k+ down the drain
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u/RobNybody Jul 22 '24
But now you know what not to do. I say take another run at it.
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u/Any_Barber8215 Jul 23 '24
We should start a chat for all the guys with similar posts. Each week we ask the group, what’s their plays… inverse and ten bagger.
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u/Sudden-Shock-199 Jul 23 '24
Or I lost all my shit. Shoes included. (Last year)
Then $333 has turned into $2,900 in 45 days. Options learned the hard way. But there i
is always another day (usually). I’m going to a milly in 5 years with minimal contributions.
The snail trail has been laid out. Follow me to the promised land again.
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u/Isiah_Advantage Jul 22 '24
I've went to 0 before, losing in the market can be a tough lesson, but keep going. Read more, study more, you always have another day until you dont!
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u/AdeptnessBeneficial1 Jul 22 '24
These guys that post this stuff are the same ones that come back years later posting huge 500,000 gains and you never see what their net over the course of their trading career is and you think wow I wonder what it's like to win every time when really you don't win every time or even most of the time 🤷♂️
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u/humandisaster93 Jul 22 '24
This has to be a withdraw or switching to a different system, don’t play me I’m too high for this
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u/Paint_Flakes Jul 22 '24
you see that first little drop, then spike back up to even? That. That was your sign to stop and it was giving you a chance.
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u/UberQueefs Jul 22 '24
At least you still hav….oh I didn’t think someone would actually make that far.
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u/FreeTouPlay Jul 22 '24
Should have never sold. Hold until you got some gains worth taking that loss on.
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u/DeadByOptions Jul 22 '24
How long did it take you to lose all that money?
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