Monday, January 21, 2008
Stock Futures Trader losses it all and flips out - Watch more NSFW
For those that didn't see the video when it originally aired January 22, 2008, I lost over 30k holding a trade over the weekend being long the stock Futures indices. I was overleveraged, but I never thought the market would go limit offer(Dow Futures down 650pts) with the US markets closed on Monday in observation of Martin Luther King day. I sold my long before the market opened due to a potential margin call that would have liquidated everything. On Tuesday, the Fed did a surprise interest rate cut, and the market popped 500pts. Here is one of the posts from January.
The Dow dropped close to 1000pts in 3 trading days.
For the record I went long 10 ER2 contracts into the close on Friday. With the intention of holding until market open on Tuesday.........Bad Choice,,,,Clearly....