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MarseyIsMyWaifu he/they I'm Mimwee! :marseyfluffy:  4mo ago (reddit.com) 2,477 thread views #296807

19 year old loses his life savings shorting copper because he thought the Olympic bronze medals being ugly would crash its price

https://old.reddit.com/r/wallstreetbets/comments/1f57hs5/update_i_lost_my_life_savings_shorting_copper_a/ 

								

								

									
									
UPDATE: I lost my life savings shorting copper & a naked call was assigned to me + margin called
A few weeks ago, I posted on this sub about how I shorted copper because I thought the price of it would crash due to the public backlash of how low quality the bronze metal at the Olympics was. I thought it was an intelligent investment decision and not a gamble (because bronze is composed of about 88% copper) but I got thousands of comments and dms telling me about how dumb my analysis was and that I should sell immediately and quit options.
At first I didn't really listen to these ppl because I was up a little bit on my positions, but then copper started mooning in price and i was down thousands out of nowhere, so I doubled down on my position thinking there was no way it could go higher and I took out some margin and bought more puts on a different strike price to average down, but it kept going higher. Currently I'm down about -$8.5k on my shorts.
Since I only had about $400 of cash in my account left I decided to play around with 0DTE SPY options, I made a little money back initially, but then I woke up today and checked my account and somehow there was a naked call in my account that I didn't even buy, I was only trading long calls and puts but somehow it was in my portfolio and said that i needed to buy 100 shares of SPY as collateral immediately before it closes. I have no idea how this got there, I tried switching to a cash account but it said I had to close my margin positions first, so as the market closed, it automatically bought 100 shares of SPY and now I owe $56k to my brokerage. Im only 19 and essentially my life is ruined and I have no idea what to do or how I can ever repay this, I haven't even told my mom or dad.
https://preview.redd.it/fn0sfwybjvld1.png?width=2876&format=png&auto=webp&s=44426c7724c4bc2ed8e332dbf1586ed001a20ea2


									
								

							

							

								
									
								
							

							

								
	

							

						

						
						

							

								
							

						

					

					
						

							
							
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giving a 19 year old 56k of leverage before calling the margin should be (probably is) a criminal offence. It should be argued that this was more akin to a consumer loan with no background checks. If this is true he likely has a great case that this limit was completely bonkers

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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what? did you read my comment?

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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