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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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He's 19, at least he didn't lose much

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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:mars#eyglancing:

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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60k is what, three years of early 20s pay with modest savings? He's going to be fine. If he learns anything from this he'll probably turn out better off than he would have otherwise been.

						


						
							

							

								
									
https://i.rdrama.net/images/17373120093TC_kZtU5-Susw.webp

								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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Your average burger isn't even able to pay off college debt after being in a 6 figure job for a decade :marseyxd:

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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If you have a six figure job you might understand that student loan debt is low interest and not worth paying off if you can invest that money elsewhere.
There's a reason doctors carry student debt into their 60s and it's not because they're short on cash.

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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60 something doctors went to school back when like twenty thousand covered everything :marseyboomer:

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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I mean its not a life ending amount, but its still a ton.
If he learns anything from this he'll probably turn out better off than he would have otherwise been.
Hard disagree on this lol

						


						
							

							

								
									
								
							


							

								
	

							


							

								

									

										
										

									


								
						

					
				


				

				
					
	

	
		

			
		


		

			

				
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