Go Fund Me - when a trade goes wrong

[ArchietheDragon]

this guy shorted a stock that went up 800% and now he owes $107k to the house.    Pony up and donate to this guy so he doesn't lose shirt, won't ya?


www.gofundme.com/jwctrek

[Ombud]

[The Virginian]

I refuse to help the Stupid !

[bean29]

how is he doing with that?

[ModE98]

No sympathy.  Sorry.

[Blonde Granny]

I read the article, and a few comments were whether or not he'd be willing to share his good fortune with some else....that was just before the idea of "hell no" popped up. Last I saw he had $1500 and I think he's lucky to get that. If you can't afford to play with the big boys, it's time to get out of the game.

Tough lesson to learn!

[Deleted]

Talk about moral hazard if this person gets bailed out by donations. 

High risk/High reward, this is how it is supposed to work, you lose you get stuck with a flaming bag of poo.

Some find plain ole vanilla index buy n hold investing boring but this kind of thing doesn't happen.

[architecto25]

Yep,... I think this guy should go back to "trading 101" .... some course taught somewhere to beginners. I started playing with the stock market during my 
college days ( about 60 years ago ... and even at that young age, I probably knew the rules about shorting; and you never short a $2. stock .... maybe a 
very few shares.... LOL. And I did read ( I think ) that he had collected in the neighborhood of about $5,000 in donated funds. 

[Ombud]

architecto25, don't you have to have margin privileges to cover shorting it that much? So in fact he now just has a 'loan' to etrade for 107k? Time to remortgage the house

[resolution]

Looks like he met his gofundme goal and got 5k in donations. www.marketwatch.com/story/trader-calls-off-appeal-for-help-with-10644556-e-trade-debt-2015-11-20

I really wish people didn't get donations for things like this because it just encourages more risky behavior with the expectation to be bailed out.