clipsnation183

I shouldn't be laughing, but that's pretty funny.

Not sure if you folks saw this over the weekend. I feel sorry for this guy - I know how it feels to blow up. This guy lost 500M+ by some accounts.

I would have lost over half a million had not gotten out Monday. I believe the grace of God helped me liquidate near 1000 flys on Monday one day before the break out. Sorry to everyone for the worst trade in history. On the bright side, I believe this loss made me a better person. It nearly took everything away from me and taught me not to take anything in life for granted because it all can be gone with one press of a button (in my case, many presses). It's only money. My biggest fear was this trade was going to take away my health, friends and family. A loss that would have ended everything. I know we traders want to make money trading, but I think if we focus too much on money, the more we tend lose it. Good trading is all about the process and not the money.

The bad trip for cannabis shorts continues with $TLRY U.S. trade pact. Short interest is $417 million, stock borrow rates on existing shorts are 211% fee, new borrows as high as 700% fee. $TLRY Shorts are down $57 million in mark-to-market losses. Other pot shorts are down $50mm.pic.twitter.com/q3TvnqwRoT 7:45 AM - 18 Sep 2018 If you have ITM calls, get out at any cost.

take the lost at this point. Assignment is much worse.

Also, there is hidden margin in each spread, once the assignment happens you can get a margin call for hundreds of thousand. The trade was very deceptive.

Anyone with ITM short calls with little extrinsic value should get out now and take a loss. I had to pay $5K carry cost for just one day to hold my short stock on assignment (3200 shares). This stock is bitcoin-esque.

If you trade small enough, assignment shouldn't be all that bad. This trade, while I thought was risk free in terms spread, had huge risk because assignment and I traded so big.

Thanks. I'll come back from this. Just a set back and good lesson. Almost all traders have blown up a least one account. Here are some key points from my debacle: 1. Always research a new trade and review the old trades periodic. 2. Always have a well thought out thesis. 3. Understand what are the risks - There's always fricken risk to every trade - I had over 10 million dollars worth of theoretical risk that I didn't know about in my TLRY trade mainly in the short calls. 5. Ask your broker if this is a good trade - my broker explained that TLRY spreads where trading more than the width because of the carry cost of the short calls. I would have not entered the trade had I known this and save myself from a six figure loss. However, I probably would have lost this some other way. 6. Paper trade it first 7. Trade small 8. Trade small 9. See #7 and 8

I thought I might incur loses of 1M+. I had 950 spreads! I got lucky.

TastyWorks

One year's salary exactly. BTW, I would consider getting out if you have the 105 strikes if you have them. My broker just ban all trading in TRLY thanks to me.

950 spreads done. See what the damage is after the dust settles.

Again and good broker will help you through this as they are at risk also.

I thought about moving to another country and starting over. At the end of the it's only one year's salary.

Update: Almost out of my 950 spread position (not even a hedge fund would trade that big). Just 350 more to go. I should have done like 5 to 10 max.

yup.

I wanna reiterate that if you are still in the trade then make sure you are very small. I was going for a retirement making trade, which always goes wrong. Added like another few years to working a desk job, but at least its not bankruptcy.

Just liquidating my positions and managing losses. Making sure fills are decent.

oct 19 expiration

I will never trade without asking my broker if its a good idea again.

70, I was so dumb.

I was assigned. I was dumb to sell the an IF with deep ITM call and didn't pay attention. Biggest mistake of my trading life. I would watch the premium on your short call if you are in the trade. I have massive losses right now, but not as bad as worse case and my broker is saving me. There is no free lunch.

Hey guys, I would stay really small on this trade of avoid it period. The reason why the iron fly is more than $10 cr is because the short call has huge cost to carry. Assignment is devastating. I found out the hard way : (.

I would suggest being careful this one. As @Yowster mentioned, there is risk of assignment if the shares continue to rally.