18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,533 Blog Posts

The Saddest Open in the Whole Wide World

I was so happy this morning. I was 142% leveraged long and it all worked. I was +2.5% at the open and I cleanly removed my leverage and booked gains. It felt good. And then a little weakness entered the fray and then a lot, and then it fucking collapsed.

By the time I applied hedges it was too late. The market had already been blown the fuck out and most stocks down 4% from their highs. It was magnificent. And now I’m in a weird place where I’m down on stocks and my hedges, because I chased, and fully down 41bps into a heavily margined account — waiting now for a full collapse.

We were gonna be rich, millionaire even, traveling to work in stretch limos and drinking our coffee from chalices made from gold. But now we’re just lounging around like salamanders thinking about the beautiful open and how it all went wrong.

If you enjoy the content at iBankCoin, please follow us on Twitter