Quote (Goomshill @ Nov 24 2019 08:00pm)
or turning $2000 into -$50,000 by exploiting a software glitch that lets you overleverage your investment only to take the riskiest possible bids and get blown out
http://www.youtube.com/watch?v=A-tNkuYV4_Q
^
Still my favourite:
https://www.reddit.com/r/wallstreetbets/comments/7w6cq0/i_somehow_made_110k_this_morning_and_im_still_not/Quote
Yesterday at 4:10pm EST I sold the 266.50/266.00 put spread for a 2 cent credit. 1,000 of them. I guess at 4:14 or 4:15 before the option expired SPY must've dipped below 266.50 because I woke up the next morning before the market opened and saw my balance was up about $140k. I thought it was a glitch with the Etrade app at first but then looked at my portfolio and saw what happened. For some reason I was assigned only 863 of the 1000 put contracts I sold. That's 86,300 shares of SPY which is about $23,000,000 worth. I only had $50,000 in my account so I started panicking and wondering if Etrade would liquidate my account or something, so I put in a limit order of 268 (SPY was trading around 268.12 at the time), hoping the sale would go through immediately. After putting in the order a message popped up saying my order would be put through when the market opened, which I don't understand because I thought you could buy and sell stocks/ETFs during premarket hours. So anyway I was stuck staring at my phone's screen until 9:30 when the market opened. Immediately about half my shares sold for $268 each. The market seemed to be dropping so I lowered my limit for the rest to 267.60 and the rest of them sold for that price. After all that my balance was about $112k higher than it was yesterday. Does anyone know how much interest Etrade will charge me for holding 23 million dollars of SPY for these few hours? Proof:
