A story making the rounds quite a bit on Tuesday was about the young man who torched his $4 million trading account by betting it all on XIV which, as we all know, got completely destroyed in a manner that most would have never fathomed possible. ZeroHedge featured this story for many hours as its header post.
I like sleuthing around, so I decided to dig deeper into this anonymous fellow who lost all this money. After some digging, I figured out his name was Gregory, he lives in Singapore, and he’s one of those gunslingers that hangs out on Reddit’s “Wall Street Bets” forum. In case there’s any doubt about the youthful male nature of such a place, the animated graphic at the top of the forum leaves nothing to the imagination:
I can only imagine the level of financial discourse in such a place……….or how welcoming it must feel to female traders.
I snooped around older posts that this now-destroyed trader (who was contemplating suicide) had submitted, and I stumbled across this one from a year ago. Its title was “That feel when your positions recover” and here it is:
And there……..in a single image………..is pretty much all you need to know about this young man’s temperament. Smug. Arrogant. And absolutely certain that setbacks are brief and guaranteed to vanish promptly.
What’s the ancient wisdom we all know………….”Character is Destiny“. I think the above post from a year ago showed the path that lay ahead.