Was Down Over 2 Million due to Schwab Bug
Well boys, remember that dude that passed away because he was over 700k in debt? Well if not, Google, "Robinhood trader debt" I can't post the link because automod deletes it because it has sensitive words in it.
I'm two years older than him (RIP), and I usually consider myself pretty calm and collected in stressful situations, but even I shit myself today. After about 30 minutes of watching my account blow up to nearly minus 3 million, it finally returned to normal. First image is when it was only* at 700k.
So… lawyers, should I sue?
Before I get into what likely caused this, let me go through some details about the Schwab client on this particular day.
First, at market open, Schwab went down.
Lots of people were complaining that they couldn't login to their accounts, and that they couldn't make any trades. This persisted for about 1 hour before people could finally log into their accounts. I wanted to place an order to buy some calls, but whenever I put in an order for review, it just came up blank. Seemed that this was happening to others at the time as well. Finally, after another ten minutes or so, I got an order to go through.
I had been looking to enter a deep OTM call for ACB ($20 call, 12/18 expiration). Yes, thanks for asking, I'm dumb and I think weed will pop off.
I entered in my limit order at $0.84 cents a share with max loss of ~20k (250 contracts). The order went through, and suddenly my accounted started plummeting for no reason, until I eventually hit nearly 3 million in loses. Here is an image of my account going back to normal with proof of the position.
The position itself kept showing up as two — for the price that I was filled at. See the video link that I posted on YouTube for proof of that. (This isn't self promotion, I just didn't know how to post a video directly into this post).
I don't want to go too much into the details of how I was feeling watching this unfold, but let's just say I was fucking scared shitless – it took me a while to calm down and figure out that this was probably some bug. If I happened to have a weaker mental… well, let's not go there.
Anyways fellow autists, just know that if you ever find yourself in this kind of situation, just try to relax and think things through logically. If you didn't fuck up, then don't panic. If you did… take out a loan and go long on TSLA calls and you will be back in no time!
Submitted November 10, 2020 at 04:01AM by hobajons88
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