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272

Rookie Daytrader Accidentally Makes $10 Million Profit

19 comments
96% Upvoted
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level 1
Original Poster80 points · 3 months ago

Life is not fair.

level 2

Wait, he fucked over big time and managed to fix it to only get fired and not sued. He accidently made billion dollar trades, lost a million usd on that, noticed his error, kept on trading (which he definitly should not do) and luckily got 10 million usd back. He personally did not get the money (because it was not his money) and got fired instead, but if he handles their stocks as if he is going into a casino, small wonder.

level 1

As for Traoré, his lawyers at Linklaters used an odd defense, claiming that the 41-year-old had no prior experience of financial markets and previously worked at Thomson Reuters, selling performance analysis software to investors, before being made redundant last year.

Big Head irl.

level 2

"Your phone has technology inside it, so you're double-learning."

level 1

Lucky bustard :) I’ve been at it for years barely make ends meet

level 2

Can I ask why you’ve been at it for years then? Are you still hoping to hit it big or something?

level 3

I mean if his only job is day trading I'd say that's better than a normal 9-5.

level 4

I suppose.

level 1

The real life Todd Chavez.

level 1
7 points · 3 months ago

-checks Robinhood- oh thank god I'm still broke

level 1

But...why didn’t he keep it? I’m missing something...

level 2

He was an employee trader using a company platform. He wasnt trading his own money. Neither his losses or profits were ever going to be fully his'.

He should have never admitted he realized at some point it was a live environment though. Admitting he knew and, as a rookie, kept trading to dig himself out of the hole using billions sized bets wasn't gonna fly.. but it's also true company would have reacted worse if his account was in the red.

level 3

Thank you for the ELI5. The stock market is a mystery to me really.

level 3

It doesn't read that way to me.

If he wasn't playing with his own money, he wouldn't need to put in 20k

level 1

I dont get it how could it be voided if he used his twenty grand to start it

level 1

"What's this button do?" (boop)

level 1

One almost wonders if Valbury would have "voided and cancelled" the positions if Traore held a multi-million paper loss.

101% no.

level 1

Now watch as they fire the person for doing trades that were not authorized.

level 1
[deleted]
1 point · 3 months ago

No surprise, take a casino, label the employees as "financial experts etc" and you got a modern stock exchange. It's a gamble.Unless one can see into the future or rig the thing, it's pure luck.

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