When did you learn your lesson?

riemann · Post by **riemann** » Tue Aug 14, 2007 2:05 am

I learned my lesson after forgetting to close out a large short option position in the hi-grade futures market.

The position stayed on overnight.... the next morning when the market opened, I found my entire P&L for the past 9 months disappear.

uranasss · Post by **uranasss** » Tue Aug 14, 2007 1:20 pm

Ahh, the perils of being short the skew with a kurtosis chaser...

Nothings free, especially fat premium. Wink

LongTheta · Post by **LongTheta** » Tue Aug 14, 2007 1:49 pm

[i]learned my lesson after forgetting to close out a large short option position in the hi-grade futures market.
[/i]

You [i][u]forgot[/u][/i]?

FDAXHunter · Post by **FDAXHunter** » Tue Aug 14, 2007 2:00 pm

When you say "High grade".... you mean "High-Grade Copper"?

It's not "a lesson" that you learn. It's many lessons... and it's a continuing process. So if you think you've "learned your lesson" then aren't you in for a bit of a surprise....

riemann · Post by **riemann** » Tue Aug 14, 2007 10:53 pm

"You forgot?"

Yes. The combination of my sloppiness and arrogance did me in. I wish I had a better excuse! :o)

riemann · Post by **riemann** » Tue Aug 14, 2007 11:04 pm

It was high-grade copper.

I agree with your statement --- this just happened to be the punch in the face I needed to remind me that this was not a game. Mistakes can have serious consequences.