I don't know who are the greater fools, you or the idiots who gave you money. Personally, you are both a fool and a jackass. Options and futures are a suckers game, designed to fleece those idiots who think they have magical brilliant powers to beat the billionaires who are flash trading in milliseconds, who are able to eke out pennies on millions of trades.
Promising a 10% returns, when even the best long-term historical returns for the market are in the 7-8% range shows hubris of an astonishing level. It was based soley on your imagined bloated self-esteem, and I feel bad for anyone who bought into your stupid fanatsy.
The fact that you hold yourself out as an options/futures trader suggests to me that you didn't lose 10% of the money, or even 50%. You sound exactly stupid enough to have lost ALL of it. Your promise to pay it back eventually based on your stupid, hopeful ability to make that much in the future is a fantasic way of trying to avoid responsibility for losing ALL the money with no realistic prospect for paying it back.
I hope you get sued, big time. I hope you are left with debt you will caryy for the rest of your life, However, based on your demonstrated ability to take full ownership of youe stupid mistake, my guess is you will just file for bankruptcy, and screw your friends and family again.
Even then, I hope you learn from this, and gain a large dose of humilty, and having face-planted yourself in reality, are red-pilled as to how the real world works. There is no magic formula for getting rich, and your not going to outsmart the billionaire you are up against, brilliant and ruthless pychopaths that consider you hopes and dreams (and you friends and family money) a mere tasty morsal for a day.
That said, I can only wish you the best. But for God's sake, get real here.
I might be inclined to borrow some money for long-term investments, but there is no way I would expect the interest from the investment to pay for the interest on that I borrow.
“Never let your risk exceed your ability to cover it out of your own pocket.”. Eccl10:2
Failing that, I pray for personal redemption for himself. Nothing is more final that a personal final solution. Barring that, there is always hope.
Sorry, you lose, as do the suck..., er, people who unwisely invested in you. That you are now attempting to welch out of your signed promissory note shows your true character.
Something always happens. Gambling is not a shortcut to success.
Please don’t sugar coat your opinions.
C’mon Fido. Who among us hasn’t done this? You get lucky in the stock market once or twice, watch Jim Cramer (when he’s right) and think you’ve got a pretty good handle on stuff. That’s when it hits. You borrow and borrow trying to hit it big. And you lose it all. You double down and it double hammers you right back.
This is indeed a sad story... glad I’m not that guy...whew!
I have been dealing with tax matters here today, I hate tax
paperwork...
Yep. Another amateur who thought he was a pro. Ego has to learn the hard way.
Guise? Really? If that’s what you think a promise is all about, then you belong in prison for fraud.
Pay up!
“...brilliant and ruthless psychopaths”
Oligarchs George Soros and Bill Gates. If only there were a way to give these billionaires pain. What would it be?
Investing friend’s and family’s borrowed money in a Biden economy? He should be publicly flogged, placed in stocks on the public square, with a sign hung around his neck “dumbest human on the planet”!
Wait for Trump to get back in.
Perhaps he could receive a stake and advice from Hillary; she was quite successful in the futures market. Or if that is not available, a similar stake/advice partnership with Nancy P.
To seek a profit through trading is speculation. It may or may not make a profit (with beginners it almost never does), but one thing is certain: it is NEVER “investing”. Investing is committing to a long-term position, relying on a well-reasoned analysis of fundamental factors. Investing takes little-to-no notice of what “the market” is doing, because your business strategy looks past those elements, and has a multi-year horizon that accepts the reality of unfavorable market fluctuation. I have made some decent money in speculation, mostly with the support of professional-grade tools and information. The cost included some sickening losses in bad calls. I would have made a lot more, with a lot less emotional wear, simply staying fully-invested over multiple decades, in broad market indices with no expensive active management. Allocate your retirement funds over SPY, MDY, QQQ (if you can take the volatility), and similar. You’ll make more money and your friends and family won’t hate you.
Yeah that guy is pretty stupid as are all of the family and friends that invested with him. All of them are pathetic fools.
Hopefully they all learned a lesson from this but maybe not.
You sell options for the income against stock positions. You buy puts to protect against wild downside moves. You can buy straddles to limit capital risk. You can buy collars to avoid total loss. Many ways to use options. You can buy Iron Condors and other exotic plays that can cost very little, but only pay well if you are exceedingly correct in your prediction. Few of these will get you a 10% return and none of them will guarantee a 10% return.
Options can be a tool but are not an investment. They come with inherent time decay and the spreads are often wider than the stocks. If the underlying stock has a big move the option value can move to zero whereas the stock will still have some value assuming it didn’t go bankrupt.
Quentin:
The Japs had a final-exit strategy for disastrous failures...
It would be the perfect option in your case...