Wtf WSEX froze markets already???

[busguy]

[ QUOTE ]
This is the most complicated explanation of shorting I've ever heard.

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LOL . . . Too true. I think I added the most to the confusion, by using the sell/buy numbers that trafic1234 posted, in my explanation :

[ QUOTE ]
Position Event Series Market Position Date
-55 AMERICANIDOL-2007 PHIL STACEY(44577) 1 - 3 04/29/2007 17:37:28
-25 AMERICANIDOL-2007 CHRIS RICHARDSON(44565) 0 - 2 04/24/2007 16:41:52
15 AMERICANIDOL-2007 MELINDA DOOLITTLE(44573) 34 - 39 04/30/2007 16:03:17

[/ QUOTE ]

So just to try and clarify a few things :

1) The sell/buy price shown above is the current (when he copied it) price of each contestant.

2) The date shown is the date that trafic12134 bought/sold each contestant.

3) Revots and I were using Phil's current sell price of $1 in explaining what would have to be wagered to "short" Phil.

4) Revots and Vegan were saying basically the same thing. To short someone you need to have the money in your account to cover the position. They either take the money or freeze it but regardless it needs to be there.

Ultimately I can't see how or why this guy could have these shorts because of the amount of money he would need in his account to do it. I"m pretty sure it was a Troll post.

The "sell" dates shown above for Phil and Chris were 4/29 and 4/24 respectively. These were the latest dates that trafic1234 shorted or sold each contestant. At no time in the last two weeks have either of these guys been above $4-5 (sell) so the minimum you would have to risk (read. freeze or have in your account) would be $95 (net) for each share shorted. To short these two guys for 80 shares at a best sell price of $5 would mean having (80 x $95) $7600 in your account. Possible ? I guess so. Likely ? Not really. Who in their right mind would wager $7600 to win $400. Again this would be a "best" case example. My guess would be that if you tried to short either Chris or Phil in the last two weeks you would have been doing it at a $2 or less, sell price.

Waiting eagerly to see if trafic1234 re-appears and shed's some light on this . . .

Edit : Wow, just read pokerplayer28's post. If he is right about the margin stuff (I assume he is) then my numbers above are slightly off (wouldn't have to have the Chris wager in his account etc.) but my assertion still stands that he likely didn't risk $5400+ (using pp28's #'s) to win such a small amount.

[traffic1234]

I did have the money in my account. Why is that so hard to believe? I play poker and bet sports. I did not mean to risk so much to win so little. I did not know what I was doing. What do you suggest I do at this point?

Thank you all.

Also, do you get paid immediately when someone is eliminated, or do they wait until the show is over?

[revots33]

[ QUOTE ]
I did have the money in my account. Why is that so hard to believe? I play poker and bet sports. I did not mean to risk so much to win so little. I did not know what I was doing. What do you suggest I do at this point?

Thank you all.

Also, do you get paid immediately when someone is eliminated, or do they wait until the show is over?

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Depends on how comfortable you are risking thousands of dollars to win a hundred or so. Seems like a pretty safe bet but every week vampire Phil sticks around you're going to get a *little* more nervous [img]/images/graemlins/smile.gif[/img]

Also, I think you have to wait till the show's over to get the money back in your account but I'm not positive about this. But they have brought back eliminated contestants before, so I doubt WSEX would pay until the entire season is done.

[busguy]

Wow,

Hard to believe because I don't think most guys on this board would have that kind of dough sitting in a "betting" account at WSEX. I don't play poker at WSEX so don't know how it works but I would assume your poker account is seperate from your "betting" account.

Anyway . . . glad I didn't call you an idiot [img]/images/graemlins/blush.gif[/img] [img]/images/graemlins/shocked.gif[/img]

The upside is that you are a lock to get all your money back plus the small profit on the Chris and Phil wagers so don't do anything. I'm not sure if they do it automatically or if you actually have to put in a "buy" to close the position. I think you may have to wait till the competition is over but could be wrong. You may be able to do it when the contestant get's eliminated.

[metsandfinsfan]

poker account money and betting acct money are the same

[suzy89222]

looks like u made an easy 80 bucks!

[4Tay]

See OP, nothing to sweat about. Be more careful next time.

[brendanb438]

I am the OP. I didn't short 5 Gs to make $80. I know better. [img]/images/graemlins/smile.gif[/img] Poor ROI.

-Brendan

[Shrug]

Um....any idea when the WSEX market will be open?

[Brocktoon]

[ QUOTE ]
Um....any idea when the WSEX market will be open?

[/ QUOTE ]

I was thinking the same thing. I thought they only froze it during the elmination shows. I can clearly remember betting and the market moving during the performance shows all the time.


I can't understand why they'd pause it anyway. It adjusts and takes care of itself like any other live betting event doesn't it? They have nothing to lose or risk by opening it back up. Makes no sense to me.