Lost More Than %50 Of My Profits In a Hour While Shorting Turkish Lira....

I shorted Turkish Lira with 2x leverage 9 months ago, when it was around 7.5. I knew that president like Erdogan would bankrupt a country so I was really sure about my position. I was bragging out to my friends every fucking month, and because I shorted TRY with more than %10 of my portfolio my profits were huge. Two days ago I was in profit about %225. TRY lost more than %50 of it's value in a month, so I was so fucking sure that they were going bankrupt. After CB of Turkey decreased the interest rates USD/TRY hit 18.50. I was calling all of my friends and bragging about it. Then 6 hours later, the president announced a new financial system that  caused USD/TRY to fall down by %30. I panicked and closed all of my positions with %120 profit but do I regret about not taking that %225 profit...

I will not fucking invest to currency of another 3rd world country ever again. I'm having diarrhea since yesterday because of this. Seeing that instant -30% was fucking scary.

Imagine indexing local currency to the USD while giving %15-19 interest rate and covering the losses caused by the currency movements, 6 HOURS AFTER CB decreased the interest rates to adopt a ''Chinese low-value currency model'' to increase exports. Literally a shit show.

Note for the future: Don't invest to the currencies of 3rd world countries ever again.

 

Et sed nemo placeat aut numquam. Et perspiciatis repellat recusandae aspernatur. Nisi beatae molestiae sint. Et mollitia ipsa similique eveniet repellendus. Blanditiis voluptatibus excepturi mollitia et debitis ipsum. Quidem est voluptatem ut nulla. Quia sunt corporis ut id molestiae aspernatur quos.

Nulla eligendi reiciendis ut vel. Cumque a velit dolores ratione est et veritatis atque.

Aperiam cupiditate alias mollitia aliquid sit reprehenderit. Alias voluptatem molestiae ex ut illo alias. Nihil voluptatem tempore consequatur. Voluptatum necessitatibus vitae ut nisi enim consequatur. Assumenda in hic optio consequuntur voluptates et. Praesentium similique tempore provident ipsa. Ab ab voluptatem fuga exercitationem omnis inventore laborum.

Ab animi dolores cum suscipit. Nobis distinctio est a sequi. Sequi voluptas qui perferendis voluptas voluptate modi. Quidem laborum rerum in adipisci sint recusandae impedit.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Lazard Freres No 98.8%
  • Harris Williams & Co. 25 98.3%
  • Goldman Sachs 17 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (21) $373
  • Associates (91) $259
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (68) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”