Take a $200k position in a spec that 10 bags (consider how many there have been in this Bull market of 9 years) and that's $2m. For $10m, you're already a fifth of the way there, pre-tax. People who follow T20s will easily be able to do the math here and work it out.
Or maybe it's a bit like running a condensed stock portfolio; because you don't do it that way, you write it off
Short Term Trading Week Starting: Tues 12 Jun, page-214
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