Chapter 4
Chapter 4
The moment I placed the buy order, it executed immediately. The pleasant scent at my nose disappeared.
The KOSPI 200 index was at 297.38.
It had risen even higher than when I had bought.
As a result, the Put ELW I had purchased dropped in price.
The current price was 40 won.
A drop of 10 won.
A 10-won drop meant a 20 percent loss.
Two million won had vanished into thin air.
I kept a poker face, but my heart couldn’t help tightening.
If the KOSPI 200 index kept rising, or if the market closed like this, I would lose all ten million won.
My mouth went dry.
Even my hands seemed to tremble slightly.
I closed my eyes, controlled my breathing, and relaxed.
To overcome anxiety, I recalled memories of victory.
I remembered the jjaljjal-i game.
The first time I went all in with my entire savings—3,500 won. I bet confidently, certain of my ability.
The tension in that moment, and the thrilling, exhilarating victory that followed.
History repeats itself.
I checked the monitor again.
“Damn it!”
The stock had risen further, and the KOSPI 200 index climbed higher.
[ KOSPI 200: 297.50 ]
The Put ELW I bought was plummeting. What was 40 won was now 30 won.
Minus 40 percent.
It was a matter of time.
ELWs, a type of option, include “time value” in their price.
And now, that time was almost up, which is why the price was crashing.
My heart pounded uncontrollably.
What should I do?
Should I sell now?
I could salvage a few million won.
“…I have to believe.”
The more I trusted my ability, the stronger it seemed.
I resolved to believe.
The index continued to rise in real-time.
Watching the climbing index and the plunging ELW price, my hand on the mouse moved unconsciously.
Toward the Sell button.
“No.”
I could afford to lose everything.
I had to trust the ability that had returned.
I closed my eyes.
Today was the extremely volatile Triple Witching Day.
On such days, if your position is right, you can make substantial profit.
Of course, an unskilled investor taking the wrong position could also be completely wiped out.
Kim Yuri, team leader at Mirae Securities, prided herself on her trading skills.
She never missed a day like this.
Her sharp market analysis, her instinct, and her bold betting ability—fit for a top prop trader.
She had everything. On Triple Witching Day, she was the protagonist.
On these days, she would focus on derivatives like futures and options with no price limits, making huge profits.
But today was different.
She liquidated all her positions.
Because of Deok-su.
He was like a child left out in the market, constantly on her mind. She was curious about what he had bought or sold.
She moved the mouse to check his positions.
“Ah… it’s a personal account.”
But Deok-su was trading with his personal account, so she couldn’t check.
If it had been a demo account, she could have accessed it with her authority.
She kept glancing at him, but from her seat, all she could see was his back.
“Deok-su, want some coffee?”
“Huh? Coffee? I can make it.”
“Oh no, I’ll get it. You stay put.”
Normally, the intern, Deok-su, would make coffee for the prop trader and team leader.
But not now.
Kim Yuri had already walked briskly toward the break room before Deok-su could move.
She needed the coffee in hand to naturally see Deok-su’s screen without pressuring him.
“Here you go.”
“Thank you.”
Her eyes were already glued to the monitor.
She scanned the trading screen with the precision of a hawk.
The account balance was 10,510,000 won.
A 5 percent profit of 500,000 won. She didn’t show it, but she was surprised.
‘Not bad… how much did he invest?’
She tilted her head, watching Deok-su’s screen, but felt his obvious gaze, asking why she was standing there instead of returning to her seat.
“??”
“Hmm, hmm…”
Caught peeking.
“Oh, haha, just checking if you’re doing well. Anything difficult?”
“Not yet.”
“If you have questions, ask.”
“Yep.”
Kim Yuri had no choice but to return to her seat.
‘Sigh, he’ll manage.’
She flopped into her chair and opened her trading window.
Because of Deok-su, she couldn’t focus, but she had to do something.
She stared intently at the KOSPI index moving across the center of the screen.
It had stabilized but began rising in the afternoon.
Fifteen minutes before market close, the upward trend halted.
There were two possible reasons for this.
First, large buy or sell orders before market close could cause rapid price changes.
The most extreme case was the “Option Shock” on November 11, 2010.
Three minutes before the simultaneous price calculation, 2 trillion won of sell orders flooded in, dropping the KOSPI by 50 points and the KOSPI 200 by 7 points.
Of course, there would be no storm of that magnitude today, but a drop was possible.
If that happened, Put options and Put ELWs would bring huge profits to some.
Second, the index could give back gains and finish sideways.
In that case, volatility is low, and neither gains nor losses are significant.
Kim Yuri, a fighter and feisty trader, disliked this outcome most.
‘How will today turn out?’
She analyzed chart trends, volume, positions of institutions and foreigners, program trading, and short-sale balances.
Her mind raced; finally, she decided:
‘Today, it’s Calls.’
She opened a personal account.
She pondered which derivative to invest in.
After debating between options and ELWs, she remembered Deok-su had done ELWs, so she also chose ELWs.
She searched for Call ELWs issued by Mirae Securities and selected one she liked.
‘You it shall be.’
Mirae KL202 KOSPI 200 Call
A relatively safe one with strike price 297.
Interestingly, she purchased a Call ELW from her own company.
If she succeeded, Mirae Securities would profit.
It wasn’t just about personal gain.
Choosing Mirae Securities Call ELWs was her quiet revenge against Department Head Kim Yu-seong, who always underestimated her.
She clicked Buy.
Buy order executed.
Instant execution.
Investment: one million won.
Compared to the one hundred billion won she managed, it was nothing.
Fifteen minutes before market close, she wasn’t risking a huge sum.
If successful, she planned to have dinner with Deok-su using this money.
‘He’s still an intern, but we should celebrate joining the company.’
The KOSPI index kept rising.
The ELW climbed 20 percent to 220 won.
A smile spread across her face.
‘Shall I sell now?’
A 20 percent gain wasn’t bad.
‘Today, this is enough.’
She clicked Sell.
The order executed immediately.
A quick 200,000 won profit.
‘At least there’s dinner money.’
She wanted to flaunt her 20 percent gain.
She stood and approached Deok-su, who sat with his eyes closed like a meditating sage.
“Deok-su? Are you sleeping?”
“No, I’m practicing mind control.”
“Is that so? How did it go today? Any gains? I made a modest 20 percent. You?”
“Me? 500,000 won.”
“Oh, not bad. How much did you invest?”
Kim Yuri grinned.
“100,000 won.”
“What?? 500 percent profit? Don’t lie.”
“Really. Want to see my account?”
Unbelieving, she leaned over to see his monitor.
But her eyes first caught something else.
The item he bought.
Put ELW.
“Wh-what is this?”
“….”
21,000 units.
She realized he had gone all-in with his entire account on Put ELWs.
“You… you invested all ten million won?”
Yes.
The account had already gone blue—completely down.
The Put ELW he bought was now 25 won.
Already a 50 percent loss.
“You… sell now! There’s still time!”
Three minutes to simultaneous price calculation.
Selling now could save some money.
But if left, ten million would vanish.
Kim Yuri urgently said again,
“Sell! Deok-su!”
But he didn’t move, sitting like a stone statue.
Seeing no other choice, Kim Yuri grabbed his mouse.
She knew it was wrong, but it was for him.
Just as she tried to click Sell, he held her hand and calmly said,
“No.”
I held back the team leader’s hand trying to move the mouse.
Now was absolutely not the time to sell.
I was anxious, but I trusted my ability.
It wasn’t the time yet.
Though it was a loss now, I believed I would profit.
I had to trust the ability and endure with a beast’s heart.
“I said no!”
“Squad leader. This is my investment.”
Anxious, I accidentally used the familiar title “squad leader.”
“…Kim Deok-su!”
I stood abruptly, facing her.
Her face was right in front of me.
Startled, she stepped back.
“I’ll take responsibility.”
“…This is extreme.”
I agreed.
A no-escape investment.
That’s what “all-in” means.
“Don’t worry. I’ll repay the money somehow.”
“It’s not about the money…”
She paused, then exhaled heavily.
“Fine, do as you like. But if you fail this investment, you must obey me in the future.”
“Understood.”
“Alright, then go ahead.”
She probably expected me to fail, but I was certain I wouldn’t.
So I set a condition too.
“If I succeed, will you obey me no matter what?”
“Huh? That… well…”
She hesitated briefly.
“Fine, but only during the internship.”
“Agreed. I’ll only follow your instructions during the internship.”
“Good. That’s fair.”
While we struck the deal, time passed; simultaneous price calculation had begun, with 10 minutes to market close.
By then, the index had dropped.
KOSPI 200: 297.10
“Team leader, foreigners are dumping stocks. KOSPI 200 is falling.”
“Oh… really?”
In that time, 297 points broke.
“Institutions are selling too?”
KOSPI 200: 296.50
The KOSPI 200 index quickly fell to the strike price of my Put ELWs.
But it didn’t stop there.
The drop continued.
“It’s falling further!”
“Yes… yes.”
Kim Yuri watched my monitor in panic.
As the drop worsened, even hesitant retail investors started selling.
KOSPI 200: 294.50
It kept plummeting.
Foreigners and institutions increased their sell orders, triggering programmatic selling, cascading the price down.
Of course, the KOSPI and KOSPI 200 indices fell mercilessly.
KOSPI 200: 292.80
The market closed.
An unexpected crash.
If the 2010 Option Shock was a deliberate attack by a German investment bank, today’s drop seemed purely coincidental.
“Team leader, can the market collapse like this suddenly?”
She snapped out of her daze.
“Yes… sometimes. Everyone gets swept up in the mood and dumps stocks. Then the price drops, programs follow, triggering further declines… happens rarely, but it happens.”
“I see.”
The fall had occurred by chance.
I checked my Put ELW.
The final price:
296.50 – 292.80 100 won = 380 won per unit.
Bought at 50 won, now 380 won.
21,000 units… 79,800,000 won.
Profit: 6,930,000 won.
Almost 70 million won.
Thanks to my scent-detecting ability, I earned an enormous profit.
The thrilling sensation surged through me.
I was thirsty.
Turning my head, I saw the team leader standing blankly.
“Team leader.”
“Huh, why?”
“I’m thirsty.”
“And?”
“I want a cold iced Americano.”
“…Huh?”
Her brows furrowed slowly as she glared at me.
I smiled, not avoiding her gaze.
After a long stare, she exhaled deeply, realizing her predicament.
As she headed to the break room, I said,
“If possible, let’s get it from a café, something cold.”
“Sigh—I, Team Leader Kim Yuri, am going to buy coffee for Intern Kim Deok-su! Coffee, here I come!!”