SACRAMENTO, Calif. — A local trader announced Saturday that a position he had opened eleven minutes earlier would now be held as a long-term investment.
Andrew Pace, 26, said the reclassification followed what he described as an “unexpected short-term market event,” later confirmed to be a decline of six percent.
“I'm not a day trader,” Pace said. “I never was.”
Pace had described himself as a day trader in a message sent at 11:04 a.m.
“The thesis hasn't changed,” he said. “The timeline has.”
Analysts note that the conversion of a short-term trade into a long-term conviction is among the fastest processes in modern finance, frequently completed in under a quarter of an hour.
Pace said he now intends to hold the position for five years, or until it returns to his entry price, whichever occurs first.
He has since removed the price alert from his phone, describing it as “noise.”
At press time, he had checked the chart.
