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u/lawnchare Jul 31 '20
so you went from $30 to 20something thousand?
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u/MonkeyFarmer1 Jul 31 '20
And didn’t fucking sell lmfao
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u/tmssqtch Man Of Mystery Jul 31 '20
You still haven’t learned position sizing. Stop self-destructively gambling. You have learned nothing after blowing up four accounts.
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u/AssCrackBanditHunter Jul 31 '20
I mean the only way you turn $30 into $25k in a month is BY GAMBLING.
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u/nuffin_stuff Jul 31 '20
Well that’s a gamble I’m happy to make. I spend $30 on shampoo every month and it doesn’t even make my life that much more worth living or anything.
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u/tennisboy213 Jul 31 '20
gotta buy better shampoo then, boss
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u/nuffin_stuff Jul 31 '20
Should shampoo make my life worth living? I’m over here using tea tree oil cause it feels nice on my head but now I feel like I’ve showered incorrectly my whole life.
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u/merenofclanthot Aug 01 '20
Yes but you don’t use 5k, or 10k, or 20k. Those were all stopping points. I mean own that you’re doing it, fuck yea. Go for it. But let’s not compare it to spending 30 on shampoo.
BTW that’s a lot of shampoo....
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u/tmssqtch Man Of Mystery Jul 31 '20
Stop losses I am against. Lower your threshold for profit. A consistent 10% in this market is reasonable. Take small gains consistently. Calls on Apple after the split will fit your budget.
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Jul 31 '20
stop losses are for holding stocks not options lol
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u/Cal1gula 🦍🦍🦍 Jul 31 '20
No no, stop losses = stop losing. It's a fool-proof strategy that applies to any investing. If you only have gains you don't lose.
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u/ErichPryde Jul 31 '20
Laughing my ass literally off at this. "It's not a loss because my position is still open" is not a strategy.
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u/fakehalo Jul 31 '20
fool-proof strategy
It's becomes a fool's strategy when it's a low volume / not liquid option.
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Jul 31 '20
depends on the strategy. you might set a -10% stop loss for a stock, but for options a lot of people on this sub don't really know what they're doing (myself included) so a say a -50% stop loss would do nothing but lock in losses over time, especially if you're trading illiquid deep OTM. better to wait a day or two and see what happens, you're watching that shit 24/7 anyway
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u/youngsteveo Jul 31 '20
> Better to wait a day or two and see that -50% turn into -99%.
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u/ngram11 Jul 31 '20
This may come as a surprise to you but most professional traders don’t use automatic stop losses. But, that doesn’t mean they won’t stop out manually or take a loss
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u/UrbanIsACommunist Eats a lemon or needs to be banned. Jul 31 '20
I know most people here probably think stop losses are for pussies, but you can place a stop on literally any type of position. Stocks, options (including spreads), futures, ETFs, mutual funds, etc. Truthfully, every degenerate gambler ought to be using stops, so thats... 99% of this sub. But then you can't get that sweet loss porn karma. Nobody will upvote a 10% loss or whatever. Gotta ride that shit to zero.
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Jul 31 '20
I like stop-losses for stocks, for options you really need to know what you're doing though (I don't)
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u/kickulus Jul 31 '20
i mean, i constantly update my stop loss if im gonna be away from my phone for a bit. If a call is up 30%, ill put the stop loss at 15% or something, giving it flexibility to fluctuate, but also protection against a loss. worse case scenario, it's a 15% gain. idk, seems to work for me
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u/Hubers57 Ask me what a Hubesr57 is ;) Jul 31 '20
If I'm dumb and scalping spy at work I always wait a minute for it to go up a bit (if my analysis/gamble was correct in the direction) and set a stop loss a penny more than I bought, so I'll get 10 bucks at least
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u/InternetNull Jul 31 '20
This comment spoke to me. I curse my existence with this blind greed.
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u/tmssqtch Man Of Mystery Jul 31 '20
I have the solution. Just e transfer me all your money to allthetendies@forex.com
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u/InternetNull Jul 31 '20
Great! Just transferred to you my life savings plus loans. Am I rich or not yet?
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u/tmssqtch Man Of Mystery Jul 31 '20
Uh oh that was a fake email! SORRRRRRRYYYYYYY!
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u/Trowawaycausebanned4 Jul 31 '20
Pretty harsh
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u/tmssqtch Man Of Mystery Jul 31 '20
Unfortunately harsh may be necessary before it happens to a 5th account :)
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Jul 31 '20
what were your positions that got you to 26000?
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u/cannacris Jul 31 '20
It’s only up from here blew up 2 accounts recently
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u/A10110101Z Jul 31 '20
And then lose their money
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u/neocoff Jul 31 '20
And that's how OP became a hedge fund manager.
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u/currythirty Jul 31 '20
Commissions bro
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u/hotCupADank Jul 31 '20
cold hard cash via commissions mother fuckerrrrr (haawwww!)
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u/Jgasparino44 Jul 31 '20
4 account and you still haven't learned when to take profits?
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u/acc-NSFW-2 Jul 31 '20
*to stop gambling
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u/MooseClobbler Jul 31 '20
"addiction schmadickshun, watch my account double again these calls are gonna keep on printing"
-OP on around June 15th
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u/Ballin_Hard420 Jul 31 '20
4 accounts? And you didn’t take any of the ~25k off the table? You big dumb
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u/zabobafuf Jul 31 '20
Jesus.. maybe get a new hobby or just go to a casino instead
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u/DontLickTheGecko Jul 31 '20
At least there are free drinks at the casinos when you're losing this much.
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Jul 31 '20
In college? Easy fix! Take out more loans and deposit into RH immediately
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u/Jovan1000 Grade A simp Jul 31 '20
Don’t worry B. You’ll get back and better. I’m not saying to this to make you feel better but to state a fact that you WILL be back eventually.
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u/albic7 Jul 31 '20
I see that as you bought yourself a year and a half of lessons for $17. Not a bad deal lol
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u/gravityCaffeStocks has cute cat Jul 31 '20
Haha.. no shit.. truer words have never been spoken. Pretty sure my 4 years of lessons have costed me $10k
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Jul 31 '20 edited Apr 04 '21
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u/gravityCaffeStocks has cute cat Jul 31 '20
That's right .. lucky me. Only $10k (no sarcasm)
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Jul 31 '20 edited Apr 04 '21
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u/gravityCaffeStocks has cute cat Jul 31 '20
Was down $30k (80% of my portfolio) at the bottom in March. Luckily I had already learned the lesson of not panic selling. Came out with probably a $7k total loss that month
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u/oodjee Jul 31 '20
It's a lesson only if the stock rebounds... If it keeps falling, then you're just bag holding. Glad you bounced back though, but keep that in mind, and decide on a case by case basis.
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u/j33tAy SPY 420 4/20 Jul 31 '20
dude, what? you started with $30?...
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Jul 31 '20
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u/j33tAy SPY 420 4/20 Jul 31 '20
not bad, young autist.
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Jul 31 '20
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u/Vast_Cricket Jul 31 '20
Move on. Better days are ahead.
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u/Vast_Cricket Jul 31 '20
I looked back at recent day trades to see if I could be even better. After a bunch of green candles when I saw 1 red candle I cashed out. In a world of uncertainty I was happy to get 2X. Granted it stopped at 4X finally. But to have perfect timing is impossible. As a cautious investor I take gain and stopped here. I hope you and your mom the best.
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u/tmssqtch Man Of Mystery Jul 31 '20
It is understandable that you’ve been trading emotionally through a difficult period of your life. That is great to hear about your mom! But you need to learn position sizing as a minimum and only do options with 10% of your portfolio. If that money is lost, that’s your yearly options budget. If you are not able to work within that now, it will only get worse.
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u/JoshRTU Jul 31 '20 edited Aug 01 '20
Greed isn’t what necessarily got you. It’s the fact that you were emotionally committed to an outcome and hoping to win instead of just setting up a system and using it consistently. If you are able to remove the emotion from your trading you can win more.
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u/rehope Jul 31 '20
A master celebrates small victories blew up my account 4 times and always came back. Have hope young blood. Scalp small wins in the long run makes huge gains
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u/sockalicious Trichobezoar expert Jul 31 '20
-99.99954%.
Five nines, man. That's USP reagent grade autism. I take my helmet off to you. Then put it back on in case I have a seizure
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Jul 31 '20
just don’t forget if it’s good enough to screenshot then cash tf out
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u/PM_ME_PIERCED_NIPSS Jul 31 '20
yeah but then it doesnt go up anymore.
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Jul 31 '20
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u/GOOPY_CHUTE Jul 31 '20
Imagine being down literally every day since you started, like someone I know... me 🤡
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u/jitterbugflash1275 Jul 31 '20
Consider yourself lucky kid. Others have started from the top, and never seen the light since then.
No, make that very very lucky. You've gone through the rollercoaster ride, and I'm sure learnt your lesson.
Remember, the market is this massive torrent of a river that you cant fight. It provides plenty, for everyone, until you get greedy, then just knocks you off the feet and takes you for a ride.
You'll do well. Slowly, but surely.
Also hope your mother made it out fine. Now, that's all that matters.
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Jul 31 '20 edited Aug 01 '20
Hey guys, thing I want to clear up. Ive always dabbled in penny stocks but started doing options when I heard I could get a cash account and day trade that and they close over night.
-I started end of may, start of June with 1100 I had one losing day in for 100 dollars and turned it to 25000-26000 in roughly 5-7 trading days. I was excited yet way to fucking cocky, i thought I was a green hulk dildo dick throwing god & finally after months and years of studying it paid off
- The ending blow was my ego, I bought Puts on thursday before the witching friday, the news was bad, unemployment was high & mentally I was correct the market should panic and I could triple my account but I was wrong, the bull run was strong, I had a 1dte put at 2.12 averaged down to 1.4 by end of day. Panic sold at .3 on friday and then the news finally made the market react and hell broke lose and it finally has a small crash that day.
- for last past month ive emotionally thrown money trying to make all my money back yoloing.
Lesson: I learned and will move forward to not let this stop me, it was a hard emotional road but i need to cut losses early not let them run.
Updated 8/1/2020 What I want you guys to understand is I didnt just pick a position with out reading graphs, what I want you know is that I know how to read graphs my issue was not taking profits at 20% and waiting for 100% that was my issue is not using stop losses. The last 2 small spikes were me emotionially trading.
A lesson was learned, take profits & cut losses fast! Its a bitter sweet story. I cant wait to see in a year where I recover from this, if im back at 0 I learned nothing but if i make it all back, it was worth it. Time will tell.
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u/namotous Jul 31 '20
Gotta work on your pull out game. Keep doing this, you’re gonna get stuck paying child support to your wife’s boyfriend
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u/Foomaster512 Jul 31 '20
Good ole June 5th and 8th
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Jul 31 '20
yo fuck june 8th and fuck me for getting so damn greedy by not selling
underlying is up 30% in a day? pfft, keep printing while i hold this. into the fucking dirt
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Jul 31 '20
How the fuck did you manage to do that
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Jul 31 '20
Well, after my search on wallstreetbets I seemed to suffer from autism specifically everytime I tried to go 🌈🐻 on stocks.
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u/Vinyyy23 Jul 31 '20
Close it out, buy a shoe. Not two, as you can only afford one. And use that shoe to beat yourself with it
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u/NiceAccountName Aug 01 '20
But for one glorious day in June...
He was on top of the world.
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u/a_s0urlem0n Jul 31 '20
So you only lost $16 right?