My friend use to post six figure and seven figure months like Dest, he left us in 2015 tired of the hate. You don’t have to prove shit to haters like the Blaze guy. You’re a hell of a great trader!
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Anatomy of a fun 2-day trade (AMC +$60k)
- Thread starter Dustin
- Start date
GME was a great tool, you milked it for a lot more than me!Ahh, I've only had one month that big (Jan '21) thanks to GME garbage stocks.
My friend use to post six figure and seven figure months like Dest, he left us in 2015 tired of the hate. You don’t have to prove shit to haters like the Blaze guy. You’re a hell of a great trader!
I post here occasionally just to show that it can be done, create good trading discussion, and possibly learn something from the comments.
GME was a great tool, you milked it for a lot more than me!
That week was also everything related to GME, like SKT FOSL etc. Gotta love when hedge funds get into trouble.
How are you getting into your positions? I assume taking liquidity on these is expensive.
For your starter positions I add liquidity and collect the rebates, when I add aggressively I'm taking liquidity using lightspeeds smart route which doesn't charge any fees other than commission.
It absolutely is! I liked your commentary on the chart.
I doubt its as simple as this, but on the surface, it seems like you had targeted AMC to make a move, and had both calls and puts. Then as you said in a post above, add to the winners, never to the losers, and this is what you did. Now clearly you must have had certain strike prices in mind, but it essentially looks like you just had both trades on, let the market pick a direction, and then kept adding. Would you say this is 80% of it?
Also, I don't see the line for the AMC long Calls that you sold which should have been for a loss. Did that just get cut off the trade summary page?
(I'm also reminded of the trades you shared for SNDL where you were just buying and selling puts all day and I guess working the position in and out.)
This is a really excellent question.
I remember seeing a thread years ago on a forex forum where a guy basically said "I go long and short and close the position that isn't winning."
Someone else pointed out that this is the same as taking no position, and just buying or selling whichever way the market goes, except this way costs less.
Does options somehow change this? Isn't this essentially just a straddle you are adding to one side and closing the other side?
How do you know price isn't going to change directions once you start adding?
This is a really excellent question.
I remember seeing a thread years ago on a forex forum where a guy basically said "I go long and short and close the position that isn't winning."
Someone else pointed out that this is the same as taking no position, and just buying or selling whichever way the market goes, except this way costs less.
Does options somehow change this?
How do you know price isn't going to change directions once you start adding?
Everyone's style is different, but for me mentally, I'm able to add more aggressively when I've already started showing a profit on the starter position. Then I can move up my stop, and take off some of that starter position to cover the cost of the trade...then I'm riding on house money.
Of course you never know the direction of a stock, but you can put the odds in your favor with basic TA and some experience.