Nosebleed trading from $35,000 to $1,000,000

TimtheEnchanter

TimtheEnchanter

https://www.marketwatch.com/story/all-about-the-roth-ira-2020-06-03
Here's what his nosebleed trading climb looks like charted:

How did he pull it off? Mori226 offered up some of the tips that worked best: Hold at least 50% in cash reserves at all times, don't beat yourself up on bad trades, let the winners ride, never put more than 25% in any single position and learn to cut your losses, to name just a few.

"Try to stay disciplined. Learning to control. my emotions was key," he said. "Losses don't kill options traders, calculating your alternate universe net worth on your woulda-coulda-shouldas do."
 
HomelyWizzard said:
https://www.marketwatch.com/story/all-about-the-roth-ira-2020-06-03
Here's what his nosebleed trading climb looks like charted:

How did he pull it off? Mori226 offered up some of the tips that worked best: Hold at least 50% in cash reserves at all times, don't beat yourself up on bad trades, let the winners ride, never put more than 25% in any single position and learn to cut your losses, to name just a few.

"Try to stay disciplined. Learning to control. my emotions was key," he said. "Losses don't kill options traders, calculating your alternate universe net worth on your woulda-coulda-shouldas do."
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What does the link have to do with the text you posted?
 
Part of it is that he's playing with house money. He pulled out $50k already.
Plus he's swinging for the fences with option trades.

Pretty impressive run, though.
 
TheGoonior2 said:
Part of it is that he's playing with house money. He pulled out $50k already.
Plus he's swinging for the fences with option trades.

Pretty impressive run, though.
More...



I'm seeing everyone playing options with thousands and tens of thousands. These are the guys willing to literally risk everything on a grand slam. Most lose it all.
Not worth it. Some of these traders literally using most of their networth probably.
 
You can make huge sums trading calls or put options. As an options swing trader, I have had a few decent wins including, NKLA. Got out of VTIQ before the merger and thought I did well. I had the VTIQ July 17 2020 $22.50 Call which I paid $5.80 per contract. I sold it at $10.40 per contract. Today NKLA (ticker after merger) closed at $33.40 (last trade today 07/08/20). This one hurt, of course. Anyways, NIO, INO, VXRT, NVAX were some of my big winners. I think he is taking too much risk. That is risking more each trade. I prefer the slow route using strict risk management and position sizing rules and building it up from there. I can trade more aggressively, like this guy but, I do not wish to blow up my account. I'll take the slower but, more consistent route. One more difference to his approach is he trades OTM options, 1-2 strikes out. I trade ITM options which cost more and is more conservative. Also, he risks up to 25% at any given time of his monies, I risk only 10% of my capital. I am more conservative in my approach. You can learn a lot from other traders. This article was a very good one. Lots of lessons to pick up.
 
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