The race to 10 MM

Overnight said:
Wait a minute. I think there have been discussions about this before.

A 10% gain in an account over a year is an impressive feat. The account size does not matter. If that 1000 bux was sitting in a saving account, you'd earn what, .00001% interest?

If the 1 million was sitting in same savings account, it would earn the same .00001% interest.

Who cares the monetary value of the gain. You gained $10 on the initial investment, or $100 or $100,000? Well, certainly people have done worse with both 1K and 1mil accounts in a year.
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That is because it is not practical. A $100 gain for the whole year on a $1k account is pretty good returns percentage wise but it doesn't buy you much. You can afford to be more aggressive with a $1k account.

Some people play by the odds in every situation to the extent they won't even buy a $1 lottery ticket for a chance to make $10 million. For me, I do play the lottery occasionally even though it is negative odds.

The reason being is that I can afford to spend $1. Even if I don't buy the ticket I would have bought a can of soda instead. But I do not have $10 million, so the $1 spend is worth it for a chance to make $10million even if it is negative odds.
 
Overnight said:
Wait a minute. I think there have been discussions about this before.

A 10% gain in an account over a year is an impressive feat. The account size does not matter. If that 1000 bux was sitting in a saving account, you'd earn what, .00001% interest?

If the 1 million was sitting in same savings account, it would earn the same .00001% interest.

Who cares the monetary value of the gain. You gained $10 on the initial investment, or $100 or $100,000? Well, certainly people have done worse with both 1K and 1mil accounts in a year.
More...
Yes, this was discussed in at least one other thread. There and here I continue to argue that the amount is more relevant than the % gained. As HolyGrailSeeker points out, 10% of 1k is a better return than your bank savings account, but it's still only $100. Short lived pat on the back.
I may very well be wrong, but all my stock trades are based on expected $ amount and not %, regardless if it's a $10 or $1000 stock.
 
HolyGrailSeeker said:
That is because it is not practical. A $100 gain for the whole year on a $1k account is pretty good returns percentage wise but it doesn't buy you much. You can afford to be more aggressive with a $1k account.

Some people play by the odds in every situation to the extent they won't even buy a $1 lottery ticket for a chance to make $10 million. For me, I do play the lottery occasionally even though it is negative odds.

The reason being is that I can afford to spend $1. Even if I don't buy the ticket I would have bought a can of soda instead. But I do not have $10 million, so the $1 spend is worth it for a chance to make $10million even if it is negative odds.
More...

What these guys are doing isn't much different from playing the lottery. I applaud the ones who achieve these massive returns, I don't have the balls to go all in like that. But for those success stories there are maybe a few 1000 others who lost it all trying to do the same thing.
 
p0box4 said:
What these guys are doing isn't much different from playing the lottery. I applaud the ones who achieve these massive returns, I don't have the balls to go all in like that. But for those success stories there are maybe a few 1000 others who lost it all trying to do the same thing.
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Indeed. The whole "freedom from wage slavery" is a farcical thing to say. He's already free from it with that balance. The rest of the problem is in his head.
 
He is getting close. A few notes about this:

1. Sir Jack only plays stocks, his account doesn't have option privilege. That is probably making him a better researcher.
2. "For those wondering: I plan to time the top as best I can."
3. The winner of the race from 3 weeks ago is around 15+ MM. "For those that was waiting for my next play, it’s SKLZ" SKLZ is up from 9 to 12 since.

https://old.reddit.com/user/SIR_JAC...ot_about_the_money_its_about_being_right_and/
 
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He is planning an AMA:

https://old.reddit.com/user/SIR_JACK_A_LOT/comments/rh65h6/quick_one_from_sir_jack/

Until that, the main take away:

“Time in the market beats timing the market” is bullshit if your goal is to get rich

I think there needs to be nuanced understanding of one’s goals/desires and risk tolerance for achieving them. I’ve found most people in life to be very conservative with money and can’t stomach almost any loss. For them: yes DCA and indexes are your friends and in 30 years you’ll get that first million and be in a not too shabby place, bravo

But this advice falls on deaf ears of those with higher risk tolerances and stronger desires to be in the 0.1% while young. Timing the market requires 0.1% luck thus you gotta will it into existence

Many will fail and have to go back to a Wendy’s, literally 99.9% other people. Hell I lost everything and more in crypto in 2017-18 and with options in 2018 too. These past 2 years were just insanely lucky on all parts and I decided to lean into the luck to will myself into the 0.1%

Only piece of advice that’s been true again and again is seriously: if it’s good enough to screenshot, it’s good enough to sell

Hope that was insightful"
 
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