It happens, but for every 1 that does that, there are 10 that turn 1Mil into 1K. I'm guessing that guy trading Spot with a 160Mil account and taking batches of 10 x $250 per pt on I think YM with $10Mil swings was on a demo account or only has 1K left already.
I edited my last post earlier, but let me move it back here as a separate point: Btw, providing training and services is a part of many companies that we trade, say Microsoft, Adobe, Apple (repairs), even company like Boeing. No business will say “no” to offering and selling more stuff beyond selling their core products. If they limited what they sell then all the investors would run away from them. Not selling training would be a sign of poor management and you wouldn’t invest into a company when only their competitors do offer training. So basically the point is, if you weren’t tradIng and appreciating any company that makes money from training and services, then you’d be a poor trader and investor. Many trading technology companies also openly state that they can make more money selling technology than trading themselves. Even many brokers were established by former traders. And really, from millions of former traders, probably most have moved on, and created variety of companies that sell something to other traders. You rarely even hear about old-time traders still trading. (unless they don’t sell anything and that’s why we don’t hear about them)
you guys do get that this is virtually mathematically impossible trading fx pairs. It would be equivalent to flipping 30 heads in a row. Possible but get real.
Not when I’m seeing his tweets every day, and later the stock(s) he tweeted about go up by 20%-50%. If you’d see it a few times you wouldn’t be joking either. This was actually quite normal many years ago with many pump-and-dump schemes. And there is plenty of evidence in SEC lawsuits against those guys. Now the internet, Twitter, chat rooms, and scores of new traders targeting only a few stocks each day, has made it 100x easier for a few to get rich. Even SEC can’t do much when 1000 guys simply tweet out the same stocks. And with $billions of new money poured into trading every year (if not month) and the market always going up, it’s became virtually impossible for every single person to lose money and no one to get rich. The money doesn’t disappear into the abyss, while there is always someone taking other people’s money. To not simply see this, you’d have to have limited understanding of how the current world looks like. Do you even realize how much more money is in the market today, than a few years ago when there were already some people making $millions? (though keep in mind we’re talking about stocks that can go up by 1000% over a few days or weeks, and only because of people talking about them, not because the companies suddenly became profitable)
I personally know a guy who turned $24 k into over $1 mil the past 3 months . He started buying dec 2020 150 spy puts from 35 cents to near 15 cents from nov to feb . I thought he was crazy buying so far out of the money . But he sold from $8-$11 . But I have no idea what he gave back as I’m positive he reshorted this incredible bounce 7-9 weeks ago and has gotten killed . But for every story like this there’s 500 that lost it all . But the one story like this is what keeps everyone coming back just like Vegas .
During the same time I’ve made 1000% to 20000% on some plays. I’ve had some June 2020 UVXY calls that I got for virtually nothing.. As well as I was testing some ideas on various bearish option plays knowing that the market may tank, but I didn’t know how well this may work so I only threw $100 here and there. Didn’t make a fortune, but made enough to see the potential in options (besides options arbitrage that I was playing with in the past). So that’s my current focus - finding high-potential bullish and bearish plays using options.
Agree that if you have any chance of hitting the lottery in the market its going to be far otm options.
Now, if you were risking every penny on every trade day trading, you might be able to get away with it for a while. What day trading gurus do not mention is they front run their own trades. So, they get into a stock say XYZ company, with a float of 500,000 shares. They buy 400,000 shares of it ahead of time. Then, they tout the stock to their legions of students hanging on their every word. Guess what happens next? Stock goes up like a rocket. Mr. Guru sells his shares to his students. Those who got earlier in might have some profits. Late comers take a bath. Mr. Guru tells them, you cannot win them all. Maybe, next time. LOL
You can also, make monies with buying deep in the money options. Of course, the leverage is less but, it is not unusual to get 100%, 200%, 400% or even higher at times. Of course, it is not going to happen each and everyday. Buying NVDA calls/puts for instance can reward you 400% or higher most times. Take note, the options premiums on NVDA is very rich and expensive now. I am for that reason, not trading it now. Not going to pay $1,200 or more per option contract. The most I paid for NVDA calls/puts was $800 per contract. There are a lot of other stocks to buy options on.