Not passing the blame over to theta. I am just emphasizing that on this trade, it was the time decay that piled on the loses. If I had taken a deeper ITM call, then the losses would have been very minor. There are folks that watch the videos and threads that are just getting their feet wet and know little about options, mentioning what brought on the loses is a good thing to note.
Negative criticism on my trading style or lack of inaction don't really faze me. What does get to me is when people make assumptions on my financial situation. My dad is a programmer and my mom is a nurse. They drive a leased Honda CRV. I do not come from a family of wealth. My family is as middle class as they come. You can sit there and continue to tell yourself and me that I am on my daddy's payroll, but you can't be further from the truth. Reminds of the officers that showed up to my car crash last week. When he mentioned that he needs to put down the light pole damage in the report, and that he would "then send the bill to daddy". The same exact thing, folks constantly assuming that just because I am young, I have no money to my name.
I wouldn't do such a challenge because $100k is material enough for me not to through it into a challenge or an experiment. If things go completely rouge with this challenge, I might repeat it again. The first losing trade I took on the account really hurt the morale of the challenge. I have two trips this month, one next week and another one the last week of May. So if push comes to shove and I this challenge goes bad, I would try again the first week in June.
Wait a minute young man, didn't you say that NO police report was ever filled after your car crash last week?? Now suddenly I am not so sure about your moral integrity...
This is how the conversation went: Me: Do I need a police report to be filed: Him: If it is a one vehicle accident, then typically there does not have to be one filed. Me: What if I the insurance company asks for me? Him: Then we can write one up. I walk away from the car. Minute later he calls me back to the window. Him: If I do write up the report, then I have to write down the damage to the light pole there and the guardrail. The light pole alone is $15,000 and we will send the bill to daddy. I just thanked him for letting me know, and still figuring out things with the insurance company. So far the report has been been requested by them, so I haven't stopped by the station for one. The officers on the scene were extremely lazy though. It was pouring pretty hard so they didn't want to step out of their car to even look at the accident. They didn't run the plates on my car since they couldn't see my back plate from where they were, and they also never even ran my identification. Only thing they did for me was call a towing company that towed my car 15 miles away. Er, thanks. Edit: Mentioned how the officers acted on a different forum as well: http://www.wickedfire.com/2181379-post43.html Didn't mention the line that the officer dropped on me, but it is still pretty crazy how he was using the whole "I will write down the damage to the light pole if you demand a report." Otherwise, they didn't care at all about that damage.
Well, they didn't come on ET and state; " Every single trade will be posted on this forum...." & "It will be a difficult challenge to increase your account ten fold in half a year while trying to minimize the chances of risk to ruin, but I do believe I have the tools and mindset to make it happen." I am not laughing or calling him a loser, I would call it tough love. There are a lot of lessons for learning for all involved, to me it appears the OP is not taking responsibility for his actions, his vanity is running the show. IMO he needs take serious stock in why he even wanted to start this "public challenge" as he called it. A picture of an expensive car, how he paid cash for it, was that really pertinent info as far as the "challenge" was concerned. He wanted to be seen as a player. He needs to get into alignment with the market.
I shouldn't have posted the pics of the car I admit. I was just trying to show a point that it might not have been the best time to start the challenge since I had a pretty traumatic event just a couple days back. I also didn't point out the type of car I was driving or anything. I feel that if I posted a picture of a 1999 Honda that I just wrecked last week, it would have been taken much differently. Any other comments I have made outside of trading in this thread have been in replies to other comments. Many of you have gone through my internet history and made comments about what you can find. Even as far as mentioning the bar tab on my birthday.
Look kid, it's great you tried, and I hope you have learned a lesson. That's just not how you make a living trading, or become rich. Risk management is the first thing that comes to mind when trading professionally. If you would have made it, and done the 10k to 100k, with that type of gambling trading, no professional in the city would be interested in you anyways. I'm in Manhattan, if you wanna get a drink, let me know.