the world is full of people who took a shot, made it big and then parlayed those winnings into something even bigger. My friends grandfather-in-law did this with a financial futures contract. he ended up on the Forbes400 list but 40 years ago you would have called him a degenerate gambler. the fact that he made it is impressive even if it’s a 1x. He has seed money to do many things… something you likely don’t have while trading during the same time period.
I personally wouldn't necessarily call it an 'inspiration'. More of a profound level of understanding, experience, wisdom, observation with an ounce of lady luck. Trading is all, essentially, the same. It doesn't matter if a trader puts on a two million dollar trade, or a 20 dollar trade. It's about the process, mechanics, and execution. The numbers, money, behind it all are basically meaningless. A skilled trader should be able to turn 5,000 into 5 million, at least five times.
Let me quote the OP, since nobody actually read the thread: "There's a big difference, imo, between piling onto a trade that is going parabolic for no reason, like more recent "squeezes," and recognizing the potential for delta hedging that hadn't ever been seen before based on option chain fuckery that also hadn't been seen before." "Got lucky on a 130k gain, then got lucky with a 260k gain, then got lucky with a 100k gain, then got lucky with a 130k gain, then got lucky with a 50k gain, then got lucky with a 60k gain, then got lucky with countless 15-30k gains, then got lucky with a 400k gain, then got lucky with a 1M gain, then got lucky with 5 consecutive months of >200k gains. But yah. It was all GME. "That's it.""
Well, his story...is no different than Bitcoin people who magically happened to bet on the right time. That GameStop story and its weird, meteoric, rise...is also considered a rare, one-off, event that produced completely accidental, random, millionaires. There's absolutely nothing ...inspirational...or skillful, about GameStop and Bitcoin millionaires. Those hyped up events...are no different than being part of a BLM rally march parade. You're part of a rapidly moving river crowd. Every modern ...social media or finance 'success story'....is about manipulating crowds. Just to, essentially, benefit and enrich yourself.
Somebody didn't read it..... To refresh your memory: AMC: +60K Mr Clean: +60K CCXI: +130K IronN3T: +120K AMZN: +40K BABA: +20K HOOD: +18K PENN: +15K NET: +15K support.com: -$100K MT: -40K You see GME in there?
You responded to the wrong post. I never called him a degenerate gambler. I just said he got lucky with volatility on his side. If volatility had not been on his side, his strategy would've resulted in major losses. Read my post again.
fair point. I retract the degenerate gambler part. He probably had an element of luck, but we all traded the same market he did (or at least could). Did you make that much? My return in 2020 was good but not his level even risk adjusted.
Timing is everything. Specially with options trades, you need to be very precise. The move needs to happen the moment you expect it to, and call it to. Riding the crazy bull market of the past two years....would hardly qualify a trader to be successful and intelligent. Everyone made money the past two years. Now, everyone are looking like complete amateurs with losses galore. So-called 'trading success' stories that arose from the past two years in the market are a joke. That was amateur hour....when everyone was drunk on the same Kool-Aid partying hardying. Show me a trader who has grown an account into huge multiples every year, for the past decade.
Like I said his volatility-favoured strategy worked out well for him because the meme stock phenomenon generated huge amount of volatility but his strategy wouldn't pare so well in quiet and steady markets like the ones that we had before the pandemic. That's why he was having large drawdowns before. Every strategy has its place and time in the market. At the end of the day, it's not how much you make that matters but how much you keep. The real inspirational traders are the ones who can make the money and are still able to keep the money made when the market tries to claw them back. I might not be able to make as much as him but if I can keep everything or the majority of what I make I can still come out on top.
he made $2 million... who gives a fuck if it was luck or just going long in a bull market..... most of you fucks didnt make $2 million then why didnt you just do what he did if it was so obvious. Knowing what to do is not the secret, having the balls to go do it is what most people dont have. The $2 million is real whether you want to call it a joke.... still in his account.