What's the quickest way to make a million dollars? Start with two million. Was he long a sh*tload of calls or did he get bagged on the other side?
AMZN, FB options and crypto bets. So basically he bought calls on two of the most overinflated stocks in the market, and went long the biggest bubble in the history of man (crypto). Wow, what a genius. Stories like this were so frequent in 1999 they stopped writing about them. Here’s the ending you never read about- Millennial “trading guru” moves into parents basement at 25 years old after losing everything. He says “I took a shot and missed. They way I look at it, I didn’t lose $500,000. I really only lost my initial investment of X. I would do it all the same again.” Just like every other gambler, his streak will come to a crashing end.
You can absolutely lose everything buying options. The good thing with options is you will never lose more than you have if you're just buying.
Sure, but did he go into this by just buying calls and losing all the premium? Given how much money he has been making, I imagine the trades are much more complex than this.