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Redditor converts $35K in retirement savings into $1M in 350 trades since March
Posted on 7/9/20 at 11:21 pm
Posted on 7/9/20 at 11:21 pm
quote:
If his detailed story is to be believed, the user, who identifies as “Mori226” on the popular social-media platform, has had a spectacular run during the coronavirus pandemic, and he walked his fellow traders on Reddit through every step of his journey.
“I cracked the 7-figure mark, and then some. I started with $35k in my ROTH IRA in late February/early March,” the trader wrote. He said he pulled out about $50,000 along the way.
How did he pull it off? Mori226 offered up some of the tips that worked best: Hold at least 50% in cash reserves at all times, don’t beat yourself up on bad trades, let the winners ride, never put more than 25% in any single position and learn to cut your losses, to name just a few.
“Try to stay disciplined. Learning to control. my emotions was key,” he said. “Losses don’t kill options traders, calculating your alternate universe net worth on your woulda-coulda-shouldas do.”
Mori226 went so far as to lay out each trade made during that stretch. Here are the biggest winners, led by huge profits betting on alternative-fuel vehicle maker Nikola Corp. NKLA, +5.03%, as well as on Amazon AMZN, +3.29% AMZN, +3.29%, Disney DIS, +0.12% and Apple AAPL, +0.35% :
The trader also took some lumps, particularly on bets against the S&P 500 SPX, -0.56% :
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Posted on 7/9/20 at 11:29 pm to rickgrimes
Noob question but How the hell do you buy options in a Roth IRA? I must be missing something.
Posted on 7/10/20 at 2:30 am to LesThanPrefect
Dude is a god
This post was edited on 7/10/20 at 2:36 am
Posted on 7/10/20 at 6:33 am to LesThanPrefect
quote:a Roth IRA is an account just like any other retirement account. You can do what you want within it.
Noob question but How the hell do you buy options in a Roth IRA? I must be missing something.
Posted on 7/10/20 at 6:37 am to LesThanPrefect
quote:
Noob question but How the hell do you buy options in a Roth IRA? I must be missing something.
You have to authorize the account for option trading. It takes a few clicks and answering a few questions (at least at Fidelity). My options are up around 250% since March in my Roth
Posted on 7/10/20 at 8:07 am to LesThanPrefect
You can trade options in an IRA. There are some restrictions.
Posted on 7/10/20 at 8:19 am to rickgrimes
I would love an update on December 31st. Awesome for that guy though.
Posted on 7/10/20 at 8:28 am to rickgrimes
Good for him. He actually did a lot of work for that dough. Did they say his age? If I was still in my early twenties, I may be less conservative on my specs. Having a wife and two kids (including a 6 month old) has prevented me from being young/dumb and YOLOing.
Posted on 7/10/20 at 8:49 am to rickgrimes
Good for him.
I converted $5,000 into $11.32 doing the same thing
I converted $5,000 into $11.32 doing the same thing
Posted on 7/10/20 at 9:28 am to rickgrimes
I was up pretty good until all this mask bullshite
I’m still up pretty good but most days I lose like 5k or more
If trump would declare martial law on cities with the mask bullshite and let everybody go to the bar and back to work the stock market would go back up
Trumps been a bitch this year I probably won’t vote for him
I’m still up pretty good but most days I lose like 5k or more
If trump would declare martial law on cities with the mask bullshite and let everybody go to the bar and back to work the stock market would go back up
Trumps been a bitch this year I probably won’t vote for him
Posted on 7/10/20 at 9:34 am to evil cockroach
Posted on 7/10/20 at 9:35 am to rickgrimes
Now will he throw the million into an index fund and chill or will he lose the million thinking he can turn it into a billion?
Posted on 7/10/20 at 9:57 am to RebelExpress38
quote:
Now will he throw the million into an index fund and chill or will he lose the million thinking he can turn it into a billion?
I actually hope he isn't a YOLOer. I've read stories on Reddit about people losing their life savings XIV. He has risk controls though so it doesn't sound like he'll blow it. Imagine throwing $1M in a dividend growth portfolio and letting that compound for 30 years
Posted on 7/10/20 at 2:25 pm to LSUregit
He's probably not early 20's because he started with $35k. Even with gains, that's several years of maxing it out. It would be the rare 24yo to have a Roth maxed out year over year. Or he could have been gifted the money. People are more risky with gifted money than the money they toiled for.
Posted on 7/10/20 at 6:42 pm to deeprig9
Anyone have a good educational read on options? Always been a buy and sell but have wanted to get into it. Too much garbage on the internet about it though
Posted on 7/10/20 at 9:27 pm to Turtlemane
quote:
Anyone have a good educational read on options? Always been a buy and sell but have wanted to get into it. Too much garbage on the internet about it though
The opportunity that guy took advantage of will likely never occur again.. ever.. in 5000 years
Posted on 7/10/20 at 10:17 pm to Turtlemane
Check out optionalpha
He does a great job of breaking down the basics and taking that knowledge and going over real trades that he made.
He does a great job of breaking down the basics and taking that knowledge and going over real trades that he made.
Posted on 7/11/20 at 9:08 am to LChama
Oh I know that. But its still an aspect of investing that I'm relatively unfamiliar with and would like to educate myself. I would like to dabble with options in a much smaller amount that major of what you see on r/WallStreetBets. What I do not want to do is go in uneducated and YOLO away all my hard work
Posted on 7/11/20 at 4:47 pm to LesThanPrefect
Options are insane. I've only dabbled in them here and there, but the ability to make and lose huge amounts in a short amount of time is unnerving. You really have to understand how they're priced and the greeks to have any consistent chance of making money.
I've made 100+% in a day and lost nearly 100% on some trades. I don't understand them enough to consistently trade though
I've made 100+% in a day and lost nearly 100% on some trades. I don't understand them enough to consistently trade though
Posted on 7/11/20 at 8:30 pm to rickgrimes
The nuts on that guy...
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