Don't trade stock options breh...
- Thread starter LionofJudah
- Start date
LionofJudah
Banned
I really, really want to get into this. There's a guy at work that says he's into it but when you try to ask him about it he acts like you're asking him for his SS#Then he starts talking in riddles
But I'm gonna sub this thread and see what I can do to get started in this.
If you've got questions, let me know.
LionofJudah
Banned
Yeah, no doubt. but the beauty with options is you can decide how much you want to trade with. For example, to truly buy any stock with the anticipation of a good return, you need minimum 25K-50K. Weekly options can be bought for less than $100 bucks, and you can get a crazy return in a very short amount of time. For example, this guy took $240 and it turned into nearly $6K in a few hours.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=89517288
The money is there, we just gotta go get it.
OP how u feel about timothy skykes?
LionofJudah
Banned
Sykes is successful, so I can't say anything bad about him. But how I understand it, Sykes mostly deals with the OTC pennystock board side of the house and that's just not my thing. I used to trade pennystocks and there is money there, but not like it used to be due to regulations and a ton of other stuff. I think Sykes mostly shorts penny stocks though, so he's probably doing VERY well because they always drop LOL.
I take it the returns are subject short term capital gains taxes correct. How quickly are you able to cash out? Check or EFT?
What are some of your upcoming positions?
I've got a stack that I want to try my hand at with this.
What are some of your upcoming positions?
I've got a stack that I want to try my hand at with this.
LionofJudah
Banned
Yep, short term capital gains. Options take one business day to settle, so you can withdraw them the next day if you wish. If I withdraw money, it's usually EFT or a wire. They probably can send you a check, but I don't go that route. As far as upcoming plays, I just go with the flow for the most part. Most times I don't know what I want to trade until that day. Get in, get 15%-25% gain and get out. Apple went up a great deal today due to a billionaire investor (Icahn) taking a big stake in the company. Apple options are expensive to trade earlier in the week and it probably has some more juice in it to go higher, so I'd be looking for weekly put options on that around Thursday or Friday. They can be HUGE gainers if it goes in your favor and you get them very cheap later in the week. Do you have an account with someone yet?
My current brokerage is Schwab but I'd ultimately go with one of the two you recommended.
What do you make of this guys reasons NOT to trade stock options.
http://25yearsofprogramming.com/blog/20070411.htm
What's your YTD gain/loss?
What do you make of this guys reasons NOT to trade stock options.
http://25yearsofprogramming.com/blog/20070411.htm
What's your YTD gain/loss?
LionofJudah
Banned
I'm around 30K so far this year. Taking a look over what that guy is saying, the majority of it is bullshyt. The only one I'd probably agree with is the 90% statistic because this shyt is hard to be honest with you. One day you could be up $1500, and the next day you're down $2500 and you're in a worse position than before. But, that all goes to money management and controlling your risk. He seems to be one of the 90% traders that washed out. Any career that takes money to make money ain't gonna be easy, so that's why i would tell anyone who doesn't have a sincere desire to do this to not do it. On the flip side, check out a dude on Twitter named Sang Lucci. He's got his own hedge fund and trades options exclusively. He hasn't been doing well lately due to the market, but he consistently makes 30-100K daily when he's on his shyt day trading. He puts up alot of money to get those results though. But it's a process, like everything in life.
HarlemsOwn
RIP Fresh
whats the most you made off a flip
LionofJudah
Banned
The biggest I actually pocketed was the one I posted. But when I was trading penny stocks, one of the stocks I had ran up and it was over 10 grand, but it started dropping and I panicked and got out with about 5K.
Subscribes
malbaker86
Gators
Im studying for my Series 7 & there is a lot of truth in this thread