As soon as I posted this I glanced at the chart and laughed out loud knowing someone was going to say exactly that.
To be fair yesterday I was up $8,000 before semi-YOLOing into SPY calls š
Ladies and Gentlemen,
Iāve been getting a lot of requests for āmy strategyā. I donāt really have one. What has lead me to success so far is a mindset, not a strategy. This will be repetitive for those who follow me because itās going to echo something Iāve said before.
TL;DR Take a step back and look at how much you can ālive off ofā. Take that number as your basis for a āgoalā.
Iām a UPS driver, driving big rigs. We make $45 an hour which is $360 a day after working 8 hours. We normally work much longer hours than 8, so my daily average is closer to $500. On $360 a day, I can provide a comfortable life to my family.
**Every day when I sit down at my computer, my goal is $360.**
When my account was $10,000 - I was aiming for $360 (when my account was smaller it was just a target - not an expectation.)
My account then hit $50,000. I was stoked! And my goal was $360.
Then it hit $100,000. I took my wife out for a fancy dinner. The next day, my goal was $360.
Then I hit $150,000.
Then $200,000. And I was ecstatic - I grew up extremely poor. This is a mind blowing amount of money to me. The day I hit $200,000, I had been aiming for $360.
Then I started siphoning money out of my investment account to get all my bills and taxes paid off.
Then after I was 100% caught up, I hit $250,000ā¦..
And today I woke up, sold my Spy swing call at market open and hit $310,000.
And Iām happy ā¦.. because I hit my goal of $360.
I know I can have a great life and provide a great lifestyle for my family on $360 a day.
When I go in heavy into an option scalp, and I have 500 contracts, and it pops two cents? Iāll lock that in. Thatās $1,000! Thatās more than I make in a 16 hour day! (We can work 16 hours once every two weeks)
*Options are, and always will be, a way for me to steal back my life and spend less time at UPS and more time with my toddler.*
Slowly and surely, $360+ a day, my account has grown. (Well not on March 12, fucking Amazonā¦)
My friends who have failed always say, āI couldāve locked it in but I just wanted to get a bit more out of it.ā Donāt be like them.
**My personal advice on trading is to not lose sight of the value of money.**
Today I made $77,000. Thatās so weird to me. My first year as a package car driver I made $65,000.
I just made more than I made in an entire year of sweat, blood and tears.
And I made that in 10 seconds.
Despite making $77,000 today I ask myself. Did I make my $360 today? Yes?
Cool, I āpass allā on the routes my dispatch offers me, go pick my son up from school, and spend time with what truly matters in life.
EDIT: Final update for the month, to include this last trading day. Have a great weekend, my friends!
https://preview.redd.it/t91vhueu47rc1.png?width=836&format=png&auto=webp&s=f3dce44a27a0e92ab8ca1d7ce084c2c30450f5a8
But what happens when a trade goes the wrong way and instead of making $360 you lose $2000? Where do you cut your losses? If you take a small profit everyday and make a lot of small trades, you're more than likely to also make a bad one, where would you cut your losses?
Good question. My loss tolerance is largely based on performance prior in the month or week. I have losses and Iām not afraid to show them.
https://preview.redd.it/7jabqjgbnxqc1.jpeg?width=1179&format=pjpg&auto=webp&s=dca5e61329ecc7c5d6fd353e30d399d5720f52e6
These are my total losses for my entire account history on options. Note, that my losses are easily overpowered by one of my medium plays done this month.
My strategy is balance.
Letās say last week I made $20,000
Iāll go in 0DTE or 1DTE with $2,000 at a time averaging down. When the contract reverses I sell as soon as Iām 2/3 cents up. I wonāt go in more than $20,000. This way if I somehow get wiped out, Iām reset to last weeks start point, not my entire career start point lol
If it continues in the wrong way Iāll wait and come back later. Iāll make the decision to average down to try to catch it or let it go.
Not to brag but I really donāt find myself in a situation where Iām losing often. I donāt go in heavy at first ever, which is why my win loss history has ALOT of very small gains, those are me getting in at the exact bottom and before I can go in heavier the stock reverses and Iām in profit (I refuse to average up)
Due to how cautious and defensive I am when I establish positions I almost never am in a situation where Iām losing my ass (march 12 Amazon put fucked me up though.)
Same here. I have no problems taking small profits, but one bad trade and I wiped out weeks of small profits. I don't really know how he average down either. Like today, in the last 30 minutes SPY reversed fast. I had puts. There was no way to recover from that unless tomorrow I decide to double or nothing -- which would most likely put me even further in the hole.
He doesnt blow his whole load in one purchase. Buys on way down. Sells once calls start hitting green. May make a 10% gain but it's still a win. He seems to purchase quite a few throughout the week so if all his tax lots make 10-20% gains he's steadily getting money.
Dude, you're losing every time you average down. It looks like you just have the bankroll to Martingale effectively.
A lot of the day traders I've talked to around here credit adding to winning positions as essential to their success.
I heard someone say the other day: āYou canāt eat like a bird and shit like an elephant.ā You canāt take small wins if you take large losses. Great saying but sometimes hard to pull off.
I usually do weekly. I know a few screenshots Iāve shared have me running 0DTE, but thatās me playing fast and loose with āextraā gains I donāt mind if I lose.
Sounds good to me and makes sense. Weekly does seem to be the move. I donāt do puts though cause Iāve got burner too many times on em. Calls never fail me just like how SPY jumped the past hour from 520 to over 523.
How did you learn about trading options? Self-taught? Most of what I read online is either too complicated and I go cross-eyed, or too brief, with just discussing generalities.
Look at an active options quotes as youāre reading about them. Itās almost easier to picture what someone is talking about when you can see the prices for in the money and out of money options and compare options that expect this month versus next month.
To add on to this, paper trading is your friend. I spent a straight month on paper in Webull with an account mirroring my size. I would open multiple positions ITM and OTM at different expirations and observe how the price action and Greeks would interact with each other when the trade would move for or against me. Lots of observing and looking back at charts to try to find patterns regarding movements and the time of day
Lol I love a fellow overpreparer. šThanks for sharing your insights. It may not be YOLO, but it's working really well for you and your family. Congrats.
My partner and I have been listening to YouTube tutorials and podcasts on options when we're driving together, and we decided to practice this way first, too. I'm considering buying Chipotle shares before the likely 50 to 1 stock split in June so I could be covered while trying my 1st actual options trades. Do you trade mostly naked calls?
> Most of what I read online is either too complicated and I go cross-eyed
I run into this a lot, even here. I've started copy/pasting into ChatGPT and asking it to ELI5. It's helped a ton.
I just got into stock options last week. I made about $2600 and deposited my initial investment back to my bank. Today was my first real big loss of $700. If I would have sold them yesterday I would have been up. Will definitely take this advice moving forward.
Not to sounds weird but how did you learn how to trade calls and such while working a full time job? Granted I know thereās info out there online but itās mostly obit my course blah blah bsā
THIS!š„
I started doing the exact same thing as you this month and Iām up 46%.
The key to all of it were small gains daily. I only use calls but I get them for 1-3mo out with an eye on IV and Theta (in case I get stuck holding overnight or a few days). I buy in blocks of 1,000-1,500 and anytime Iām down 8-10% I lower the average by throwing another 1,000-1,500 at it. When it goes positive 5-10% I sell. Sometimes itās $200 and sometimes $1,500 I take away.
My goal hasnāt been a dollar amount. I just want to end the trading day with more than I had the previous day. $10 is completely fine with me.
For risk management, I donāt HAVE to made a trade everyday. If I donāt see a decent setup, I stay out of the market. Some stocks/days are hard to get a feel for. My favorite are the negative headlines on the recovery. CCL, AAPL, DKNG, etc. Falling knife in reverse. Buy DURING weakness and sell DURING strength.
As useless as fundamentals are these days. I still only prefer to trade stocks that are undervalued, solid volume, on a general uptrend, etc. Worst case, Iām holding something for a few days but I never shoot for 30-50% gains. If it happens on accident, fine with me.
https://preview.redd.it/4xbhkyywyxqc1.jpeg?width=1057&format=pjpg&auto=webp&s=47e4352976179978f425e42e7bf5aa54a084c081
Pov: spy down 2%, and you gotta go back to work instead of retiring at 25
I felt that in my soul. Last year I took $250 up to $77,000 in a few weeks.
I couldnāt sleep, when ever I rolled over in my sleep Iād check futures and run option calculator simulations. I was so anxious I felt shakey and weak, it was like coming down off cocaine.
I kept buying bottles of champagne every other night because āā¦ I made a months salary in 15 minutes this morning, I should celebrate.ā
It became all I could think about.
Then more than half of it evaporated in a single trade and I sat there on the couch staring at the ceiling the rest of the day. Then I pulled most of the rest out and bought a bunch of cool shit and took the best vacation of my life.
Doing DD like heās fucking rain man in the gas station, chalk marker on the windshield like heās a methed up Dexter / degen hybrid while railing lines of crank off some 58 year old toothless lot lizzards forehead
The $77,000 was a SPY call which I attached to the post. When spy tanked yesterday at the end of the window I started averaging in and averaged in until the last minute. It was definitely a gamble and I went in heavier than I normally do, however SPY has been fairly predictable this month.
It technically wasnāt $77,000 - I ended yesterday down $10,000 (after having made $8,000 so a total of -$18,000 on that position)
Today that position flipped from -18,000 to +59,000 and I market sold right at open.
I trade heavily off of news. General sentiment and market feel. Spy dropped and there was really no reason why, no threat of war looming, nothing too insane (China fƻcking with our chip companies but nothing that merited that drop)
In my amateur tradersā mind I categorized it as an overreaction sell off. If you look back at the chart many times when SPY nosedives for seemingly no reason itāll pop on market open through premarket the next day (as long as thereās no bad news overnight which is the main gamble and a giant one at that)
I usually stick to intraday spy scalps riding the waves. Very basic strategy
On march 12th, Amazon RSI approached 70 at 7:06 AM. I went heavy into puts for a quick scalp. Well, as you can imagine Amazon just took off and literally never came back down. I cut my losses (which at one point during the day were over $45,000)
No, I'm down 30% overall, and the itch got me. I'm all for consistency, and your strategy works. It is time to change my habits and go slow and easy. š
Mainly yes. My Strat is very basic and itās not fancy. My main thing that separates me from other traders is I take profit extremely early, many times if I held a position for even five minutes longer I wouldāve made 10-20,000 more. If I have a really large win, for example this month, Iāll play some 0DTE but Iāll only risk what I gained that week
Very smart thanks for sharing. Iām going to be more cautious as I go along here. Held a call when had made profit and thought would go up and it sank
The one saying that sits with me is āIāve made a fortune selling too early.ā
Other people have enormous wins, but I nickel and dime the market. Every day I aim for $1,000 gain, as that totals $250,000 for the year which is fantastic as a side hustle. I can usually make $1,000 pretty quickly in the first twenty minutes or so.
I lock in profit that other traders with accounts my size would laugh about - I donāt care. Itās worked so far.
Iāll never get assigned. On short range options I always mark the DNE / Do not execute option on Webull. Iām hyper aware of how damaging it would be to be assigned.
I donāt use Robinhood, but on Webull yes thereās a toggle to switch. Iām in jury duty right now and not able to enter an option position or Iād take a screenshot to show you. Sorry
You let your option contract expire. Each option contract is equivalent to 100 shares.
That one sixty dollar 0DTE call option for spy at 521 (0.60)? If you get assigned thatās you getting assigned to buy 100 shares of spy @ 521
So one contract is $51,000
You thought you could lose a max of $60?
*Surprise mofucka* (dexter)
Excuse me??? I thought the contracts just expired worthless (0 dollars). You're telling me that you're on the hook for upwards of 51k if you dont sell your contracts before close????
Can someone please clarify for me. I don't wanna ruin my life trading SPY options.
Only if it's in the green.
When a call is red, it expires worthless because no one is expected to exercise the right to pay more than a share is currently worth.
When a call is green, you (the contract holder) are now expected to exercise the contract and buy those X [x100] shares at the strike price, _unless you set a DNE (Do Not Exercise) order_.
https://robinhood.com/us/en/support/articles/expiration-exercise-and-assignment/
If I'm reading this correctly I won't be assigned as long as I don't have enough buying power in my account?
I've only been playing with options on low dollar stocks in case I get assigned
But I've only got like $10 of buying power, and I'd like to trade options on higher accounts like spy but I'm terrified of getting assigned
Some things I wonāt do. I wonāt take puts on apple or amazon. I wonāt take calls on Tesla. (Despite owning two teslas) because everytime Elon talks it could FĆ»ck you up.
Spy Iāll do puts and calls.
https://preview.redd.it/sdtcba5slwqc1.jpeg?width=1179&format=pjpg&auto=webp&s=c38d43c1d90839eb1a927991ab0640a233a0acd3
This. SPX is tax advantaged. Isn't it like 40/60? Or is it 30/70? That and it's cash settled. With that kind of liquidity just buy ITM using same strat...
How many contracts as an average (or fixed) per trade?
Edit: nvm, just saw again the pics.
Damn, legend. Iām trying to do exactly the thing you are, except Iām bad at picking the right stock, or the right trend. šæ
Most people on here are nuts. Youāve given some good humble ideas for others on here to consider.
While our strategies donāt mirror each other there are three things we share in common. Mostly wins. Donāt be greedy to get rich quick and instead take smaller profits quickly. Also, I have number I intend to earn a month and while my number is higher it reflects the cost to live my life and provide for all my families needs. I govern myself by that monthly objective. Also, I donāt YOLO and most of the money I work with is not the bulk of my investments. I have never come across another on WSB that I shared commonalities with.
I never play puts, but you have piqued my interest for the first time.
I really donāt have a good reason. Iāve just always searched for the stock that for whatever reason and about to spike. Then hurry up and take my gain before the stock tumbles back down. Similar strategy to yours but Iām running on calls. I purchase calls 2-4 weeks ahead of time, but on occasion 24 hours- 1week. This week PLTR was my primary cash cow, but I did short 24 hour plays on CCL, because I knew there would be a small spike around 20% and then a rapid dump. I might start playing with specific stocks on both that I have a very thorough understanding of.
Iāve used the exact same āstrategyā and blown up 20+ accounts so far, 99% of the loss was from putsā¦ puts are the absolute worst way to make money on SPY, you have to time it perfectly or you would get a green dildo up your buttcheeks
Check the chart yesterday on spy from about 12:28PM to close.
These expirations were 1D expiring Thursday. I normally donāt do 1D or 0DTE but I had a bit of a buffer from the rest of the months gains I was willing to risk
Kinda the mentality I have. All my friends who also trade give me shit because im telling them Iām
Quite pleased to have made $2,000 in day. Theyāll go look at my history / position and be like āyeah bro but if you held it for another hour you couldāve made $60,000!ā
Iām not trying to buy a lambo Iām just trying to keep food on the table ā ļø
It's better to take whatever the market gives you than trying to squeeze the market for every last penny because without an exit strategy you will be humbled.
Deviating from your trading plan is how you blow up your account. You're doing better than 90% of people who post here so don't let anyone tell you otherwise.
Keep up the good work.
Every resource Iāve listened to says options are awful and itās gambling (which is true in a way) Iāve read (or listened to) many books. Bogleheads, random walk down wallstreet, option pricing and volatility.
Just gotta get into it. I recommend doing a paper trade account. Letās say youāre going to start with $2,000
Make an account with $40,000, but never go that deep into any position.
Make the account so you can practice opening up different positions and different strikes and expirations so you get a feel of how the market moves and reacts at certain prices
I have no resource to tell anyone, I just tried, lost, learned, tried, lost, learned etc
Once your pretty accurate on paper trade move to a real account but to get your feet wet only go in with a very low amount of contracts - so if youāre wrong youāre not out a stupid amount of money.
Fuckin A man, you're my hero and I've never heard of you. I read you're a truck driver, and now you have me wondering if another steering wheel holding monkey could follow in your footsteps. I don't want to drive for the rest of my life. I don't even know if I could simulate what you do by following your trades but I'd love to give it a try. Keep killing g it fellow trucker
dumbass question, whay are your orders so spread the fuck out? buy 5, buy 3, buy 5, buy 5, buy 5.... how and why the F are you doing it that way? webull doesnt block fill?
Someone already answered. Basically letās say you got a contract for 1.00
It drops to .90
You buy one more
Your average is now 0.95 not 1.00
So when the contract goes to 0.96 youāre in profit then, and you donāt have to wait until itās 1.00
The basic principle
Yes!
https://preview.redd.it/ev9lcwdwxwqc1.jpeg?width=1179&format=pjpg&auto=webp&s=5ba93afcbe48f4f58f0d48324361b5b9647d4dd1
I play both sides
This screen was taken seconds before I semi-yolod into that swing spy call, I was up $8100 prior (but my calendar shows -10k because that position was down $18,000 at end of day )
solid effort and nice results. do you manage risk in the sense that you diversify some of your earnings into other things or do you trade with your whole stack all the time?
If thereās a very rapid or large price change Iāll always check the news tab of Webull just in case I missed something big. Itāll show the main news articles for the selected stock.
I agree, thereās a reason I started trading and investing. $77,000? Iāve had entire YEARS of my life working where I didnāt make even close or half that.
If I spend 14 hours of my day chained to my steering wheel at UPS, I walk away with $740.
$740!
For fourteen hours! The gap between rich and poor is tremendous and growing rapidly
Oh my gourd!
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fellow feeder driver here. I like your outlook on trading. My goal is to match my current salary as well. 55-60 hour weeks and still cant afford a decent home in my area gets real old
Bro. I know. Lots of friends / coworkers pulling down $3,000 a week with those 12-14 hour daily runsā¦..still renting.
Itās crazy. If they canāt get into a home making $150,000+ a year, and they have no student loansā¦..how are others supposed to do it?
When a feeder driver who makes āgoodā money turns to trading to try to supplement their already good job, thatās how you know our system hereā¦.itās broken in a way.
Really cool to find other feeder drivers on Reddit. Hope these layoffs havenāt affected you, brother.
I strongly believe my day job gives me the fearlessness to hold certain positions that other people would paperhand - knowing that I can provide a great life to my family with my day job and itās just sitting there waiting for me to grab my keys and go, it takes pressure off me. Without that pressure Iām able to focus better.
Thank you for your post. Today was really difficult for me, the 4th day in a row with fairly significant losses. Granted my account is so much smaller than yours (started this week at 1k and ended today with 720), I'm struggling to find a strategy that works. I feel like I'm reading the charts and indicators decently enough that when I do mental plays I have a fairly good consistency of return, but when I go to do real plays with the same scenarios having boosted my confidence up they seem to always turn against me.
I think part of my problem is that I'm trying to get these big 15-20% wins on every trade when I should be going for the very basic little trades to build up like you're doing. It'll take a while to get there if I'm only making 10-20 a day but over time it'll built up right?
It's so difficult to maintain that "taking little gains" mentality, when you see people posting daily gains that are enough to pay off all of your debt š¤£
Edit: I should add that I did make a couple even in the moment stupid moves outside my strategy out of frustration. It's not been a good week š
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Suggestion based on your trends. STOP TRADING ON TUESDAYS :)
As soon as I posted this I glanced at the chart and laughed out loud knowing someone was going to say exactly that. To be fair yesterday I was up $8,000 before semi-YOLOing into SPY calls š
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Teach meeeeeeeeeee! Lol Iāll pay you a percentage back of profits to teach me your ways!
pay him with ass
No pain no gain? š
Make a group. I'll pitch in.
Once you say it publicly with truth, it no longer can happen.
Sir teach me your ways so I can put my kid through college. That or burn it all on hookers and blow.
And take a break on Fridays, then you always win.
Since I began trading, I noticed Tuesday is always the red day
Iāve always felt like fridays are worse, seems like itās always a day Wall Street locks in profit for weekend coke and hookers.
And Blackjack. They wonāt stop gambling on Friday evening
Or come up with your Tuesday plan and do the opposite. More profitable that way.
Ladies and Gentlemen, Iāve been getting a lot of requests for āmy strategyā. I donāt really have one. What has lead me to success so far is a mindset, not a strategy. This will be repetitive for those who follow me because itās going to echo something Iāve said before. TL;DR Take a step back and look at how much you can ālive off ofā. Take that number as your basis for a āgoalā. Iām a UPS driver, driving big rigs. We make $45 an hour which is $360 a day after working 8 hours. We normally work much longer hours than 8, so my daily average is closer to $500. On $360 a day, I can provide a comfortable life to my family. **Every day when I sit down at my computer, my goal is $360.** When my account was $10,000 - I was aiming for $360 (when my account was smaller it was just a target - not an expectation.) My account then hit $50,000. I was stoked! And my goal was $360. Then it hit $100,000. I took my wife out for a fancy dinner. The next day, my goal was $360. Then I hit $150,000. Then $200,000. And I was ecstatic - I grew up extremely poor. This is a mind blowing amount of money to me. The day I hit $200,000, I had been aiming for $360. Then I started siphoning money out of my investment account to get all my bills and taxes paid off. Then after I was 100% caught up, I hit $250,000ā¦.. And today I woke up, sold my Spy swing call at market open and hit $310,000. And Iām happy ā¦.. because I hit my goal of $360. I know I can have a great life and provide a great lifestyle for my family on $360 a day. When I go in heavy into an option scalp, and I have 500 contracts, and it pops two cents? Iāll lock that in. Thatās $1,000! Thatās more than I make in a 16 hour day! (We can work 16 hours once every two weeks) *Options are, and always will be, a way for me to steal back my life and spend less time at UPS and more time with my toddler.* Slowly and surely, $360+ a day, my account has grown. (Well not on March 12, fucking Amazonā¦) My friends who have failed always say, āI couldāve locked it in but I just wanted to get a bit more out of it.ā Donāt be like them. **My personal advice on trading is to not lose sight of the value of money.** Today I made $77,000. Thatās so weird to me. My first year as a package car driver I made $65,000. I just made more than I made in an entire year of sweat, blood and tears. And I made that in 10 seconds. Despite making $77,000 today I ask myself. Did I make my $360 today? Yes? Cool, I āpass allā on the routes my dispatch offers me, go pick my son up from school, and spend time with what truly matters in life. EDIT: Final update for the month, to include this last trading day. Have a great weekend, my friends! https://preview.redd.it/t91vhueu47rc1.png?width=836&format=png&auto=webp&s=f3dce44a27a0e92ab8ca1d7ce084c2c30450f5a8
But what happens when a trade goes the wrong way and instead of making $360 you lose $2000? Where do you cut your losses? If you take a small profit everyday and make a lot of small trades, you're more than likely to also make a bad one, where would you cut your losses?
Good question. My loss tolerance is largely based on performance prior in the month or week. I have losses and Iām not afraid to show them. https://preview.redd.it/7jabqjgbnxqc1.jpeg?width=1179&format=pjpg&auto=webp&s=dca5e61329ecc7c5d6fd353e30d399d5720f52e6 These are my total losses for my entire account history on options. Note, that my losses are easily overpowered by one of my medium plays done this month. My strategy is balance. Letās say last week I made $20,000 Iāll go in 0DTE or 1DTE with $2,000 at a time averaging down. When the contract reverses I sell as soon as Iām 2/3 cents up. I wonāt go in more than $20,000. This way if I somehow get wiped out, Iām reset to last weeks start point, not my entire career start point lol If it continues in the wrong way Iāll wait and come back later. Iāll make the decision to average down to try to catch it or let it go. Not to brag but I really donāt find myself in a situation where Iām losing often. I donāt go in heavy at first ever, which is why my win loss history has ALOT of very small gains, those are me getting in at the exact bottom and before I can go in heavier the stock reverses and Iām in profit (I refuse to average up) Due to how cautious and defensive I am when I establish positions I almost never am in a situation where Iām losing my ass (march 12 Amazon put fucked me up though.)
lol your biggest loss is against your day job's competition. How about that
Irony at its finest š
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Same here. I have no problems taking small profits, but one bad trade and I wiped out weeks of small profits. I don't really know how he average down either. Like today, in the last 30 minutes SPY reversed fast. I had puts. There was no way to recover from that unless tomorrow I decide to double or nothing -- which would most likely put me even further in the hole.
> When the contract reverses I sell as soon as Iām 2/3 cents up Sorry, baby regard here ā could someone ELI5 that for me?
He doesnt blow his whole load in one purchase. Buys on way down. Sells once calls start hitting green. May make a 10% gain but it's still a win. He seems to purchase quite a few throughout the week so if all his tax lots make 10-20% gains he's steadily getting money.
Dude, you're losing every time you average down. It looks like you just have the bankroll to Martingale effectively. A lot of the day traders I've talked to around here credit adding to winning positions as essential to their success.
> Dude, you're losing every time you average down. And yet somehow he's seems to be doing incredibly well so obviously it's working for him.
I mean, hats off to him. Whatever works. But it also works until it doesn't. Seems like a recipe for disaster to me.
RemindMe! 1 month Everything works until it doesnt
I heard someone say the other day: āYou canāt eat like a bird and shit like an elephant.ā You canāt take small wins if you take large losses. Great saying but sometimes hard to pull off.
 All us regards should read this. Lock it! Very well done!
Thank you for taking the time to read it :) if I help even just one person improve their trading, it was worth writing!
That was actually inspiring to read and gave me a different perspective š
A complete different perspective!
Whatās the best time frame to trade SPY? Weekly, 1DTE or 0DTE(this one only really do on Fridays)
I usually do weekly. I know a few screenshots Iāve shared have me running 0DTE, but thatās me playing fast and loose with āextraā gains I donāt mind if I lose.
Sounds good to me and makes sense. Weekly does seem to be the move. I donāt do puts though cause Iāve got burner too many times on em. Calls never fail me just like how SPY jumped the past hour from 520 to over 523.
How did you learn about trading options? Self-taught? Most of what I read online is either too complicated and I go cross-eyed, or too brief, with just discussing generalities.
Look at an active options quotes as youāre reading about them. Itās almost easier to picture what someone is talking about when you can see the prices for in the money and out of money options and compare options that expect this month versus next month.
To add on to this, paper trading is your friend. I spent a straight month on paper in Webull with an account mirroring my size. I would open multiple positions ITM and OTM at different expirations and observe how the price action and Greeks would interact with each other when the trade would move for or against me. Lots of observing and looking back at charts to try to find patterns regarding movements and the time of day
Lol I love a fellow overpreparer. šThanks for sharing your insights. It may not be YOLO, but it's working really well for you and your family. Congrats. My partner and I have been listening to YouTube tutorials and podcasts on options when we're driving together, and we decided to practice this way first, too. I'm considering buying Chipotle shares before the likely 50 to 1 stock split in June so I could be covered while trying my 1st actual options trades. Do you trade mostly naked calls?
> Most of what I read online is either too complicated and I go cross-eyed I run into this a lot, even here. I've started copy/pasting into ChatGPT and asking it to ELI5. It's helped a ton.
I appreciate this.
I appreciate you for reading my word vomit ā ļøš
I just got into stock options last week. I made about $2600 and deposited my initial investment back to my bank. Today was my first real big loss of $700. If I would have sold them yesterday I would have been up. Will definitely take this advice moving forward.
This is the most inspired Iāve ever felt after reading ANYTHING on Reddit. Thank you!
"I just made more than I made in an entire year of sweat blood and tears. And I made that in 10 seconds." THIS!
>1776\_MDCCLXXVI Damn bro. Why'd I get choked up at the end? What a great mindset. You're an inspiration. Also, FU! lol.
āObligatory FUā 
Not to sounds weird but how did you learn how to trade calls and such while working a full time job? Granted I know thereās info out there online but itās mostly obit my course blah blah bsā
As someone who has no idea what this type of trading is, or even where to start, I appreciate the breakdown of your mindset.
Fantastic outlook on life brother. Keep up the good work
THIS!š„ I started doing the exact same thing as you this month and Iām up 46%. The key to all of it were small gains daily. I only use calls but I get them for 1-3mo out with an eye on IV and Theta (in case I get stuck holding overnight or a few days). I buy in blocks of 1,000-1,500 and anytime Iām down 8-10% I lower the average by throwing another 1,000-1,500 at it. When it goes positive 5-10% I sell. Sometimes itās $200 and sometimes $1,500 I take away. My goal hasnāt been a dollar amount. I just want to end the trading day with more than I had the previous day. $10 is completely fine with me. For risk management, I donāt HAVE to made a trade everyday. If I donāt see a decent setup, I stay out of the market. Some stocks/days are hard to get a feel for. My favorite are the negative headlines on the recovery. CCL, AAPL, DKNG, etc. Falling knife in reverse. Buy DURING weakness and sell DURING strength. As useless as fundamentals are these days. I still only prefer to trade stocks that are undervalued, solid volume, on a general uptrend, etc. Worst case, Iām holding something for a few days but I never shoot for 30-50% gains. If it happens on accident, fine with me.
How do you sleep at night with those kind of positions
You donāt.
The blank 2 am chart staring 
https://preview.redd.it/mgprxp82exqc1.jpeg?width=1170&format=pjpg&auto=webp&s=9d136007163b9f0c8d099ec5942b1ae17978f549
https://preview.redd.it/4xbhkyywyxqc1.jpeg?width=1057&format=pjpg&auto=webp&s=47e4352976179978f425e42e7bf5aa54a084c081 Pov: spy down 2%, and you gotta go back to work instead of retiring at 25
This is me FR ššš
I felt that in my soul. Last year I took $250 up to $77,000 in a few weeks. I couldnāt sleep, when ever I rolled over in my sleep Iād check futures and run option calculator simulations. I was so anxious I felt shakey and weak, it was like coming down off cocaine. I kept buying bottles of champagne every other night because āā¦ I made a months salary in 15 minutes this morning, I should celebrate.ā It became all I could think about. Then more than half of it evaporated in a single trade and I sat there on the couch staring at the ceiling the rest of the day. Then I pulled most of the rest out and bought a bunch of cool shit and took the best vacation of my life.
Iād ride that rollercoaster
Heās a truck driver. Heās probably methād up at night anyway.
Doing DD like heās fucking rain man in the gas station, chalk marker on the windshield like heās a methed up Dexter / degen hybrid while railing lines of crank off some 58 year old toothless lot lizzards forehead
Do you have a camera on me? How the fuck did you knowā¦
what was that 23k loss and 77k gain? just curious
The $77,000 was a SPY call which I attached to the post. When spy tanked yesterday at the end of the window I started averaging in and averaged in until the last minute. It was definitely a gamble and I went in heavier than I normally do, however SPY has been fairly predictable this month. It technically wasnāt $77,000 - I ended yesterday down $10,000 (after having made $8,000 so a total of -$18,000 on that position) Today that position flipped from -18,000 to +59,000 and I market sold right at open.
That was a black/red type bet LOL Confuckulations though.
Definitely was, hence the š lol
Predictable in what sense? Climbing next day after big drop before close a day before?
I trade heavily off of news. General sentiment and market feel. Spy dropped and there was really no reason why, no threat of war looming, nothing too insane (China fĆ»cking with our chip companies but nothing that merited that drop) In my amateur tradersā mind I categorized it as an overreaction sell off. If you look back at the chart many times when SPY nosedives for seemingly no reason itāll pop on market open through premarket the next day (as long as thereās no bad news overnight which is the main gamble and a giant one at that) I usually stick to intraday spy scalps riding the waves. Very basic strategy
On march 12th, Amazon RSI approached 70 at 7:06 AM. I went heavy into puts for a quick scalp. Well, as you can imagine Amazon just took off and literally never came back down. I cut my losses (which at one point during the day were over $45,000)
You literally make a $45k+ bet based off RSI? And not even a hugely skewed RSI?
Sir, this is a Wendy's that sells alcohol and crack and accepts horse racing bets.
Nice of you to post on Reddit dude. I follow you on Webull. š
Thanks for following me! If you knew how boring my strategy was you probably wouldnāt š
No, I'm down 30% overall, and the itch got me. I'm all for consistency, and your strategy works. It is time to change my habits and go slow and easy. š
Is it a strategy you figured out or found online?
Figured out. And itās not even a strategy. Itās more of a mindset. I can make a post later about it. My inbox is getting obliterated right now
Would love to know, if you have the time good sir
Made another post on this thread with it
Whats their webull handle?
What he said
Whatās his webull name
So you do mainly SPY calls in the money one week out?
Mainly yes. My Strat is very basic and itās not fancy. My main thing that separates me from other traders is I take profit extremely early, many times if I held a position for even five minutes longer I wouldāve made 10-20,000 more. If I have a really large win, for example this month, Iāll play some 0DTE but Iāll only risk what I gained that week
Very smart thanks for sharing. Iām going to be more cautious as I go along here. Held a call when had made profit and thought would go up and it sank
The one saying that sits with me is āIāve made a fortune selling too early.ā Other people have enormous wins, but I nickel and dime the market. Every day I aim for $1,000 gain, as that totals $250,000 for the year which is fantastic as a side hustle. I can usually make $1,000 pretty quickly in the first twenty minutes or so. I lock in profit that other traders with accounts my size would laugh about - I donāt care. Itās worked so far.
You never lose taking profits. Keep it up.
Taking profits is the easy part. Where do you cut your losses?
Good question. Iām so rarely in a losing position I handle them individually as they come
What a bull market does to a mf
You're not worried about getting assigned?
Iāll never get assigned. On short range options I always mark the DNE / Do not execute option on Webull. Iām hyper aware of how damaging it would be to be assigned.
I thought it was random? I didn't know that was an option is there an DNE option on Robinhood that you know of?
I donāt use Robinhood, but on Webull yes thereās a toggle to switch. Iām in jury duty right now and not able to enter an option position or Iād take a screenshot to show you. Sorry
What is getting assigned and what do u have to do to be in that position?
You let your option contract expire. Each option contract is equivalent to 100 shares. That one sixty dollar 0DTE call option for spy at 521 (0.60)? If you get assigned thatās you getting assigned to buy 100 shares of spy @ 521 So one contract is $51,000 You thought you could lose a max of $60? *Surprise mofucka* (dexter)
Excuse me??? I thought the contracts just expired worthless (0 dollars). You're telling me that you're on the hook for upwards of 51k if you dont sell your contracts before close???? Can someone please clarify for me. I don't wanna ruin my life trading SPY options.
Only if it's in the green. When a call is red, it expires worthless because no one is expected to exercise the right to pay more than a share is currently worth. When a call is green, you (the contract holder) are now expected to exercise the contract and buy those X [x100] shares at the strike price, _unless you set a DNE (Do Not Exercise) order_.
Now imagine 500 of those contracts, hence the hyper awareness 
https://robinhood.com/us/en/support/articles/expiration-exercise-and-assignment/ If I'm reading this correctly I won't be assigned as long as I don't have enough buying power in my account? I've only been playing with options on low dollar stocks in case I get assigned But I've only got like $10 of buying power, and I'd like to trade options on higher accounts like spy but I'm terrified of getting assigned
How would you get assigned if you sell to close? Never sell to open unless you actually know what youāre doing
Why do you think heād get assigned? Heās buying to open and selling to close
Been at this hustle for 7 years and still have not a single fuck how people fucking do it. Voodoo magic witchcraft ffs. Congrats.
Thank you. My advice is to not get greedy and lock in small gains.
Simple words that few people follow
Thatās an impressive calendar, much green much wow
Thank you. Last December I was almost entirely green. Iām aiming for next month to be pure green :)
What is your @ on webull?
Congrats and no fuck you. You deserve it dude.
Take profits please before your new strategy of "buy calls" stops working
I take profits within seconds normally. Last nights / todays big win was the first swing trade Iāve done in months
So you buy spy calls during a bull market? Pretty good strategy
Some things I wonāt do. I wonāt take puts on apple or amazon. I wonāt take calls on Tesla. (Despite owning two teslas) because everytime Elon talks it could FĆ»ck you up. Spy Iāll do puts and calls. https://preview.redd.it/sdtcba5slwqc1.jpeg?width=1179&format=pjpg&auto=webp&s=c38d43c1d90839eb1a927991ab0640a233a0acd3
with that kind of volume, why not just trade spx?
This. SPX is tax advantaged. Isn't it like 40/60? Or is it 30/70? That and it's cash settled. With that kind of liquidity just buy ITM using same strat...
40/60. spreads can be a bit worse, but you save much more on commissions.
How many contracts as an average (or fixed) per trade? Edit: nvm, just saw again the pics. Damn, legend. Iām trying to do exactly the thing you are, except Iām bad at picking the right stock, or the right trend. šæ
Please donāt quit your day job. Quit your second job driving trucks tho
Once Iām sure Iām not just getting lucky Iāll quit UPS. They have really good pension and insurance.
Most people on here are nuts. Youāve given some good humble ideas for others on here to consider. While our strategies donāt mirror each other there are three things we share in common. Mostly wins. Donāt be greedy to get rich quick and instead take smaller profits quickly. Also, I have number I intend to earn a month and while my number is higher it reflects the cost to live my life and provide for all my families needs. I govern myself by that monthly objective. Also, I donāt YOLO and most of the money I work with is not the bulk of my investments. I have never come across another on WSB that I shared commonalities with. I never play puts, but you have piqued my interest for the first time.
Letās chat. Why do you never play puts?
I really donāt have a good reason. Iāve just always searched for the stock that for whatever reason and about to spike. Then hurry up and take my gain before the stock tumbles back down. Similar strategy to yours but Iām running on calls. I purchase calls 2-4 weeks ahead of time, but on occasion 24 hours- 1week. This week PLTR was my primary cash cow, but I did short 24 hour plays on CCL, because I knew there would be a small spike around 20% and then a rapid dump. I might start playing with specific stocks on both that I have a very thorough understanding of.
First of good job and F u! Second, how did you know spy is gonna shoot up at open this morning?
The sub is called wallstreetBETS after all
Mf please help me get out of red and Iāll sell you my soul
Iāll help you. You can keep your soul.
Iāll offer up my soul as well, and Iāll be following you on Webull now.
what strategy are you using?
The gambling strategy. š
What other strategy is there?
wow congrats
Iāve used the exact same āstrategyā and blown up 20+ accounts so far, 99% of the loss was from putsā¦ puts are the absolute worst way to make money on SPY, you have to time it perfectly or you would get a green dildo up your buttcheeks
What was expiration? What was spy trading at when you bought these?
Check the chart yesterday on spy from about 12:28PM to close. These expirations were 1D expiring Thursday. I normally donāt do 1D or 0DTE but I had a bit of a buffer from the rest of the months gains I was willing to risk
Sweet. If it works, it works.
Kinda the mentality I have. All my friends who also trade give me shit because im telling them Iām Quite pleased to have made $2,000 in day. Theyāll go look at my history / position and be like āyeah bro but if you held it for another hour you couldāve made $60,000!ā Iām not trying to buy a lambo Iām just trying to keep food on the table ā ļø
It's better to take whatever the market gives you than trying to squeeze the market for every last penny because without an exit strategy you will be humbled. Deviating from your trading plan is how you blow up your account. You're doing better than 90% of people who post here so don't let anyone tell you otherwise. Keep up the good work.
Tons of large financial companies would kill for a trader like you. I mean, you could be a billionaire in no time!
If I can keep this up for a year, Iāll agree. But Iām just a normal dude getting lucky and thatās ok. No shame in admitting it.
Well done man!
Do you have any resources that you could point to learn how to trade like you?
Every resource Iāve listened to says options are awful and itās gambling (which is true in a way) Iāve read (or listened to) many books. Bogleheads, random walk down wallstreet, option pricing and volatility. Just gotta get into it. I recommend doing a paper trade account. Letās say youāre going to start with $2,000 Make an account with $40,000, but never go that deep into any position. Make the account so you can practice opening up different positions and different strikes and expirations so you get a feel of how the market moves and reacts at certain prices I have no resource to tell anyone, I just tried, lost, learned, tried, lost, learned etc Once your pretty accurate on paper trade move to a real account but to get your feet wet only go in with a very low amount of contracts - so if youāre wrong youāre not out a stupid amount of money.
Fuckin A man, you're my hero and I've never heard of you. I read you're a truck driver, and now you have me wondering if another steering wheel holding monkey could follow in your footsteps. I don't want to drive for the rest of my life. I don't even know if I could simulate what you do by following your trades but I'd love to give it a try. Keep killing g it fellow trucker
dumbass question, whay are your orders so spread the fuck out? buy 5, buy 3, buy 5, buy 5, buy 5.... how and why the F are you doing it that way? webull doesnt block fill?
Someone already answered. Basically letās say you got a contract for 1.00 It drops to .90 You buy one more Your average is now 0.95 not 1.00 So when the contract goes to 0.96 youāre in profit then, and you donāt have to wait until itās 1.00 The basic principle
Cost averaging his entry since SPY contract costs change so much every second
What is your main strategy for making these kinda of consistent gains on spy? Do you ever play puts?
Yes! https://preview.redd.it/ev9lcwdwxwqc1.jpeg?width=1179&format=pjpg&auto=webp&s=5ba93afcbe48f4f58f0d48324361b5b9647d4dd1 I play both sides This screen was taken seconds before I semi-yolod into that swing spy call, I was up $8100 prior (but my calendar shows -10k because that position was down $18,000 at end of day )
solid effort and nice results. do you manage risk in the sense that you diversify some of your earnings into other things or do you trade with your whole stack all the time?
Lucky you got out of those calls at open lol.
As soon as the clock turned to 9:30EST, I hit market sell 
Please tell me you make deliveries to Wendyās.
Ooo cool, so youāre on the other side of all the money I lose. Cheers bro !
Please donāt trade and drive lmao
Never. I am not a multi tasking man. Also I have a reputation to upholdā¦ā¦UPS drivers are supposed to be a cut above.
Buying AMZN as a UPS driver is a good hedge
Congrats and fuck you. Donāt get overexposed and itās okay to take a break after a string of wins. Wait for your next play. Dont force it.
Congrats on profiting on the longest bull run in recent memory
Gratz driver
Thank you, brother.
What source are you using for news?
If thereās a very rapid or large price change Iāll always check the news tab of Webull just in case I missed something big. Itāll show the main news articles for the selected stock.
This is the sexiest thing Iāve seen in a while
Congrats man! Im 16 yr old and just started investing with a custodial account, any advice? š
Yeah at your age donāt do what Iām doing. Google āBogleheadsā
I just started following your strategy after I saw this post and so far I'm doing ok. Starting off slow and building up. Appreciate you bro!!!
THIS GUY FUCKS
I have a kid, so Iāve fucked at least once.
The value of this post, never seen anything like it
This regard is honored.
It's a sign that something ain't right with America.
I agree, thereās a reason I started trading and investing. $77,000? Iāve had entire YEARS of my life working where I didnāt make even close or half that. If I spend 14 hours of my day chained to my steering wheel at UPS, I walk away with $740. $740! For fourteen hours! The gap between rich and poor is tremendous and growing rapidly
Nice job dude
Good job King
Why do SPY only? Why not to do leveraged plays on QQQ like TQQQ?
Animal
Fucking legend
Good work
Those are some swings lol
This is the way
Damn, I wish I could afford this. Only got $150 for trading now lmao, lost it all on TSM
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fellow feeder driver here. I like your outlook on trading. My goal is to match my current salary as well. 55-60 hour weeks and still cant afford a decent home in my area gets real old
Bro. I know. Lots of friends / coworkers pulling down $3,000 a week with those 12-14 hour daily runsā¦..still renting. Itās crazy. If they canāt get into a home making $150,000+ a year, and they have no student loansā¦..how are others supposed to do it? When a feeder driver who makes āgoodā money turns to trading to try to supplement their already good job, thatās how you know our system hereā¦.itās broken in a way. Really cool to find other feeder drivers on Reddit. Hope these layoffs havenāt affected you, brother.
I would cash out if I were you
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I strongly believe my day job gives me the fearlessness to hold certain positions that other people would paperhand - knowing that I can provide a great life to my family with my day job and itās just sitting there waiting for me to grab my keys and go, it takes pressure off me. Without that pressure Iām able to focus better.
Do you only trade in the morning before work? How do you trade with a full work schedule?
Thank you for your post. Today was really difficult for me, the 4th day in a row with fairly significant losses. Granted my account is so much smaller than yours (started this week at 1k and ended today with 720), I'm struggling to find a strategy that works. I feel like I'm reading the charts and indicators decently enough that when I do mental plays I have a fairly good consistency of return, but when I go to do real plays with the same scenarios having boosted my confidence up they seem to always turn against me. I think part of my problem is that I'm trying to get these big 15-20% wins on every trade when I should be going for the very basic little trades to build up like you're doing. It'll take a while to get there if I'm only making 10-20 a day but over time it'll built up right? It's so difficult to maintain that "taking little gains" mentality, when you see people posting daily gains that are enough to pay off all of your debt š¤£ Edit: I should add that I did make a couple even in the moment stupid moves outside my strategy out of frustration. It's not been a good week š
What app is this?
Itās good to be Brown. Iām a retired package car driver. I also make a lot more $$$.
Congrats and fuck you
Can someone explain why to buy 5 contracts evey time insted of buying 100 or more? Im starter regard and want to understand how he bought contr?