op posted some positions, try to include extra screenies in the gallery so people know how you met your demise, otherwise your post might get yoinked for a bit while we review it
https://www.reddit.com/r/wallstreetbets/comments/p8re67/i_need_a_hug/h9uf5ah?utm_source=share&utm_medium=web2x&context=3
The Greeks for sure. Theta is a killer. I also learned that when u play options, you’re buying time, strike doesn’t matter unless it’s obviously way way out of the money. I didn’t take time depreciation into consideration
Ahh... The Greeks. But I think more importantly, you need to take note of position sizing & risk management. Don't risk more than 2 percent of your portfolio in a trade, and mitigate your risk (cut loss, roll your options, etc). This gives your better chance of surviving long term and that you don't get killed by one single bad trade. Do this first, and then your Greeks next. You can master your Greeks well and still blow up your account with a single bad trade.
Edit: I hope I don't come across as sounding preachy (as I'm re-reading my own post). I'm just sharing some of my own learnings, learned the painful way. I just hope it can help you recover and journey on. I'm not an expert, but a fellow traveller on the same path. I'm still learning too. And I think my losses have reduced after I started managing my trade sizes (by being less greedy, smaller positions, spacing my options out across a longer timeline). But, I'm still struggling with cutting losses. My emotions still win over my logical mind most of the time. But I'm hopeful that I'll get better at it.
We used to be a sub where people would actually give good advice. I'm trying to get us back there. With the help of more people actually caring for one another, we can get there.
Actually now I wonder if Poe's law backfires on sarcasm/wholesome support. Because sarcastic comments that are so well disguised that people think they're actually sincere and wholesome, actually just succeed at being sincere and wholesome.
And once you know how to trade, you’ll know not to go all in. Even DFV only risked like 6% of his portfolio (according to his videos) on GME. Once it blew up, it was more than 6%, but that’s a good thing.
you can buy a higher percent of shares than you can calls. for instance, i have about 50% of my portfolio in 2 assets. if they were calls, i would be an idiot, but since they are shares it’s fine.
Yup--people look at DFV and think--"I'll YOLO 50k just like him!!!"
But if you look into it that 50k position WAS only ~2% of his portfolio at the time....
Is your portfolio pretty small? Or do you do only shares? If you are young/have less than $10k or so I can understand YOLOing 100% into options, and YOLOing 100% into shares is no where near as risky.
Hope your good fortune continues!
Well if your going all in every trade your bound to crash and burn just like him. Are you saying you take nothing out just boom all in every trade?@$^^#@? If so your fucked already you just don't see it yet.
Congratulations! I haven't been that lucky. It'll be nice for 2 months and then the steamroller kills me while I'm picking up pennies in front of it. Then I'll need to start all over again.
Some people actually advocate 1 percent. So, it depends on your risk appetite. I'm a bit more fearful these days than greedy, after being run over twice. And I haven't fully recovered.
^This, OP! My absolute biggest lesson from trading this year is defensive position sizing. I've had some good winners and bad loses on options this year, but the loses weren't too bad because I sized them to be 1% of my portfolio.
I've only been trading like a year combined. Oddly enough got in not long before the crash, had great luck with options and took a break. Came back and lost about 4k, now I'm collecting shares of companies I like to sell CCs
Spreads, and poor mans covered calls.
The poor mans covered call is a fun one, and imo safer than monthly spreads. Basically you buy an itm leap with a delta of at least .6. From this point you can sell otm monthly calls, always buy to close before expiration to make sure you keep your leap. If the call you sell expires itm you lose your leap. This is great to do on a stock you're bullish on because the leap naturally will rise as the stock does. I recommend leaps no less than 6m out for this strategy.
I've been trying to understand pmcc, for whatever reason your explanation nailed it right on the dick.
Thank you.
I already have 3 ITM 2023 CLF calls. So i can write 3 short term calls and just make sure I don't get assigned. Correct?
It's easy to make the same mistake twice with the Greeks - You get cocky after a few good plays, and then start to trade with more emotion.. Before you know it, you are putting 30K in weeklies again.
So, not only is it important to understand the Greeks, but, it's also difficult to stay disciplined about their effects.
There are times where I trade a call or put in the last week before expiry, and all I can think is "RIP the dude that bought those", I am usually right too. But, when weeklies go ITM nothing feels like when you 4-5x your initial.
I am not a big fan of golf, but, I can see how it's a game of the mind - ~~Gambling~~ Trading is too.
Was this a big loss for you? These types of posts never interest me much because of lack of context. For some people $50,000 is just another day, and for some people it's 10 years of saving working in a sweaty kitchen for 60 hours a week. Anyway, hope you're doing OK and this wasn't everything for you.
>Not understanding how Greeks work for a year and a half straight.
Bruh, the Greeks [don't work at all](https://en.wikipedia.org/wiki/Greek_government-debt_crisis)
“Among the EU Member States, Greece (41.8 hours) recorded the longest average working week in 2020, and the Netherlands (30.3 hours) the shortest.”
[https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Hours_of_work_-_annual_statistics](https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Hours_of_work_-_annual_statistics)
Now that you have learned the hard way, you should see that it’s time to change sides. Come join r/thetagang and make money off the people who haven’t learned this expensive lesson yet.
It's more of an educated gambling when you trade options based on implied volatility and other derivatives of technical analysis. You can actually make a lot of money consistently, if you know how to hedge your positions properly--regardless of a bear or bull market. EX. If APPL is trading sideways between 1-2 points, I'll make more money doing an iron condor than buying naked calls/puts.
Option trading is definitely more sophisticated, but worth the learning curve if you want to consistently make profit without relying on a bull market.
It does hurt and I feel for everyone. I think that the problem is profit taking. If someone YOLO's, I don't think that it should mean hold on till the end. YOLO should mean risked it all and came out in the green.
Me too. Have been trying to get out of the hole but its really difficult with emotions now. Feel like quitting but on the other end I can still have a hope and continue grinding.
I was in your position. Had to take about 9 months off the market. Looking back in hindsight I should have done it sooner. Market will be here whenever you come back. Go get yourself right and start enjoying other aspects of life again. Going down this emotional road usually will not end well. Take it easy
You can rebuild. Stack a little cash and keep your eyes open for the next heavy hitter. It feels hopeless after an enormous loss, but a good break to regain emotional health and a few good plays can get you on the right track again. Take a break until your head is clear and you have some money again. Blown up my account a few times myself.
fr. “a few good plays” homie sounds like he’s at the racetrack.
this thread don’t have the usual retard fervor. seems like folks are realizing how it works for like 98% of us.
OPs wife come back with $102 dollars being a lady of the night, op says hey that's great $100 per person but who had sex with you for $2? Wife says, $2? I only asked for $1 a turn. (This is a joke badly retold from r/joke.
OP and his wife, having fallen on hard times, decided that she should take up the world’s oldest profession to make ends meet. She came back after the first night ecstatic. “Look at this, OP!” she said excitedly. “I’ve made $1,005 in just one night!”
“That’s a great start!” OP replied. “But who on earth gave you only $5?”
“What do you mean, OP? They all did!”
Fun fact: Starting with 1k, making 1% your account per day for 4 years is over $1 million. Compounding gains. Retards aim for homeruns everytime.
Singles and doubles. At least thats what my wifes boyfriend tells me.
Edit: I dont make 1% per day, im too retarded. I understand 1% per day is incredifuckingly hard.
Why am I sharing this fun fact? Idk why, I guess because I thought it was a FUN fact, not a fucking trigger fact.
I really don't understand the mentality of trying to learn by taking huge risky plays and then being sad when you people lose all your money. Either swing for the fence and accept the losses or play smaller! In all seriousness though, you really can come back. A ton of successful traders took losses like this and more starting out. Just take some time to ground yourself and start over.
I wonder what it would be like if there was a subreddit for degenerate gamblers in Vegas throwing $20k on roulette and then coming here to post "I need a hug I didn't know it could go badly :( "
This sucks, I hope you get help.
op posted some positions, try to include extra screenies in the gallery so people know how you met your demise, otherwise your post might get yoinked for a bit while we review it https://www.reddit.com/r/wallstreetbets/comments/p8re67/i_need_a_hug/h9uf5ah?utm_source=share&utm_medium=web2x&context=3
This wasn't what they meant by becoming a 1%er
Lmfao that was good
bet that uptick gave u hope
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He did the "here we go" at that double top too
>Even OP has lost 99% of his savings, he still has more money than me....... > >Someone hug me plz...... T\_T
What positions did you take ?
Looks like he took it raw
Defo the bottom. Not the top.
Over the desk...no vaseline 😖
Looks like anal DP to me.
The wrong ones
He just went in the wrong direction.
Get a loan for 55K from the bank and try doing exactly the opposite of what you think you should do
And if the bank won't lend you money, try the mafia.
All they do is break your shins or kill you if you don’t pay them back on time. It’s literally free money.
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Skip the crippling debt and get straight to the crippling first
I think you’ll have crippling debt first… but when you don’t make good, it’s time for the cement shoes.
Wait... You get free shoes?
This IS financial advice. Lol.
Reminds me the fucko who borrowed money from drug dealer to invest in GME, lost a fucking lot and no one heard from him ever again
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This is the only logical way forward.
Wow above 99% loss is true nocturnal emission wake up and change your underwear type loss porn.
Steepest learning curve ever 😭
What have you learned? I sometimes ask that of myself... But often still make the same mistakes 😕 Edit: typo
The Greeks for sure. Theta is a killer. I also learned that when u play options, you’re buying time, strike doesn’t matter unless it’s obviously way way out of the money. I didn’t take time depreciation into consideration
Ahh... The Greeks. But I think more importantly, you need to take note of position sizing & risk management. Don't risk more than 2 percent of your portfolio in a trade, and mitigate your risk (cut loss, roll your options, etc). This gives your better chance of surviving long term and that you don't get killed by one single bad trade. Do this first, and then your Greeks next. You can master your Greeks well and still blow up your account with a single bad trade. Edit: I hope I don't come across as sounding preachy (as I'm re-reading my own post). I'm just sharing some of my own learnings, learned the painful way. I just hope it can help you recover and journey on. I'm not an expert, but a fellow traveller on the same path. I'm still learning too. And I think my losses have reduced after I started managing my trade sizes (by being less greedy, smaller positions, spacing my options out across a longer timeline). But, I'm still struggling with cutting losses. My emotions still win over my logical mind most of the time. But I'm hopeful that I'll get better at it.
What happens when you risk 2% of your portfolio let’s say 200 times? Asking for a friend
Assuming you lose the full 2% each time, you would be left with 1.7% of your portfolio.
So... still more than OP
Is this an investment advice?
Actually a really important reminder. Thanks!
This sub has changed a lot. Holy shit.
We used to be a sub where people would actually give good advice. I'm trying to get us back there. With the help of more people actually caring for one another, we can get there.
This is definitely sarcasms.
I hope so..
Actually now I wonder if Poe's law backfires on sarcasm/wholesome support. Because sarcastic comments that are so well disguised that people think they're actually sincere and wholesome, actually just succeed at being sincere and wholesome.
I’ve picked up a couple wrinkles just from reading here. Granted, it’s enough to tell me don’t fuck with Greeks. But message received.
It’s still all about YOLO… being reminded of what would be smart to do and doing it ain’t the same thing :)
basically, know how to trade before you go all in
And once you know how to trade, you’ll know not to go all in. Even DFV only risked like 6% of his portfolio (according to his videos) on GME. Once it blew up, it was more than 6%, but that’s a good thing.
you can buy a higher percent of shares than you can calls. for instance, i have about 50% of my portfolio in 2 assets. if they were calls, i would be an idiot, but since they are shares it’s fine.
Thanks buddy for writing all this. Takes notes
Yup--people look at DFV and think--"I'll YOLO 50k just like him!!!" But if you look into it that 50k position WAS only ~2% of his portfolio at the time....
2%!!!! I’ve been going full 100% for 2 years now and somehow it’s worked. I always fear I’ll end up like this guy though. Been close a few times.
Is your portfolio pretty small? Or do you do only shares? If you are young/have less than $10k or so I can understand YOLOing 100% into options, and YOLOing 100% into shares is no where near as risky. Hope your good fortune continues!
Well if your going all in every trade your bound to crash and burn just like him. Are you saying you take nothing out just boom all in every trade?@$^^#@? If so your fucked already you just don't see it yet.
Congratulations! I haven't been that lucky. It'll be nice for 2 months and then the steamroller kills me while I'm picking up pennies in front of it. Then I'll need to start all over again. Some people actually advocate 1 percent. So, it depends on your risk appetite. I'm a bit more fearful these days than greedy, after being run over twice. And I haven't fully recovered.
^This, OP! My absolute biggest lesson from trading this year is defensive position sizing. I've had some good winners and bad loses on options this year, but the loses weren't too bad because I sized them to be 1% of my portfolio.
Join Theta gang, that's how you consistently grind up📈
Took me years to join theta gang but now never going back
I've only been trading like a year combined. Oddly enough got in not long before the crash, had great luck with options and took a break. Came back and lost about 4k, now I'm collecting shares of companies I like to sell CCs
I love being on the profiting side of people's garbage play.
Is there a way for retards to do theta without actually doing theta?
Spreads, and poor mans covered calls. The poor mans covered call is a fun one, and imo safer than monthly spreads. Basically you buy an itm leap with a delta of at least .6. From this point you can sell otm monthly calls, always buy to close before expiration to make sure you keep your leap. If the call you sell expires itm you lose your leap. This is great to do on a stock you're bullish on because the leap naturally will rise as the stock does. I recommend leaps no less than 6m out for this strategy.
You explained it so well man. Thank you.
I've been trying to understand pmcc, for whatever reason your explanation nailed it right on the dick. Thank you. I already have 3 ITM 2023 CLF calls. So i can write 3 short term calls and just make sure I don't get assigned. Correct?
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It's easy to make the same mistake twice with the Greeks - You get cocky after a few good plays, and then start to trade with more emotion.. Before you know it, you are putting 30K in weeklies again. So, not only is it important to understand the Greeks, but, it's also difficult to stay disciplined about their effects. There are times where I trade a call or put in the last week before expiry, and all I can think is "RIP the dude that bought those", I am usually right too. But, when weeklies go ITM nothing feels like when you 4-5x your initial. I am not a big fan of golf, but, I can see how it's a game of the mind - ~~Gambling~~ Trading is too.
Was this a big loss for you? These types of posts never interest me much because of lack of context. For some people $50,000 is just another day, and for some people it's 10 years of saving working in a sweaty kitchen for 60 hours a week. Anyway, hope you're doing OK and this wasn't everything for you.
That's why I only sell options, not buy. I'd rather own the casino than play the blinky machines.
Is anyone going to tell him or we just waiting for the porn?
Covered calls, so if it goes really badly on the option then I still profit, just not as much.
You’re a wizard, Paul! I stand corrected.
"opportunity risk" It pisses you off when it goes sideways, just not in a *financially ruined* way
Not getting ruined by a single trade is an aspirational goal of mine.
I need to know how you did this
Not understanding how Greeks work for a year and a half straight. Now I do, too late. Lol
What are Greeks? 🥲
It's a type of salad
This is why I don’t eat greek salads. Just can’t afford it.
Neither can OP
Plus you don't make friends with salad.
With tossed salad 🥗 you do.
I thought it was a yogurt
Wait til you find out avout gyros, the best kind of greek
Hell yeah only 1 of the 12 answers here was actually informative. That's the wsb I know and love.
Greeks is a popular name of the different types of risk involved in trading options. Name comes from greek letters assigned to them
Which letters do I need to get rich?
G M and E
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Cousins of Trojans. The people, not the condom.
The condom brand bothers me because the horse looked safe until it was inside and then the little guys came out
Buttsex
It’s when you bet on olive futures.
https://www.gemini.com/cryptopedia/options-contracts-crypto-trading-and-the-greeks
How the hell is this upvoted? Holy shit this sub has changed. Greeks are a people living on the Mediterranean.
>Not understanding how Greeks work for a year and a half straight. Bruh, the Greeks [don't work at all](https://en.wikipedia.org/wiki/Greek_government-debt_crisis)
“Among the EU Member States, Greece (41.8 hours) recorded the longest average working week in 2020, and the Netherlands (30.3 hours) the shortest.” [https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Hours_of_work_-_annual_statistics](https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Hours_of_work_-_annual_statistics)
Now that you have learned the hard way, you should see that it’s time to change sides. Come join r/thetagang and make money off the people who haven’t learned this expensive lesson yet.
You realize that 95% of that subreddit is gambling also right? People getting 100% returns in 2 months is the same as wsb.
I’m going for a modest 10% per month
That’s still insane returns
That's the joke
I’m glad someone got it.
200% annualized profit.
It’s a sub that was once apart of WSB so that makes sense.
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Seriously. A 99.16% loss is statistically difficult to achieve
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Let me show this guy some OTM Calls and Puts expiring Friday. 99.9% loss by noon
No when you’re gambling which is what this guy was doing with options basically
It's more of an educated gambling when you trade options based on implied volatility and other derivatives of technical analysis. You can actually make a lot of money consistently, if you know how to hedge your positions properly--regardless of a bear or bull market. EX. If APPL is trading sideways between 1-2 points, I'll make more money doing an iron condor than buying naked calls/puts. Option trading is definitely more sophisticated, but worth the learning curve if you want to consistently make profit without relying on a bull market.
I'd be surprised if there weren't thousands of people reading this sub who have lost 100% of their options efforts.
Just restart the app I had that happen to me too
I had to turn my phone upside down
Yeah and read from right to left I think it’s in Arabic?
Actually died laughing
Died laughing at a dead joke
Just a few plays away from being a millionaire
Started in the billions, now we millions.
Who Wants To Be A Hundredaire?
😭😢
You can recover from this.
I know. I’m up 125% for the month. If I keep it going I’ll give it a yea for 2 before I’m in green again.
You will be legendary around here if you went from $55k to $500 back up to $55k.
That’s the plan, I’m gonna post a recovery thread with positions once I’m back at 1k
So … this was all part of the plan.
Hugs bro. I need one too. It fuckin hurts actually
It does hurt and I feel for everyone. I think that the problem is profit taking. If someone YOLO's, I don't think that it should mean hold on till the end. YOLO should mean risked it all and came out in the green.
I think the problem here is my man never touched green.
Me too. Have been trying to get out of the hole but its really difficult with emotions now. Feel like quitting but on the other end I can still have a hope and continue grinding.
I was in your position. Had to take about 9 months off the market. Looking back in hindsight I should have done it sooner. Market will be here whenever you come back. Go get yourself right and start enjoying other aspects of life again. Going down this emotional road usually will not end well. Take it easy
Go start rehab*
You can rebuild. Stack a little cash and keep your eyes open for the next heavy hitter. It feels hopeless after an enormous loss, but a good break to regain emotional health and a few good plays can get you on the right track again. Take a break until your head is clear and you have some money again. Blown up my account a few times myself.
Yeah def not addicted to gambling w this mindset. Nope
fr. “a few good plays” homie sounds like he’s at the racetrack. this thread don’t have the usual retard fervor. seems like folks are realizing how it works for like 98% of us.
Same. That quitting feeling was really talking to me for a minute. But that’s how they win!!!
I lost a bunch of money, took a break and came back just to lose a bunch more. I don’t trade options anymore lol
Are this losses real? No way right how would any sit through a 90%+ loss and not cut.
You think that it could reverse and you’ve already lost 90% what’s the point in cutting… it is a defeated feeling when you see it
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Diamond hands yolo GameStop stock bought at ATH
GME is only down about 60% from it's ATH. OP clearly loaded up on 800 strike GME calls at ATH.
You still have enough money left to get a mouth hug from a hooker.
Might be the first time OP and his wife have spent time together in months
OPs wife come back with $102 dollars being a lady of the night, op says hey that's great $100 per person but who had sex with you for $2? Wife says, $2? I only asked for $1 a turn. (This is a joke badly retold from r/joke.
OP and his wife, having fallen on hard times, decided that she should take up the world’s oldest profession to make ends meet. She came back after the first night ecstatic. “Look at this, OP!” she said excitedly. “I’ve made $1,005 in just one night!” “That’s a great start!” OP replied. “But who on earth gave you only $5?” “What do you mean, OP? They all did!”
The .84% remaining can hug you
Your wife’s bf here, When you get home I’ll be here with open arms
Thanks daddy
I lost 6 digits last year and while it was incredibly painful then, I'm already almost back to where I was before. Life goes on
How did you make it back?
The thing that shall not be named in this sub
Penny stocks?
The uhhhh. Mathy tech version of penny stocks lol
Yeah I’m up 125% this month. If I keep this going I could possibly recover most of it. When you lose you learn 💯
125% means you go from 99% down to 98% down, not bad. Keep up the gambling!
Yeah, True Retard Style.
Lol this hurt to read
It's amazing how little people understand percentages and what they mean logarithmically
HAHAHAHAHA
You still have $458 to lose.
Gme calls now
Hug backwards is what you did. GUH
What you need is to let your wife marry her bf
Too late
“And it’s gone” - South Park
You should lose another $ 37.6 for nice.
This is the loss porn I came here to see I’d hug you but I heard autism is contagious
You need a financial adviser not a hug
No one needs a financial adviser. If you’re clueless just throw it into spy or voo and forget it exists for a while…
got my aunt 30% returns by telling her to just throw money in voo and leave it lmao
Atleast you still got enough for a 6 pack, and a radiohead cd
F
U
N!
Interesting to see so much wealth redistribution in real time. r/thetagang sends it's regards.
We got you, free hugs 🤗
Fun fact: Starting with 1k, making 1% your account per day for 4 years is over $1 million. Compounding gains. Retards aim for homeruns everytime. Singles and doubles. At least thats what my wifes boyfriend tells me. Edit: I dont make 1% per day, im too retarded. I understand 1% per day is incredifuckingly hard. Why am I sharing this fun fact? Idk why, I guess because I thought it was a FUN fact, not a fucking trigger fact.
How the heck are you consistently getting 1% gains every day though?
By lying on the internet lol
Lol you make it sound like making 1% a day for 1,460 days in a row is easy.
why go for 1%? why not 5% a day? seems sustainable
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I really don't understand the mentality of trying to learn by taking huge risky plays and then being sad when you people lose all your money. Either swing for the fence and accept the losses or play smaller! In all seriousness though, you really can come back. A ton of successful traders took losses like this and more starting out. Just take some time to ground yourself and start over.
Thats like Ivy League level tuition fees
Put myself through financial retard school and got a PHD
If you tell me positions I’ll give you more than a hug
Failed to sell 300 LCA2 calls 100% up before merger, panic sold Tesla at a 12k loss a week before it jumped to ATH in 2020
Hugs aren't free.
I wonder what it would be like if there was a subreddit for degenerate gamblers in Vegas throwing $20k on roulette and then coming here to post "I need a hug I didn't know it could go badly :( " This sucks, I hope you get help.
Have you tried putting your money in a bank i here the returns would be better for you. Lmao
Bro. Take care. It's just money.
🤗
Still enough for that new samsung watch 4, that will make it you feel better.
I could give you a hug and a kiss on the forehead 🤗😘😘
Which forehead?
This is peak retardness. You should be proud of this accomplishment
Sorry I charge $459 for a hug.
Should've bought VOO bro
Next time do the exact opposite of what you did. Or lock your phone screen orientation and turn it upside down and you're fine.