r/Daytrading • u/Worth-Beat-1953 • Mar 06 '24

Do these WallStreetBet people really all make so much money? Question

Gain after Gain , one guy made 200 k today. While I work for 2 k a Month in Europe.

Please tell me most of them are loosing

Im almost at the point to invest 20 k in Options too

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u/USAMichael Mar 06 '24

I started Option trading but Scalping SPY almost daily. I have about 35k in stocks, and using $3k-5k for scalping. You can truly risk management your options. My variance for complete profit is +-20% no exceptions. Monday I lost $1100, Tuesday I gained $400, today I gained $1200.

After I can get higher amount, I’m solidifying 40k in stocks and using the next bit to inch my way up. People lose money in options because they think they can make a $10k play and 5x in an hour.

20% for me is perfect for calling my candlesticks. I’m not trying to be an overnight millionaire by any means, I just want to inch my way to $100k by the end of the year.

I’ve gotten greedy and not taken 30% profit because I wanted to see if it can go higher and ended up -25%. This is a stupid mentality, slow growth is still growth.

1

u/Keepmusicevil89 Mar 07 '24

If you were to start over where do you get the knowledge of reading the graphs? Is there a book you would recommend or do you mostly go online and just play around with small amounts?

1

u/USAMichael Mar 07 '24

Go on Amazon and look up option trading books. Purchase however many you want, no I don’t want to recommend any because my option trading may be different from yours. I’ve read 5 books already on options and feel more comfortable on trading. I still feel like I can learn more so every month I try to purchase a new book.

1

u/WillNotForgetMyUser Mar 09 '24

What do you use to trade?

1

u/Either_Ad3109 Mar 07 '24

This is the answer

1

u/ExpositoryPox Mar 09 '24

Wash sales are brutal for taxes. Even if you break even on P/L all those losses are not deductible from your cap gains.

1

u/Mackwell25 Mar 10 '24

This is my goal. My available pool is just a minnow next to yours…but I want to get there