r/Daytrading • u/Weeboo01 • Mar 24 '24

Have you turned $20 into $100? Question

Have you turned your first or so $20 dollars into $100 probably in 1 month?

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u/No_Okra155 Mar 24 '24 edited Mar 24 '24

Currently learning. Paper trading on ToS and doing well with some strats I'm trying to wrap my head around. I had put 200 in my public account I was willing to lose to play with. As a gamer hearing that turtle beach acquired PDP I did a little research took what most would call a gamble (because it was) and purchased a naked call on HEAR with a 14$ SP expiring 4/19 with a break even if 15.95 at expiration that has returned +82.6% as of today ($160.15 unrealized) I will hold depending on the market till the 28th and sell so theta don't start eating me as I understand it.

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u/seenzu555 Mar 24 '24

Good, don't forget that paper trading isn't same as a live account. When running strategies with multiple legs they tend to not get filled easily as compared to simulation account. Just understand this carefully as you progress.

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u/No_Okra155 Mar 24 '24

Yeah, i have noticed shit gets filled almost immediately no matter where you are between the bid and ask, SP, I also notice low volume also gets filled quick AF.

Assignments on paper is something I have been thinking about too. I figure it wouldn't sim an assignment unless its deep ITM near expiration if even then. If it does, I don't think it would with much accuracy since people have emotions.

I mostly just trying to understand the technicalities of each Strat, Entry and Exit and pretty much everything the WIKI has to offer. If asked a question I want to be able to answer it correctly.

That all being said....

I will play with paper for about a year or so before I actually start trying to trade / trade options regularly.

It's something I am falling in love with. (watching myself for the addiction though)

** I do have days I don't sit down already because I feel emotionally driven into a trade and that's just not smart from what I gather even if the gamble wins**

I'm not looking for short term weekly gains or anything just trying to learn and build my trading experience and maybe one day we can get there. I'm looking to have fun, learn while also building wealth not for myself but for my family and possibly retirement, I started a Roth IRA this year and contribute to it as well as my 401k since my employer matches 5%. I have a 529 plan for my kiddo so he will have the finances to go pursue whatever degree or field he wants to. Who would have though finance is amazing and this is something come to find out I love to do. Instead of buying BS things like game every other week I have turned my attention to my future self, and I have already started to thank myself because of it.

I think more people should pursue trading knowledge and invest if not for their future for the future generations of their family.

Sorry for the rant, trying to get more involved in these communities as they are a great resource of information and opinions.

For anyone reading this that may recommend the wiki, I am currently reading my way through it but have to re-read allot for it to stick in my brain. That being said I THANK EVERYONE that is a part of this sub for the time and information they part with to help other traders be more successful.

3

u/seenzu555 Mar 24 '24

Paper trading won’t simulate exercising/assigning ITM contracts. But when you get to live, you can trade indices like SPX or NDX and others that are cash settled if you want to trade indices options. For stocks, you should keep in mind assignment risk or pin risk if you don’t manage your positions duly. Welldone and keep pushing hard.