last thing: the only thing you can control, truly, is your attitude and the effort you put forth. If you go all-in on whatever is important to you, great things will happen. Most people don't want to work. If you outwork them, you will meet all your goals.
Stock Markets
24,025,999 Views |
231616 Replies |
Last: 5 hrs ago by ProgN
Well done.
How old r u now and how long did you "sacrifice"?
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
$30,000 Millionaire said:
made major financial mistakes and got into debt, worked my way out of it and committed to learning how to manage my own money
Are you me? (Clearly not!)
I wonder how many of us identify with this statement and think we're better off having been through the experience, rather than having had it easy? I sure do.
This was me. Graduated HS in 2005 with no guidance or plan. Worked for a tow truck company for 3 years in my hometown before I took school serious. Working for $8/hr those years taught me a lot. Went to Blinn in 2008, graduated A&M in 2012. Took a sales job at $30,000 a year (no pun intended) and more student loan debt than I knew what to do with. Fast forward 10 years, no debt other than my dream home and a nice truck. Wife and 2 kids are taken care of so I'm happy.
Definitely ran that trashed account gauntlet last year with all those ****ty stocks we talked about so much here - the EBONs, DPWs, and yes even WWRs of the world.$30,000 Millionaire said:
Real talk part 2 and I want you all to take this to heart:
Every one of you can be a successful trader or investor if you suffer the losses (seriously) and put the time in to perfect the craft. There is no one way to trade. What all great traders do is:
- Manage risk
- Don't FOMO
- Take shots when the setup is right, even if it doesn't work out
- Learn from your mistakes
- Continuously reinvent yourself
- Know when not to trade
I am dead serious about the suffering losses part. It is part of the journey and I would argue the real journey is when you come back from soul crushing defeat. I've had losses so big I couldn't look at the market for 3 months. I'm sure there are some traders that didn't go through this. I'm not one of them. My greatest growth came after.
Off to a healthier start this year but still cutting teeth a bit. Just want to say thanks for sharing so much and showing us the way.
That said, took the day off to get the wife out of the house and missed out on that XSP play dangit. Not bitter at all, lol.
I feel like we need to have one of those panel discussion video things with everyone telling their story about how they became hood rich.
How many here grew up quasi poor with pressure to not leave their small Texas hometown only to go national/global and end up hood rich?
How many here grew up quasi poor with pressure to not leave their small Texas hometown only to go national/global and end up hood rich?
FYI I will be at the M&W game next weekend. Hope I don't see any of you yahoos!
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
I didn't grow up poor, i had everything i needed! I just made myself poor when i got out of the house and thought i could keep that lifestyle!
TecRecAg said:
This was me. Graduated HS in 2005 with no guidance or plan. Worked for a tow truck company for 3 years in my hometown before I took school serious. Working for $8/hr those years taught me a lot. Went to Blinn in 2008, graduated A&M in 2012. Took a sales job at $30,000 a year (no pun intended) and more student loan debt than I knew what to do with. Fast forward 10 years, no debt other than my dream home and a nice truck. Wife and 2 kids are taken care of so I'm happy.
We have some surface level similarities.
Graduated HS in 2006, came to A&M and didn't take it seriously until around 3 years in, racking up needless student debt in the process. Got my **** together and finally graduated in 2012, 6 years later and with considerable debt to pay off.
Applied and interviewed for a job for months, only getting close to a job once. I ended up taking a crappy door-to-door sales job in Houston out of desperation, and quit after six weeks.
Finally got a lucky break with a consultant gig (in an actual IT job), and finally got my foot in the door which led to my current career.
Was paid pretty poorly for a while and was living in NY with a HCOL, but was still able to save what I could and chip away at my debt.
Finally became debt-free in 2019, and have been able to focus solely on building a portfolio and saving for retirement since then.
Pretty happy with my progress in the past couple of years. Getting out of debt is like finally being able to fight with both hands rather than having one tied behind your back.
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
Point of clarification: i was mistaken...those xsp calls did not go 1500%, the best i got today was a couple 453s for .3 that closed/should settle at 1.59
Ha!Charismatic Megafauna said:
I didn't grow up poor, i had everything i needed! I just made myself poor when i got out of the house and thought i could keep that lifestyle!
I got the evil eye scolding if I dare say yes to cheese to my hunger buster for 25c extra when we we "went out to eat" about once a month. Dessert was only acceptable if banana splits were on 99c special, and our family of 4 would "split" one
500%!!!!
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
Hey I'm not complaining, just clarifying that i misspoke earlier!
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
The 4/8 458 spy calls i bought today are gonna be yuge though.
59 South said:
I feel like we need to have one of those panel discussion video things with everyone telling their story about how they became hood rich.
How many here grew up quasi poor with pressure to not leave their small Texas hometown only to go national/global and end up hood rich?
Let me get through this dang dinner party my wife is throwing tonight and I'll add to this story...MIssed the rocket today but dealing with work issues on trying to get some Lukoil Bonds settled this week and been tough but done.....Great job on this thread........Enjoy the weekend
Will get assigned on ACB and MARA. MARA at cost basis which is cool and ACB above cost basis.
Similar stories. Grew up lower middle class, both parents blue collar workers, no college degrees but taught me to work hard. Like 30K said, you can always out work people no matter how smart or privileged they are. Been working hard since I was 14, now 40 years old. No debt, other than mortgage with ~$800 to $1MM in equity. 5 kids and wife who likes to spend money. Trying to build "generational" wealth for all these kids. Happy Friday, boys.
nm
Noob question here but how do you know if you have been assigned stock? Do the shares just show up in your account? I trade on TD Ameritrade and have followed some of $30ks including the MARA and ACB puts.
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
I get an email on td. Last week was at 2am on Saturday morning and i freaked out worried that the long calls on my fly had not exercised to cover the short ones! (They had)
You can also check your transactions, but if a sold put was more than .01 itm you will be assigned
You can also check your transactions, but if a sold put was more than .01 itm you will be assigned
Charismatic Megafauna said:
Point of clarification: i was mistaken...those xsp calls did not go 1500%, the best i got today was a couple 453s for .3 that closed/should settle at 1.59
Can someone clarify on xsp? Can you let these run at close and not get assigned shares if ITM?
cash settled. No such thing as shares of XSP (or SPX, NDX, etc). Different story completely if you were holding an ETF option such as SPY. Those are equity settled.
Good man, and congrats on the sex. The "rhythm method" doesn't work FYI. I'm confident that BrokeAssAggie will be able to back me up.FTAG 2000 said:
That said, took the day off to get the wife out of the house and missed out on that XSP play dangit. Not bitter at all, lol.
BrokeAssAggie
Joined:
May 2, 2019
Posts:
18,391
How long do you want to ignore this user?
Rhythm method doesn't work at all
So great to hear this, I haven't been able to trade very seriously lately with the career change work, but it's been predominately loss so far. I appreciate all you do on this thread and hope one day I can buy you a beer or tea or some drink of your choice.$30,000 Millionaire said:
Real talk part 2 and I want you all to take this to heart:
Every one of you can be a successful trader or investor if you suffer the losses (seriously) and put the time in to perfect the craft. There is no one way to trade. What all great traders do is:
- Manage risk
- Don't FOMO
- Take shots when the setup is right, even if it doesn't work out
- Learn from your mistakes
- Continuously reinvent yourself
- Know when not to trade
I am dead serious about the suffering losses part. It is part of the journey and I would argue the real journey is when you come back from soul crushing defeat. I've had losses so big I couldn't look at the market for 3 months. I'm sure there are some traders that didn't go through this. I'm not one of them. My greatest growth came after.
slacker00 said:
cash settled. No such thing as shares of XSP (or SPX, NDX, etc). Different story completely if you were holding an ETF option such as SPY. Those are equity settled.
That's awesome. I've been in and out recently have seen yal trading it a lot. Do the prices move similar to SPY options?
Thanks. I guess this begs the question about the weird spreads when they are in the money.at the end of the day. Looking at the Apr 4 452C this morning, the B/A spread is 1.75/3.75. If one would have let this run til the end of the day, couldn't you have conceivable purchased somewhere in between at say 2.50 and then settled at 1.75 and taken a loss even though it should have likely been a nice win?slacker00 said:
cash settled. No such thing as shares of XSP (or SPX, NDX, etc). Different story completely if you were holding an ETF option such as SPY. Those are equity settled.
Mornun!
One of my favorite days of catch up on the board.
Great sharing and stories. If you don't want to run through a brick wall to work hard and succeed….I don't know what to tell you.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11
Proverbs 13:11
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
April 4 hasn't happened yet. They settle at expiration, or am i misunderstanding? Other fun thing about that wonky spread is you might not get a fill at 2.50, when the ask is 3.75 that's the cheapest price someone currently has a limit sell order open for, so you could place an order at 2.5 and be the unfilled bid until someone slaps your bid, puts in a market sell order, or it runs away from you
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,942
How long do you want to ignore this user?
AG
Mornin fj! You should have taken this week off to trade with us instead of last week. It was exciting! You can still share your personal journey of overcoming adversity from being born a poor black child to having 2 cars that are paid for and a couple hundred dollars in your pocket to spend on expiring otm options every friday
irish pete ag06 said:slacker00 said:
cash settled. No such thing as shares of XSP (or SPX, NDX, etc). Different story completely if you were holding an ETF option such as SPY. Those are equity settled.
That's awesome. I've been in and out recently have seen yal trading it a lot. Do the prices move similar to SPY options?
Yes they do. Blue line is spy 453C compared to XSP 453C.
Awesome. Just put a whopping 3 figures in an account to follow along and play some XSP.Ccutamu said:irish pete ag06 said:slacker00 said:
cash settled. No such thing as shares of XSP (or SPX, NDX, etc). Different story completely if you were holding an ETF option such as SPY. Those are equity settled.
That's awesome. I've been in and out recently have seen yal trading it a lot. Do the prices move similar to SPY options?
Yes they do. Blue line is spy 453C compared to XSP 453C.
Featured Stories
See All
33:54
9h ago
2.9k
Offense in Review feat. Stephen McGee: Texas A&M 26, BGSU 20
by Billy Liucci
38:22
10h ago
4.9k
Öhrström emerges as important piece to Texas A&M's offense
by Olin Buchanan
58:11
15h ago
4.5k
9:08
9h ago
860