How To Become A Millionaire Like Juice - Trading Options

They never tell you what you need to know.

7/21/2020 7:59:08 AM

There are so many negatives with the internet - too much information - but hopefully the positives outweigh the negs. I’d just like to thank YouTube for the countless videos that enabled me to do so many home and car repairs on my own just for starters.

Another great place with a wealth of information is Reddit. Anything from forums about building car models to guides to buy drugs on the Onion/TOR.

Where Juice is getting his info from is likely r/wallstreetbets which shows guys success and often failures as well. Probably the best story I read there was a guy (who showed proof) made around 1.4 million dumping options in a span of 5 days. The next week didn’t go so great and he lost about 600k but was smart enough to walk away and pocketed around 800k. This is not the norm. There was a national article about some poor bastard that tried this and woke up one morning to a negative balance. Can’t remember what it was but it was something like 400-700k. He quickly ended his life over it.

Another great forum there is trading Bitcoin. This guy (showed proof) that he made 180k in 6 months of trading Bitcoin. He was actually nice enough to have a long conversation with me and I realized this guy was working at this 8-10 hours a day usually 6 days a week. This was a full time job that spanned the entire day. He would log in to buy and log in to sell several times a day over the course of the entire 24 hours. This was not a side hustle.

Quick ways to get rich usually are also quick ways to lose your life savings as well. Heck I’d love to do it/try it but I guess I’m dumb or don’t have enough time to devote to something like this.

If I was a single guy living in my moms basement with no bills then I’d give it a shot, but now, I think my wife would be pretty mad if I said I lost 800k and now we are going to have to sell the house and move in with my parents.

Lol - stay safe out there - online and in-line at the grocery store.

13 comments

Latest

mark94

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4 years ago

It’s the social media effect. If something goes right, you brag about it on social media. If something goes wrong, you lie about it on social media. Gullible people read about how everyone else is succeeding and feel like losers.

twentyfive

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4 years ago

The fastest and best way to become a millionaire is to follow the Donald Trump Art of the Deal system. It’s simple and it goes like this.
Have your dad leave you a hundred million dollars than spend like crazy till you have a million dollars left.

jackslash

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4 years ago

I've gotten great returns from putting my dollars in strippers' thongs.

SanchoRG

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4 years ago

There are a lot of incredibly smart people on wallstreetbets despite their efforts to come across as crass. It's such a mix of good, solid smart information about trading options, and fucking terrible FOMOville, peer pressure energy watching all those insane gains and losses.

TheElmerFudd

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4 years ago

The guy that killed himself that OP mentioned died tragically because of his ignorance. I think he had two legs of a trade that was supposed to cancel each other out ie a big gain and a big loss netting out to a small loss. One leg of it the losing one cleared first, and he didn’t realize the other leg hadn’t cleared, and he mistakenly thought he lost a bunch of money, even though it was just a bookkeeping timing thing.

SanchoRG

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4 years ago

Lol yeah that's the worst part. Must have been his first spread he let expire? Definitely not a sophisticated trader. Sell spreads before expiry! Chasing that extra $0.01 per contract is like picking up pennies in front of a steamroller.

misterorange

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4 years ago

^^ Fuds
If he didn't even know that much, it just shows you that he was far less experienced and knowledgeable than one should be to trade options.

TheElmerFudd

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4 years ago

Yup he’s just a 20 year old kid who didn’t know any better.

orionsmith

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4 years ago

I saw a video on that this evening. Apparently he had a bull put spread on Amazon stock and the price closed between his spread which caused one leg to be debited to his account and his 16k account showed a negative cash balance of something like -750000 and he didn't realize on Monday morning the other leg would buy around 300 shares or option contracts, I forget which thus canceling out most of the losses making the loss maybe only 2k or so. Tragic that he committed suicide. I've learned options can limit risk or vastly expand it if you don't manage it. I can imagine the shock and horror if you saw minus $750000. I haven't done a bull put spread and did wonder what happens if the price closes between the spread. Now I know.

Cashman1234

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4 years ago

Trading options allows for making lots of money quickly - and losing lots of money quickly. If you are required to open a margin account to invest - I’m out.

Investing and gambling are very close cousins. Trading options on margin allows for loss of principal and then you could lose more to maintain your position.

As I remember - Hillary Clinton did quite well trading futures (which aren’t that different).

orionsmith

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4 years ago

A 16k account is too small to be selling puts on Amazon since if you had a put get exercised then he would have to buy 100 shares and 100 times the share price of say $2700. a share would be 270000. Apparently a spread contract limited risk with opposing legs but he didn't know what happens if the price closes between the spread. I thought at first he must have bought a lot of option contracts but only 3 puts on each leg could cause this on a 2700 share price stock.

orionsmith

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4 years ago

The videos I watched said most who gambled trying to get rich quick may have made money for a while, then they blew up their accounts.

Lots of interesting videos. One guy in his 20's built a 3 million real estate business then realized YouTube was generating more money and now spends 80% of his time making YouTube videos, 20% on real estate. His income stream from YouTube, 150k a month. He said he was in his 20's.

JuiceBox69

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4 years ago

He over paid for some bad pussy lol

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