IamNRE
Elite Member
- Aug 18, 2010
- 7,164
- 10,718
After playing the IM game for a decade +, I've decided to give this shit a break for now.
Its hella tough. There's very little control, you either rely on a social network that can ban your ass for breaking the tiniest of terms or just because its Tuesday and the soul-less noob working FB/Google etc. decided he'd fuck with ya shit just for kicks and giggles.
No, fuck this shit. Its not for me. I lost the passion for it years ago. I have been living off my meager savings and credit cards for a while now trying to get shit popping in IM, sadly nothing really took off.
So now I'm £40k in debt, no real source of income - my credit limit is almost maxed out and I gotz to dig myself out of this fucking hole ASAP.
=============
The new plan is to invest in the stock market. I've spent the last £10k I had and dumped it into 2 stonks. $AMC and $ATOS.
I originally was planing on buying deep ITM LEAPS and selling covered calls using the LEAPS as collateral.
Rant: I won't bother explaining what these terms mean, if you're too lazy to go to youtube and look them up, then fuck you. No offence. End of rant.
But I learned the hard way that selling covered calls using LEAPS isn't the best thing to do - the price of my LEAPS/shares went up, which meant my covered calls did too. Which meant I'd get assigned/called .... and I'd have to give up my leaps for a small profit, however my LEAPS expire in like 2 years, so I don't want to sell them off for chump change profits. So I exited those covered calls, which cost me $700. However now I don't need to worry about my LEAPS being sold off to cover my trades so my 2 $AMC LEAPS are worth $3k+ (bought for $1500). And may 50 $ATOS are worth around $10k (bought for roughly the same price). Still hodling -50 covered calls in $ATOS, I might let them expire worthless - only 20 days to go.
I literally have 0 experience other than the 1-2 trade I did earlier this year when $AMC & $GME was going ape shit. I was just a little bit late to that party and made a small lost trading them (not much though).
So its a learning process for me - I'll post links to the youtube channels I follow and have been learning from at the bottom.
=============
New plan is to keep the deep in the money LEAPS, but also buy ATM call debit spreads to earn a monthly income while I wait for my LEAPS to blow up.
I did a test debit spreads just to see how it works, made $90 on the $AMC.
I'll see what happens to $AMC if it keeps blowing up, then I'll ride the wave, otherwise I'll exit, take my profits and pay off a little bit of my debts and buy debit spreads in $ATOS with the rest. Found a juicy spread costing only $0.15 on a $1 spread. Meaning I risk $0.15 to make $1... and all the stonk has to do is stay in the Money.
=============
Youtube channels worth checking out:
https://www.youtube.com/channel/UCcmZHsuUt_DOzcgIcLd0Qnw
https://www.youtube.com/channel/UCZtTrFwjQoibMOdPHpQ9R9A
https://www.youtube.com/channel/UCfMiRVQJuTj3NpZZP1tKShQ
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I am trading using TastyWorks ( as the best platforms are in the US, and people outside of the US don't have access to them). So that's the one I recommend.
Warning: This is not financial advice, just here to inspire others that might be stuck and wondering what to do next. Learn something new from scratch and try again.
Its hella tough. There's very little control, you either rely on a social network that can ban your ass for breaking the tiniest of terms or just because its Tuesday and the soul-less noob working FB/Google etc. decided he'd fuck with ya shit just for kicks and giggles.
No, fuck this shit. Its not for me. I lost the passion for it years ago. I have been living off my meager savings and credit cards for a while now trying to get shit popping in IM, sadly nothing really took off.
So now I'm £40k in debt, no real source of income - my credit limit is almost maxed out and I gotz to dig myself out of this fucking hole ASAP.
=============
The new plan is to invest in the stock market. I've spent the last £10k I had and dumped it into 2 stonks. $AMC and $ATOS.
I originally was planing on buying deep ITM LEAPS and selling covered calls using the LEAPS as collateral.
Rant: I won't bother explaining what these terms mean, if you're too lazy to go to youtube and look them up, then fuck you. No offence. End of rant.
But I learned the hard way that selling covered calls using LEAPS isn't the best thing to do - the price of my LEAPS/shares went up, which meant my covered calls did too. Which meant I'd get assigned/called .... and I'd have to give up my leaps for a small profit, however my LEAPS expire in like 2 years, so I don't want to sell them off for chump change profits. So I exited those covered calls, which cost me $700. However now I don't need to worry about my LEAPS being sold off to cover my trades so my 2 $AMC LEAPS are worth $3k+ (bought for $1500). And may 50 $ATOS are worth around $10k (bought for roughly the same price). Still hodling -50 covered calls in $ATOS, I might let them expire worthless - only 20 days to go.
I literally have 0 experience other than the 1-2 trade I did earlier this year when $AMC & $GME was going ape shit. I was just a little bit late to that party and made a small lost trading them (not much though).
So its a learning process for me - I'll post links to the youtube channels I follow and have been learning from at the bottom.
=============
New plan is to keep the deep in the money LEAPS, but also buy ATM call debit spreads to earn a monthly income while I wait for my LEAPS to blow up.
I did a test debit spreads just to see how it works, made $90 on the $AMC.
I'll see what happens to $AMC if it keeps blowing up, then I'll ride the wave, otherwise I'll exit, take my profits and pay off a little bit of my debts and buy debit spreads in $ATOS with the rest. Found a juicy spread costing only $0.15 on a $1 spread. Meaning I risk $0.15 to make $1... and all the stonk has to do is stay in the Money.
=============
Youtube channels worth checking out:
https://www.youtube.com/channel/UCcmZHsuUt_DOzcgIcLd0Qnw
https://www.youtube.com/channel/UCZtTrFwjQoibMOdPHpQ9R9A
https://www.youtube.com/channel/UCfMiRVQJuTj3NpZZP1tKShQ
======
I am trading using TastyWorks ( as the best platforms are in the US, and people outside of the US don't have access to them). So that's the one I recommend.
Warning: This is not financial advice, just here to inspire others that might be stuck and wondering what to do next. Learn something new from scratch and try again.
