[NeverL8]

Originally Posted by NemesisX

I totally believe it’s possible to do this, but one thing gives me pause. The fact that he made it to $14M at one point and still kept up with these incredibly high risk investments leads me to believe that he’s possibly a bit of a loose cannon and may have a gambling problem.

I can’t think of any reasonable human being that turned $200k into $14M who would look at that and keep going.

If he’s indeed at $30M right now, then he’s catapulted himself into top 0.1% of households by net worth. Something like the top 160,000 households in America are ultra high net worth individuals with $30M+. He should stop and put all of his gains (less capital gains taxes) into SP500 ETFs/mutual funds immediately. Anything else would be foolish. He can play around with 10%.

He told me that he had a goal of reaching 60m...I’m guessing that’s why he kept going. I’m not sure if he reached it or lost most of it, haven’t asked. I’ve known the guy for the last 10 years and he’s always been a risk taker, put it all on the black type of a guy. I hope he stops at a point and be happy with the what he gained before a chance of loosing it all. He’s always been a good friend to me and I wish him luck.

[premier3is]

Originally Posted by NemesisX

Very nice! That’s a huge accomplishment tbat should be applauded. You can technically call yourself a “multi”-millionaire now in the strictest sense of the word.

I believe $2M in liquid net worth should put you in the top 3-5% of all Americans which is amazing.

One cannot overstate how important financial security/independence feels. $2M for most can fund a healthy upper middle class lifestyle in perpetuity while still leaving the entire principal intact.

Any thoughts on rewarding yourself with anything since you’ve reached that milestone?

It's nice, but if that's unrealized (not sure how that 2m is structured from that screenshot), then he's left with a nice tax liability once realized

So after tax 1.3(4)m or whatever it'll be may may seem like alot, but if you ask him he'll probably tell you it's really not a ton of money for this day and age (also depends on your age, debt owed, etc etc...).

[corn18]

Originally Posted by premier3is

It's nice, but if that's unrealized (not sure how that 2m is structured from that screenshot), then he's left with a nice tax liability once realized

So after tax 1.3(4)m or whatever it'll be may may seem like alot, but if you ask him he'll probably tell you it's really not a ton of money for this day and age (also depends on your age, debt owed, etc etc...).

If I withdrew everything and paid all taxes, it would be $1.3M. I have no debt, so this would be the sum total of all my savings:

[Rmtt]

Originally Posted by Littlebear

This is what I learned about small stocks today:
Last week I made a big purchase of BELFA when it had a nice price, but I did 'market order'. Don't do that with small stocks.
By the time my order was processed, the majority of my buy was made at a much higher price. Turns out, by dumping a large buy on a small stock, I moved the price myself.
With the nice rise in price, lots of other folks sold & I had an instant loss.

Murf

Don't feel bad. I've done it myself intentionally the first time, and accidentally a few times.

It doesn't bite you as hard in a stock with a lot of volume, but otherwise it will do just as you said.

[Rmtt]

Originally Posted by NemesisX

I totally believe it’s possible to do this, but one thing gives me pause. The fact that he made it to $14M at one point and still kept up with these incredibly high risk investments leads me to believe that he’s possibly a bit of a loose cannon and may have a gambling problem.

I can’t think of any reasonable human being that turned $200k into $14M who would look at that and keep going.

If he’s indeed at $30M right now, then he’s catapulted himself into top 0.1% of households by net worth. Something like the top 160,000 households in America are ultra high net worth individuals with $30M+. He should stop and put all of his gains (less capital gains taxes) into SP500 ETFs/mutual funds immediately. Anything else would be foolish. He can play around with 10%.

That's my plan. Make as much as I can, and put it in ETF's as I go. Last month I made a little over $17K. Once I get $10K above my day trader status, I look for a down day in the market to move into the long term funds.

Then I start all over. I don't need the money now, so I get to "fast track" my retirement while still having fun in the market.

[T5viggen]

Originally Posted by premier3is

It's nice, but if that's unrealized (not sure how that 2m is structured from that screenshot), then he's left with a nice tax liability once realized

So after tax 1.3(4)m or whatever it'll be may may seem like alot, but if you ask him he'll probably tell you it's really not a ton of money for this day and age (also depends on your age, debt owed, etc etc...).

Thinking about the same thing with the guy who turned 200k into 35mil. You don't do that by going long, you do that day trading. So most if not all of those gains are short term. He's looking at a 12.5-13 mil tax bill next season. Ouch! But still I'd take a 20 mil year after taxes ANY time.

My latest was accruing 100k shares of NAK at an average of $0.75/share over the last few months. Closed Friday at $1.30/share and still waiting on 2 more milestones the company needs.

[NemesisX]

Originally Posted by T5viggen

Thinking about the same thing with the guy who turned 200k into 35mil. You don't do that by going long, you do that day trading. So most if not all of those gains are short term. He's looking at a 12.5-13 mil tax bill next season. Ouch! But still I'd take a 20 mil year after taxes ANY time.

My latest was accruing 100k shares of NAK at an average of $0.75/share over the last few months. Closed Friday at $1.30/share and still waiting on 2 more milestones the company needs.

80% of people that day trade with $200k will turn $200k into $120k or $90k or $150k.

19.999% will turn $200k into $50k or $205k or $213k.

.0001% will turn $200k into $30M.

The probability of losing money overall day trading goes up the longer you engage in day trading. Makes sense.

Edit: Numbers were pulled out of my ass but the principle is true.

[Rmtt]

Originally Posted by NemesisX

80% of people that day trade with $200k will turn $200k into $120k or $90k or $150k.

19.999% will turn $200k into $50k or $205k or $213k.

.0001% will turn $200k into $30M.

The probability of losing money overall day trading goes up the longer you engage in day trading. Makes sense.

Edit: Numbers were pulled out of my ass but the principle is true.

Very true. People don't buy the dip.... they chase....they don't research...and then hold bags and freak out and sell for a loss.

Maybe if they looked at a chart and discovered a pattern...they would do better.

It's hard to find good ones, but when you do it's like an ATM for a few good swings until more people find out.

[Rmtt]

Plus I might add...patience is a virtue in this. People are too quick in looking for a fast buck!

[Jordan's World]

Should be an interesting week.

[Nuckle]

Originally Posted by Jordan's World

Should be an interesting week.

Man I am ready for the market to open just to see what happens this week!

[MisterF80M3]

Originally Posted by NemesisX

80% of people that day trade with $200k will turn $200k into $120k or $90k or $150k.

19.999% will turn $200k into $50k or $205k or $213k.

.0001% will turn $200k into $30M.

The probability of losing money overall day trading goes up the longer you engage in day trading. Makes sense.

Edit: Numbers were pulled out of my ass but the principle is true.

Day trading for sure has a much higher learning curve than someone investing and holding a stock long term.

However, I do know a lot of people that are passionate about day trading. They blew up their account a few times and eventually, they got a strategy that works and does it full time successfully.

[BimmerDimmer6]

My magic 8 ball says large caps will fall this week and pennies will likely rise.

[corn18]

I’ll bet you $1000 no one knows where the markets will end up on Friday.

[Rmtt]

Originally Posted by Nuckle

Man I am ready for the market to open just to see what happens this week!

So am I.

Xspa could see something released later in the week or first of next week. I seen where some guy actually applied for one of their positions, and then he posted the info out on the web about a few locations that were about to open aside from JFK.

And SEEL has a number of meetings and calls in the next two weeks that should be very interesting.

Also GENE looks very promising. Offering closed and anything at $2 or less is a good buy for a flip later as it could go to around $3 easily. Also The Bank of New York Mellon Corporation increased its stake in GENE. All signs show it's pretty much bottomed out and ready to go.

AYTU also looks like it may be nearing FDA Approval. If you get in there...do it early and don't be caught chasing. This was released on Saturday and a lot haven't seen it yet.

BRIEF-Zhejiang Orient Gene Biotech Says Unit's Covid-19 Rapid Test Cassette Receives Emergency Use Authorization From U.S. FDA

https://www.reuters.com/article/brie...-idUKP8N2D801K

[Masterplan]

what's everyones eyes on this week? Going to be all over the place!!

[premier3is]

Anyone playing any long deep out of the money calls on AAL? I'm talking like $20+ calls... They are dirty cheap, Jan 2021 20 call for 1.20. Cant determine if its worth the risk since I am not hedging the position, just going for a straight crap shoot lol.

[Bimmer Nerd]

Originally Posted by premier3is

Anyone playing any long deep out of the money calls on AAL? I'm talking like $20+ calls... They are dirty cheap, Jan 2021 20 call for 1.20. Cant determine if its worth the risk since I am not hedging the position, just going for a straight crap shoot lol.

It could be worth a shot. However, I'd wait till the end of the week, they're cheaper on red days.

[premier3is]

Originally Posted by Bimmer Nerd

It could be worth a shot. However, I'd wait till the end of the week, they're cheaper on red days.

Yup.. let's wait till end of week. For the price of a call, I think it's worth the gamble.

[BimmerDimmer6]

Originally Posted by Masterplan

what's everyones eyes on this week? Going to be all over the place!!

My eye is on my checking account. Buying a boat and gtfo of here.

[Rmtt]

Got into MARA at .73 yesterday. Pre-market it's sitting at .95.

Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the few Nasdaq listed cryptocurrency mining companies in the United States, today announced the purchase of an additional 1100 latest generation Bitmain S19 Pro Miners since last month.

Float is around 7.8 million.....PT is estimated at a little over $2.00. It's not a company you sit in. You get in, take your gains and go.

A similar one...but bigger is Riot. It's up 14+% in PM.

Both of these are "Bitcoin plays". When BTC runs....these run hard!

[Masterplan]

Originally Posted by BimmerDimmer6

My eye is on my checking account. Buying a boat and gtfo of here.

Ha! Dont blame you!

I've got some disposable cash Ive loaded to my account. I just don't know where to put it.