Long time lurker, first time poster (was hoping to never post loss porn here)
Reposting because I didn't include some of my trades and the original post got taken down. Would be impossible to post all of the trades that blew my account but here's a sample screenshot where I lost over $90k in one trade. Hopefully that's good enough for the mods.
Longer story:
I started trading April of last year with $200k in my taxable and $100k in IRA. I made great (lucky?) trades across a few tickers and hit $1M in my IRA and $2.3 million (at the very top in October) in my taxable.
I took a few more trades in October / November, ended up down to $380k or so in my IRA and $900k in my taxable. Decided to take out $500k finally because of my friend convincing me to stop.
Put everything in VOO and had $500k in my bank for a bit, but then wanted to make some trades. Made a couple of decent ones but then started playing around with options and 0dtes in February of this year. Started with small positions at first but the positions quickly became much larger.
Got absolutely tilted over the past few weeks and then just nuked my accounts bit a bit… and then by a lot. Thought I could make it back with some of the remaining cash I had and deposited that into Robinhood as well only to lose that too. Down to $28k in my IRA and about $25k in my taxable.
Feeling highly regarded. I basically had financial freedom if I just kept everything in indexes but no…. my retirement and life money are gone. The only bright side is that I paid my taxes and I still have an emergency fund.
Still in a bit of denial and hoping I can make the money back with more "disciplined" "trading"
Did you know it only takes 95 trades of compounding 5% and I can make everything back in a year?
TLDR: Started with $100k in my IRA last year and $200k in my taxable last year. Ran it up to $1M in IRA and $2M in taxable. Kept trading, chased some losses in SPY options (both puts and calls) and blew up my accounts. Down from around $800k across both at the beginning of this year to about $50k across both.
Lost hundreds of thousands in SPY options
byu/chasmicvoid inwallstreetbets
Posted by chasmicvoid
29 Comments
Did you try keeping the $3m instead of losing it
“Did you know it only takes 95 trades of compounding 5% and I can make everything back in a year?”
This is exactly why you lost it all
Ohh what I would give to make my salary for 0 work on SCHD dividends alone. Some people have it too good and fumble the bag anyways… Next time you make 3mil set aside 2mil and never touch it.
Nooo.
This is genuinely painful to see.
Welcome to WSB….but you can put the fries in the bag now
Man you got a problem with a capital P
Wow
25k isnt a terrible starting point at all. Im not even there yet. Youre still within the realm of great possibilities as you only need to double 6 times. Compare that to most who are sitting on a 5k account who need to double 11 times to get to the same place
3m to 50k? I hope a job at Wendy’s will get you back to the mountain top!
Don’t forget to say thank you to the guy who is crashing the world
> Long time lurker, first time poster (was hoping to never post loss porn here)
No wonder why you lost. If you posted your DD or YOLO’d first we be able to give feedback
Please tell me your next trade so I will reverse it, thank you kind regard 🙏
> Still in a bit of denial and hoping I can make the money back with more “disciplined” “trading”. Did you know it only takes 95 trades of compounding 5% and I can make everything back in a year?
#🤦🏻♂️
Any wash sales that you didn’t clear last year? A million tax bill with blown account would put you in the hall of fame on this sub.
Why not shares!!!
Holy fuck dude. You could have joined theta gang and lived happily ever after
fries in the bag bro
“Lost hundreds of thousands” is an interesting way to say “Lost a few million.
You’ll earn plenty of karma with this post.
You might want to check into mental health hospital
From Wendy’s franchise owner to swing shift frosty maker.
I don’t think you should trade anymore
Citadel thanks you for your donation
Some people are just never satisfied no matter how much they make. If i EVER make a million day trading i will take it out and only leave a small amount to play with again. Most people that gamble like this never think about trades in terms of risk-management and how much they will lose if they’re wrong. I take a position, saw $5k on 0dte, will automatically set a stop-loss of -20% and allow myself to lose that if I’m wrong.
On the bright side you still got 50k to loose
Imagine having that much capital and trading SPY instead of SPX
well look at the bright side if you can lose that much you must have a good enough job to make it all back.
Best thing you can do.. is to prioritise things that matter, that are actually in your control – health, family. It still can have a happy end.
Oh my god. My son what have you done? Stop trading and stop investing. Get a financial advisor and stipulate in the IPS to only stick with index etf. You should NOT be allowed to have access to a trading account.