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    I let this sub talk me into selling CCs on $INTC. Lost 8k and missed 200k in potential gains.

    Two years ago, when this sub was busy circle-jerking over the "700k Intel Grandma Guy" and posting memes, I fully shared the same vision as him and kept on buying the dip. I started buying at $36, kept adding at $30, and didn't stop until my average was $21. When it hit $19, I had over $100k USD on the line. It was almost my entire portfolio at the time. I was down over 10k at the time.

    How I got fooled: I made the mistake of reading the comments here. The regards convinced me that Intel was "dead money" and that I should sell Covered Calls to "recoup losses." I listened to you dumbasses and capped my upside at $23 and $24. Right after this, Trump got in and wanted to take a stake in the company. Unfortunately the $23 screenshots got lost in my sea of photos.

    Now surprise surprise it's well past $60

    Because I listened to redditors tell me Intel was a dinosaur, I got capped out of $200,000 in potential gains. I eventually paid a "stupid tax" to buy back those calls for a loss, and wanted to re-enter at a lower price to make back those losses, but the stock never dropped back down and has been on a bull run ever since.

    I guess the takeaway is that when the front page is full of people laughing at a bagholder, that is the generational bottom.

    Selling CCs is a poverty trap. If you have conviction, just buy the shares and sit on your hands. Diamonds hands or nothing.

    https://www.reddit.com/gallery/1sgrfyl

    Posted by av1d_lurker

    31 Comments

    5. jrico1234 on

      WSB shitting on your position is one of the most bullish signs out there. You played yourself.

    7. Kickboy21 on

      So if WSB retards told you to suck your own cock, you’d do it? Stop blaming others retard

    8. wa_2050 on

      Getting financial advice from “wallstreetbets” is like getting legal advice from fellow inmates in a jail.

    13. danfay222 on

      You’re not supposed to sell CC’s on stocks you believe will be going back up.

    14. Effective_Herone on

      Why don’t you learn to observe things for yourself, instead of blindly and naively trusting the decisions of others? I’ve been watching this stock for a long time, I bought in this month and made a killing.

    15. afishinacar on

      Most people are dumb and only react to the current stock price.. MSFT is the current meme. People will call it Microslop now because it dipped from 530 to 350.

      Then in a year after it bottoms at 300 or something and rips to 600, those very same people will say it was so obvious and anyone who didn’t buy at 300 was dumb.

      Robinhood’s median account balance is less than $300. Remember that when someone online confidently tells you you’re wrong, there’s a very strong possibility that guy doesn’t have enough money to pay for a meal at a nice restaurant.

    17. MattDinOC on

      Made up stat of the day: 70% of options contracts expire worthless. The other 30% are the ones that you (yes, you) write.

    18. AntiOriginalUsername on

      My brother in Christ why are you letting this sub talk you into anything.

    19. BertAnsink on

      You should really only sell CC’s on relatively stable stocks with low volatility. The premium is juicy for the high volatility stock but you end up with your shares being called away. I learned the same lessen as you with CC’s on nVidia when it was $150 prior to the last split.

      The same is true for buying options. Especially the tech space is very volatile because of the surge in options trading since inception of fee less brokerages like Robinhood. So really unless it is plain gambling you should leave them alone.

      Like I have a 10% Value at Risk limit (VaR) for my trading portfolio and I can basically reach that without the use of derivatives by simply getting into the hot stocks.

      Selling CC’s can make sense but only if you can manage the position. Ie when the calls you sold are going ITM and you just buy more shares to cover the gap for the ones that are about the be called away.

    27. timetopractice on

      If WSB is telling you to do something, do the opposite.

      My most down voted comments are when I know I’ve got a good idea

    28. skin_flute_player on

      Well the first problem is listening to this regarded sub. The second problem is thinking you’re going to make money.

    29. JoggingGod on

      If you can be talked out of your position I doubt you were as confident as you thought to begin with.

    31. Glittering-Area3293 on

      CCs are pretty much a bet your stock is cooked and you lock yourself into it, a purgatory lol. unless you sell weeklies

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