Prepare for some serious trading FOMO, courtesy of Reddit’s “WallStreetBets” community.
If his detailed story is to be believed, the user, who identifies as “Mori226” on the popular social-media platform, has had a spectacular run during the coronavirus pandemic, and he walked his fellow traders on Reddit through every step of his journey.
“I cracked the 7-figure mark, and then some. I started with $35k in my ROTH IRA in late February/early March,” the trader wrote. He said he pulled out about $50,000 along the way.
Check out:All about the Roth IRA
Here’s what his nosebleed trading climb looks like charted:
How did he pull it off? Mori226 offered up some of the tips that worked best: Hold at least 50% in cash reserves at all times, don’t beat yourself up on bad trades, let the winners ride, never put more than 25% in any single position and learn to cut your losses, to name just a few.
“Try to stay disciplined. Learning to control. my emotions was key,” he said. “Losses don’t kill options traders, calculating your alternate universe net worth on your woulda-coulda-shouldas do.”
Mori226 went so far as to lay out each trade made during that stretch. Here are the biggest winners, led by huge profits betting on alternative-fuel vehicle maker Nikola Corp.
as well as on Amazon
The trader also took some lumps, particularly on bets against the S&P 500
And one last bit of wisdom to impart:
“Learning to get a sense of the current trend is the hardest part… Who is your best friend? The trend. Who gives you your giant pile of tendies [profits]? The trend,” he wrote, “Who buys your wife a new iMac pro? The trend. Never try to ‘outsmart’ the market. You’re going to lose you f*****g shirt.”
What do his buddies on “WallStreetBets” make of it all? The top comment pretty much summed up the outpouring of love, appreciation and unveiled envy: “Congrats! Now f*** off.”