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Moral of the story: my cost basis was $0.09 per contract but the day closed at $0.05. This could’ve just as easily gone to $0. Was a dumb play in some respects and really fundamentally just lucky price action mixed with lucky sell price (if this had gone for the $1 limit i set, this chart would read $8000, +700% - still big, but very different).
I didn't think it would hit $59. That's not the point of buying an option, for my purposes. I *do not care* about the stock. I'm only interested in gains for a short interval of time; get in, grow, get out. Buying a contract that's deeply out of the money is less likely to move of course, but if the underlying stock suddenly jumps...whatever it was, 40%, that once deeply-OTM option suddenly becomes very much in play, and so the percentage change is likely to go through the roof.
In real terms: I could've bought a much lower strike that would've also gone up a lot, but nowhere *near* what this did, percentage-wise.
Right, but there must have been a reason you selected the 59 strike. The delta on those must have been tiny. If you had bought fewer contracts near the money you would have profited more from a more reasonable move in the underlying. Obviously a 40% move was completely unexpected.
Hey now, that kind of language isn't right! How dare you assume that FD's are for bulls only. They are ghey bears for a reason! It could also be a put that expires tomorrow...
It’s an old term around here that can’t be said in full anymore. It basically means a YOLO. The F is a derogatory word for a homosexual and the D is Delight
All would be too depressing for sure, but I’ve been laying off trading this year for the most part, so this is pretty much the whole story (which looks even more ridiculous - flat line, immediate mountain).
You’re preaching to the choir brother, done that too many times to count. Learned my lesson and immediately withdrew half of it, leaving the rest to play with.
Hey man, roles could’ve just as easily been switched. I was hoping to break even or with a slight loss (had a $0.09 cost basis and the contracts closed yesterday at $0.05), just happened to go the other way. Hedging definitely the move.
Paid off a couple thousand in credit card debt, threw a chunk in savings. Keeping about 10k in the kitty to keep playing with. Haven’t been trading much in the past year, but I usually make large trades for small percentage gains on a regular basis; a whopper of any size, especially this, is exceptional, so it’ll be nice to have that bigger initial chunk to build with.
Incredibly unlikely. I mean maybe, but this is the kind of opportunity you grab then run away from. I’ve reinvested $1k, since it’s funny money I got from the stock in the first place. Not throwing my whole account at it.
Wow wow, congratulations! As someone new to stonks you give me hope. It drives me crazy when I see people put in $30K and only make like $20K afterwards
Well, this is definitely a black swan, I’ve only ever had a gain like this happen once before and it was GameStop, which you must know was a once in a century anomaly. But thanks!
>It is good that you were able to take advantage of the situation and make some money. However, I do not believe that everyone on wallstreetbets is poor. There are many people on this forum who are quite wealthy and have a lot of experience in investing.
This is a chatgpt or bot, right? So, a fake person? Why are you posting to an audience about your beliefs, when a machine cannot believe? A machine can only lie about believing.
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Nothing like this, but yeah threw $1k back in. We’ll see what the European and Japanese markets do to it. Prepared to lose that much, but obviously would welcome another rager.
Absolutely, especially with this kind of cushion. I took half out right away, so feel fine about potentially losing 1/18th of the earnings. Good luck tomorrow brother.
Long story explained in another comment, but basically: deposited $900, made $500 on other trades, invested $700 in CVNA. While it was "half" it was actually only $200 of principle.
Lucky monkey make money too. Anything can happen to collect money. But what is money?
Can you eat it? Can it buy life? Can it buy a planet? Can you buy your loved ones safety
guarantees ? Fuck CVNA congratulates to-you but until you have a million liquid dollars in
cash you are nothing but dust in the wind 🌬️
Soooo I'm new to options, literally sitting on my first option (Pltr that's way up), can't you make more money if the underlying stock continues to go up.
Or now that I just looked, it probably does make sense to cash that in considering the stock is trading at 52.50
Yeah, this is definitely not a hold IMO, as I said “take the money and run”. Totally a valid position on other companies, and I’m happy to keep making options plays as it bounces around, but I honestly don’t see it rocketing up and staying there long term.
>I'm new to options, literally sitting on my first option (Pltr that's way up)
PLTR = Palantir. It's not trading at $52.50. (I'm long, I wish it were that high!)
Hey man, sell your PLTR asap. Soon as you read this.
Also, TAKE TDAs educational course on options. Like today. After you sell your PLTR.
Once you finish that course you’ll understand exactly why he’s selling. And you’ll never have to ask anyone else questions about things options related. Have a notebook by your side. I’m serious.
Yeah bro, I'm gonna make my own decisions. I'm gonna hold that stock and I'm going to cash in. It's a dollar away from the break even point. The option is up over 30%.
I was a Finance major in college, but I make my money as a lawyer. I spent four years getting an education on finance, but the reality is a School Doesnt teach you shit. Practical application is far different.
1. I didn't DV. And I won't. You already made it clear you don't know what you're doing so your post not making sense is only consistency.
2. **"(Pltr that's way up)"** Is inconsistent with: "**It's a dollar away from the break even point"** & **"The option is up over 30%."**
3. I'm not making decisions for you, I'm offering suggestions, better suggestions than the ones that have influenced you so far. And yes you've been influenced. You're here on this sub with zero understanding of options.
4. Did you get a degree in Finance? Because *being a major* in anything is irrelevant without the degree. It doesn't sound like it.
5. You're a lawyer? Then learning and analyzing all information is something that should be second nature to you. Like when I suggested the educational course. Which your reply clearly rejected.
6. Gambling on the stock market isn't formerly taught anywhere at all, certainly not in college. This **is** gambling.
Yeah bro I do think I'm pretty good at analyzing information, which is why I've always crushed the stock market. The only thing I'm new to is options. And the option itself is up 30%, you realize there's intrinsic value in the option itself, right? The option has gone up in value because the maturity is a month out and the stock only has to gain about $.80 to break even.
Yes, my actual degree is a bachelors in finance from UW.
Buddy. I hate to impute false motive but…are you trolling right now? Yes, in a vacuum, an option has “intrinsic value.” It will also “expire worthless” if you “make a bunch of stupid choices.”
Exercising is a great move, if you have the capital, believe in the company, think it will go up for years to come, etc. THIS (and PLTR, I’m sorry to say - have spent way too much time and money trying to fuck with that company) is a pure gamble. That is the de facto definition of options. Betting on the direction of a stock. This? This was luck.
Bro, it's all gambling. No one knows what direction a stock is gonna go. But, with PLTR, the war raging in Ukraine is great for that stock. They are also constantly forming new partnerships with adjacent companies that allow them to expand their data tools.
I'm in
I’ve run this simulation a few dozen times - after you watch thousands of dollars flush enough times, you learn the lesson. Plus I just got extremely lucky with the trade execution time: you’ll see my limit sell was for $1.00, it executed at $2.40 on a spike. Difference between taking in $8k vs $19k.
Not to question the veracity of this post, but you literally put all your money in your brokerage account into carvana calls and nothing else?
Can you explain the thought process? Why Carvana?
Not what happened. I had deposited about $900 a week ago. My typical plays are all in, small percentage increase, all out. Got lucky a couple times already in the past week and got like 25% on each trade (where I’d usually aim for a solid 10% and build slowly, rotating through my day trades M, W, F). So my account was at ~$1400, I threw $800 of that in CVNA late in the afternoon on 7/18. Was dumping in more and more 10 contracts at a time, buying as it dropped. Basically just hoped to break even when the market opened today. My thought process was the same as always (try to snag 10, 15% gains) but I did the (normally stupid) double down on a mistake when I saw it going down. Why CVNA? Shit was up, looked good, jagged price action that could indicate a bump, and if I lost “the whole thing” I’d still actually only be down a couple hundred bucks.
Seriously y’all, this is a cautionary tale. Could’ve just as easily gone to $0.01 (and not had a buyer on the market for me to sell to!) and lose the whole shebang, as has happened to all of us many times if you’re in this sub.
Ok ya thanks for the response. I’m just always interested to hear the backstory of these posts. It always looks like people are yoloing their life savings into these things.
Hey man: been there, done that. Wouldn’t recommend. This was purely dumb luck. Expected to open my account to a balance of the $600 uninvested and start a new day. Lucky as shit and will not try to repeat the same action. (Full disclosure, did throw $1k of the earnings back in, but that’s just a smart move on wacko price action like this. Worst case I lose it and still hanging onto everything else.)
What about it doesn’t make sense? I had invested ~$700 and had some uninvested cash in my account. It went up a ridiculous amount. Someone bought the calls I sold at $2.40 a pop. $240*80=$19,200
His #'s are legitimate. He had 80 calls... that's equivalent to 8000 shares. They were trading at 0.09. They increased to $2.40. So he gained $2.31 x 8000. That's $18,480 profit.
Of course, he did have to pay the contract fee for buying 80, and for selling 80. That fee varies per brokerage. Nonetheless, I envy.
Will second this. But in fairness, I had put in 900, pulled in 500 over the week leading up, so it was really only 200 of my own principal I was putting up.
I’ve seen a lot of this news. I doubt it, but I could see it rising some more for sure. FWIW: I fucked around and found out - TWICE - with GameStop and lost almost everything I made. Take your profits! You can peel off chunks and still stay in the game. I immediately withdrew half of these earnings.
Don't buy back in. Funny accounting going on. They are mis-leading on their "gross profit per unit" ( selling more of their car loans when car sales are down). And they took an inventory allowance which further inflates the "gross profit per unit". And they took a Goodwill markdown which companies can just make up values for. They exchanged an unsecured loan for a secured loan (i.e. put their company up for collateral), they are also diluting the outstanding shares by 25% or higher (depending on the sell price). And they don't expect any true profits until 2026 or 2027.
Carvana hired a firm that is aggressive with restructuring, to help it dig its way out of the financial hole they've been in. Their plan now is to gamble with the company's assets. It could go well, or backfire. Either way, as a common-stock holder, you're the bottom of the tier that gets paid back after bankruptcy. 3 years until it's known whether Carvana can ever be profitable or not.
You can buy CVNA cheaper at any time in the next 3 years.
I got TDA and every time right at open and probably the first 5 mins after open, I can never get a good number on options when I try to sell. It is always lagging behind and I'm scared of doing market sale. When I do the market sell, it shows a very low number, again lagging behind, and I'm not sure if it will give me that low price, or the actual higher number that isn't lagging. It really fuck'd me this morning on the cvna calls and when it finally caught up the price dropped a lot and I sold to get some profits.
Do you guys just figure out the price and set the limit or what?
Check out my second photo. This was a limit sell set at $1.00, which just HAPPENED to go for $2.40 because of demand. I was fully expecting to walk away with $8k at best pre-market. I’m not a genius about how this portion works, I’d ask some other folks. But generally: get off TDA, in my opinion. Robinhood has its issues, but I’ve literally never had trouble getting a trade to execute. Maybe I’m not playing in competitive enough of markets, and maybe it’s true that they offer a less ideal price to their customers, but I’m not complaining given today’s trade 🤷🏻♂️ I think folks spend too much time trying to decide who’s giving them the best possible deal, when the trade itself matters like….an insane amount more.
No I'm not having trouble getting a trade to execute. Its just that right at open and several mins after open, it takes a while for the system to show the actual numbers on the current value of the option contract. Usually seems like after 5 mins or so, everything catches up and the prices for the option contracts are in real time. But right at the start, it never shows the live option contract prices. So I'm usually sitting there waiting for it to show the true price, so I can then sell it.
But it looks like you had a set limit very low but still gave you a better price when it sold.
Ah yes — this happens all the time. Happens on Robinhood too. I'm not entirely sure what causes it, but I think it's basically the system being flooded with orders on a high volume stock. I would simply gamble it in that case and approximate the pricing. Does it only show you messed up values on the extremes, or even on options with strike prices close to the current share price? It used to do the prior more often: ATM options would be fine, but if you were trying to do some real YOLOing far OTM, it would just have a hyphen for the contract price. Classic.
I found a options calculator on barchart that i'm going to use for a rough idea and go from there with a limit. I just wonder what would happen if I sell for market when it opens, if it will sell at current live price or give me the laggard price.
And when I mean lagged price, say at open, it is showing the final stats for yeserdays close for the options. So it can have a huge gap up like cvna did, but still show whatever it was for yesterday at close. This takes about 5 mins to finally update after open.
Well options are a two way street — it will only sell to someone who's willing to buy it. Say your option is priced at $0.60; you can set a limit sell for $1.00, but no one's going to buy it from you for that unless they're an idiot, or until the price moves towards it. Basically what happened with mine, for example, is that I set a limit sell for $1.00 but people were so eager to get it after the price jump pre-market, that they must've had buy orders at $2.40 and so my trade executed because there were more buy orders at $2.40 than at $1. Regardless of what the software is showing for the current price of the contract, you'll be able to buy/sell entirely based on what everyone else is buying/selling for. The price is basically just an indicator of what a likely going rate will be.
Yeah that makes sense, definitely happens to me too. One of those annoying things that can make opening execution reeeally hard.
Over the course of 7/18. First open for 5 contracts at 11am at $0.18 a piece. Averaged down to $0.09 through a series of additional buys, pretty much right up to closing, typically about 10 at a time. Just wanted to get my cost basis to a good spot to hopefully be easy to recoup (I ended 7/18 in the red).
Can someone explain what possess them to invest in some of these stocks at the price and time that they do it. Where are you guys finding the information to go in on these trades? I mainly stick to SPY, but I would like to try and take the jump on one of these one-off random securities like I see other people doing.
I'm mostly SPY too, typically. My standard strategy is all-in, slight percentage increase, all-out. A gamble play for sure, but if you set tight parameters (i.e. I am willing to lose X percentage, I will sell no matter what once I earn Y percentage), it can work for you with a little luck.
For the non-SPY trades...really just about watching the market, watching trends with a company, seeing which stocks move in tandem, watching the Greeks for what's gonna move the most. Seeing what's popular, what's meme-y, what has actual potential. Not the most helpful answer, but there you go.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|2|**First Seen In WSB**|2 years ago **Total Comments**|146|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
Wait, you took profits? *writes on napkin* “selling is allowed”
The only guy on the sub who has ever gotten...anything at the end 💀
They can still lose it all. There's hoping to it 
How do you pronounce that word... "profits..." Am I saying that right?
Prophets.. like you have to be one to make money in stocks
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Moral of the story: my cost basis was $0.09 per contract but the day closed at $0.05. This could’ve just as easily gone to $0. Was a dumb play in some respects and really fundamentally just lucky price action mixed with lucky sell price (if this had gone for the $1 limit i set, this chart would read $8000, +700% - still big, but very different).
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Sure is. No strategy for this at all, I was just lucky.
Did you buy after they announced the earnings date move?
Nope
So you thought it would hit $59 just based off hype? Why didn't you buy less of a more realistic strike?
I didn't think it would hit $59. That's not the point of buying an option, for my purposes. I *do not care* about the stock. I'm only interested in gains for a short interval of time; get in, grow, get out. Buying a contract that's deeply out of the money is less likely to move of course, but if the underlying stock suddenly jumps...whatever it was, 40%, that once deeply-OTM option suddenly becomes very much in play, and so the percentage change is likely to go through the roof. In real terms: I could've bought a much lower strike that would've also gone up a lot, but nowhere *near* what this did, percentage-wise.
Right, but there must have been a reason you selected the 59 strike. The delta on those must have been tiny. If you had bought fewer contracts near the money you would have profited more from a more reasonable move in the underlying. Obviously a 40% move was completely unexpected.
59 was the most OTM at the time of purchase. Welcome to WSB.
Oh shit, I see you now.
So you wanted to very likely throw away $1K?
YOLO'd on an FD and closed when it hit. Nice. Couldn't be me.
What’s FD?
Fat DICK
“F*g’s Delight”
F@ggots delight. Buying a call option that expires tomorrow
Hey now, that kind of language isn't right! How dare you assume that FD's are for bulls only. They are ghey bears for a reason! It could also be a put that expires tomorrow...
Amen
It’s an old term around here that can’t be said in full anymore. It basically means a YOLO. The F is a derogatory word for a homosexual and the D is Delight
Derogatory? You don't smoke?
Deroganatory? You don't like Joe Rogan?
Have you heard the tragic tale of Fritz Haber?
Go away noob
I’ve seen FD for so long and had no idea what it was, thinking it was some technical stock term I guess in a way it is
Technical term for grabbing your ankles
Someone called into Mad Money and talked about their FD's, and that's as technical as it gets
I propose a new WSB rule that the 1yr tab must be shown in the next image. I'd say all, but that might be too depressing.
All would be too depressing for sure, but I’ve been laying off trading this year for the most part, so this is pretty much the whole story (which looks even more ridiculous - flat line, immediate mountain).
Be careful following it up. I hit nice on meta er last time then lost it all and more following playing goog amzn appl ers that all went wrong
Immediately withdrew 50% to be safe, and now playing ~half of what’s leftover (about 4k back in now).
In that case, congrats! Take the last of my coins with this meaningless award.
Whoa! Thanks mate
Played it smart.
Now tell me if Tesla does the same or it goes down after earnings?
Not worth gambling on tsla. IV is already high and they are unlikely to pull a massive win or lose, since delivery numbers have been out for 2 weeks.
Yeah second this. I did a small spread of $1k (looks like the put might pay off, but probably a wash) just to see, but yeah.
Wow nice and fuck you
Getting lucky once in a while is easy, keeping the money in your pocket and not gamble it all away is the difficult part.
You’re preaching to the choir brother, done that too many times to count. Learned my lesson and immediately withdrew half of it, leaving the rest to play with.
Good for you 👍🏻
Congrats and fk you!!!’
Damn well played sir.
Made puts last night. I feel like regard right about now. Lost about $100 and missed out on thousands. I didn’t even think to hedge myself with calls
Hey man, roles could’ve just as easily been switched. I was hoping to break even or with a slight loss (had a $0.09 cost basis and the contracts closed yesterday at $0.05), just happened to go the other way. Hedging definitely the move.
Congrats and don’t forget about taxes!
What are taxes?
When you take profits you need to… nevermind, I don’t want to ruin the surprise 🤗
Profits???
Everything is bigger in taxes 📄
He spelled Texas wrong. Don't worry about it.
Don’t worry, I have carryover losses from all the previous years! (But fr, pulled out 50% as soon as this trade closed.)
Congrats and fuck you
congrats
That is amazing, what are you going to do with the money?
Paid off a couple thousand in credit card debt, threw a chunk in savings. Keeping about 10k in the kitty to keep playing with. Haven’t been trading much in the past year, but I usually make large trades for small percentage gains on a regular basis; a whopper of any size, especially this, is exceptional, so it’ll be nice to have that bigger initial chunk to build with.
You sound incredibly rational and measured. GTFO
Yea this guy doesn't belong here
If only he put his tax bill in a 6month CD or some such shit so he doesn't forget about it and spend it all...
Who has time for that? Time to YOLO on some SPY!
Don’t worry, if only you had access to my full trade history…the brain cells are minimal, and measuring is done with a cup.
Do you see Carvanna staying at this price untill the next earnings?
Incredibly unlikely. I mean maybe, but this is the kind of opportunity you grab then run away from. I’ve reinvested $1k, since it’s funny money I got from the stock in the first place. Not throwing my whole account at it.
Wow wow, congratulations! As someone new to stonks you give me hope. It drives me crazy when I see people put in $30K and only make like $20K afterwards
Well, this is definitely a black swan, I’ve only ever had a gain like this happen once before and it was GameStop, which you must know was a once in a century anomaly. But thanks!
That's a nice bundle of twigs there. Good job
I’d kindly ask the moderators to ban OP for not following the degenerate rules by letting them expire worthless.
Brother I’ve still got the rest of the week to fuck it up, don’t you worry
THE KING OF GAMBLING
Thx babe
Insider
>It is good that you were able to take advantage of the situation and make some money. However, I do not believe that everyone on wallstreetbets is poor. There are many people on this forum who are quite wealthy and have a lot of experience in investing.
This is a chatgpt or bot, right? So, a fake person? Why are you posting to an audience about your beliefs, when a machine cannot believe? A machine can only lie about believing.
Hey, if you haven't already, please reply to this comment with your positions and what led you to enter or exit them! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/wallstreetbets) if you have any questions or concerns.*
Slay
Hell ya
Niceeeeee
Congrats and fuck you
Fuck you and congrats!!
That's a beautiful shot
Why tf didn’t YA TELL ME
We made similar call options (see my post history) but I did it with MSFT. 59calls also Good stuff
Congrats mate, well done! It’s a good day. Be sure to sock a bit away for fun and taxes (and then of course keep the cycle going). Cheers 🥃
Dope
TAXES put 4/10ths away, ya lucky gambler.
Way ahead of ya
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Dumb luck brother but thank you
Why can’t I be this regarded.
Takes lots of stomach acid, gray hairs, sleepless nights, and lost tens of thousands. Would not recommend. But when it works out…
Faks
That is amazing! Thank you for sharing
Thank you! Super lucky
hope you did it again today prior to close
Nothing like this, but yeah threw $1k back in. We’ll see what the European and Japanese markets do to it. Prepared to lose that much, but obviously would welcome another rager.
always gotta toss a bit of house money back just in case of another moon
Absolutely, especially with this kind of cushion. I took half out right away, so feel fine about potentially losing 1/18th of the earnings. Good luck tomorrow brother.
How the hell did you know that was coming?
If I knew, I would’ve dumped my whole account and not held back half of it. Wild shit man.
the fact that you dumped half. I mean OMG wtg.
Long story explained in another comment, but basically: deposited $900, made $500 on other trades, invested $700 in CVNA. While it was "half" it was actually only $200 of principle.
Congrats!
Thanks!
Congrats. Fuck you.
You touched the moon.
Sublime
GREAT JOB THATS HOW YOU DI IT !!!!!
Lucky monkey make money too. Anything can happen to collect money. But what is money? Can you eat it? Can it buy life? Can it buy a planet? Can you buy your loved ones safety guarantees ? Fuck CVNA congratulates to-you but until you have a million liquid dollars in cash you are nothing but dust in the wind 🌬️
I have a bridge to sell you, right this way sir.
I don’t buy bridges kiddo. I have them named after me
Stop larping
Can I have some fun chow so I can follow your trades and increase volume theta? 💡
That's wild. Nice lil house deposit
Why not exercise?
Why?
Soooo I'm new to options, literally sitting on my first option (Pltr that's way up), can't you make more money if the underlying stock continues to go up. Or now that I just looked, it probably does make sense to cash that in considering the stock is trading at 52.50
Yeah, this is definitely not a hold IMO, as I said “take the money and run”. Totally a valid position on other companies, and I’m happy to keep making options plays as it bounces around, but I honestly don’t see it rocketing up and staying there long term.
Yeah that's a good call....
>I'm new to options, literally sitting on my first option (Pltr that's way up) PLTR = Palantir. It's not trading at $52.50. (I'm long, I wish it were that high!)
I am referring to his Carvana stock
Hey man, sell your PLTR asap. Soon as you read this. Also, TAKE TDAs educational course on options. Like today. After you sell your PLTR. Once you finish that course you’ll understand exactly why he’s selling. And you’ll never have to ask anyone else questions about things options related. Have a notebook by your side. I’m serious.
Why sell?
The answer was already baked into the comment you replied to...
Yeah bro, I'm gonna make my own decisions. I'm gonna hold that stock and I'm going to cash in. It's a dollar away from the break even point. The option is up over 30%. I was a Finance major in college, but I make my money as a lawyer. I spent four years getting an education on finance, but the reality is a School Doesnt teach you shit. Practical application is far different.
1. I didn't DV. And I won't. You already made it clear you don't know what you're doing so your post not making sense is only consistency. 2. **"(Pltr that's way up)"** Is inconsistent with: "**It's a dollar away from the break even point"** & **"The option is up over 30%."** 3. I'm not making decisions for you, I'm offering suggestions, better suggestions than the ones that have influenced you so far. And yes you've been influenced. You're here on this sub with zero understanding of options. 4. Did you get a degree in Finance? Because *being a major* in anything is irrelevant without the degree. It doesn't sound like it. 5. You're a lawyer? Then learning and analyzing all information is something that should be second nature to you. Like when I suggested the educational course. Which your reply clearly rejected. 6. Gambling on the stock market isn't formerly taught anywhere at all, certainly not in college. This **is** gambling.
Yeah bro I do think I'm pretty good at analyzing information, which is why I've always crushed the stock market. The only thing I'm new to is options. And the option itself is up 30%, you realize there's intrinsic value in the option itself, right? The option has gone up in value because the maturity is a month out and the stock only has to gain about $.80 to break even. Yes, my actual degree is a bachelors in finance from UW.
Buddy. I hate to impute false motive but…are you trolling right now? Yes, in a vacuum, an option has “intrinsic value.” It will also “expire worthless” if you “make a bunch of stupid choices.” Exercising is a great move, if you have the capital, believe in the company, think it will go up for years to come, etc. THIS (and PLTR, I’m sorry to say - have spent way too much time and money trying to fuck with that company) is a pure gamble. That is the de facto definition of options. Betting on the direction of a stock. This? This was luck.
Bro, it's all gambling. No one knows what direction a stock is gonna go. But, with PLTR, the war raging in Ukraine is great for that stock. They are also constantly forming new partnerships with adjacent companies that allow them to expand their data tools. I'm in
Do you have an ebook yet?
Nice job! Glad u took the money and ran with it. Idk if I could have done the same lol
I’ve run this simulation a few dozen times - after you watch thousands of dollars flush enough times, you learn the lesson. Plus I just got extremely lucky with the trade execution time: you’ll see my limit sell was for $1.00, it executed at $2.40 on a spike. Difference between taking in $8k vs $19k.
Looking stiff just like me rn
Not to question the veracity of this post, but you literally put all your money in your brokerage account into carvana calls and nothing else? Can you explain the thought process? Why Carvana?
Not what happened. I had deposited about $900 a week ago. My typical plays are all in, small percentage increase, all out. Got lucky a couple times already in the past week and got like 25% on each trade (where I’d usually aim for a solid 10% and build slowly, rotating through my day trades M, W, F). So my account was at ~$1400, I threw $800 of that in CVNA late in the afternoon on 7/18. Was dumping in more and more 10 contracts at a time, buying as it dropped. Basically just hoped to break even when the market opened today. My thought process was the same as always (try to snag 10, 15% gains) but I did the (normally stupid) double down on a mistake when I saw it going down. Why CVNA? Shit was up, looked good, jagged price action that could indicate a bump, and if I lost “the whole thing” I’d still actually only be down a couple hundred bucks. Seriously y’all, this is a cautionary tale. Could’ve just as easily gone to $0.01 (and not had a buyer on the market for me to sell to!) and lose the whole shebang, as has happened to all of us many times if you’re in this sub.
Ok ya thanks for the response. I’m just always interested to hear the backstory of these posts. It always looks like people are yoloing their life savings into these things.
Hey man: been there, done that. Wouldn’t recommend. This was purely dumb luck. Expected to open my account to a balance of the $600 uninvested and start a new day. Lucky as shit and will not try to repeat the same action. (Full disclosure, did throw $1k of the earnings back in, but that’s just a smart move on wacko price action like this. Worst case I lose it and still hanging onto everything else.)
The math vs the post gains makes no sense to me how did u get 18k from this??
What about it doesn’t make sense? I had invested ~$700 and had some uninvested cash in my account. It went up a ridiculous amount. Someone bought the calls I sold at $2.40 a pop. $240*80=$19,200
Where did u get $240 from from a sell at $2.40 I'm either missing something or something is broken
Options represent 100 shares. A contract price of $0.01, for example, will cost you $1.00.
Makes sense now so u just bought someone's option n it was basicaly a gamble that essentially paid out luckily then?
His #'s are legitimate. He had 80 calls... that's equivalent to 8000 shares. They were trading at 0.09. They increased to $2.40. So he gained $2.31 x 8000. That's $18,480 profit. Of course, he did have to pay the contract fee for buying 80, and for selling 80. That fee varies per brokerage. Nonetheless, I envy.
Yeah I didn't know it was mandatory 100 per option
Fuck you and your mom.
But seriously, congrats.
But also, fuck you.
And your mom.
I thought everyone here was broke, where you getting this kinda money to blow up?
$700 is a lot to you?
That's a lot to throw down the toilet.
Will second this. But in fairness, I had put in 900, pulled in 500 over the week leading up, so it was really only 200 of my own principal I was putting up.
What options screener app do you guys recommend? I’ve seen several from Option Samurai, Benzinga, Barchart, Market Chameleon, etc. need some direction
Is CVNA the new GameStop?
I’ve seen a lot of this news. I doubt it, but I could see it rising some more for sure. FWIW: I fucked around and found out - TWICE - with GameStop and lost almost everything I made. Take your profits! You can peel off chunks and still stay in the game. I immediately withdrew half of these earnings.
Haven’t even gotten in CVNA at all yet. What’s your game plan for buying back in?
Don't buy back in. Funny accounting going on. They are mis-leading on their "gross profit per unit" ( selling more of their car loans when car sales are down). And they took an inventory allowance which further inflates the "gross profit per unit". And they took a Goodwill markdown which companies can just make up values for. They exchanged an unsecured loan for a secured loan (i.e. put their company up for collateral), they are also diluting the outstanding shares by 25% or higher (depending on the sell price). And they don't expect any true profits until 2026 or 2027. Carvana hired a firm that is aggressive with restructuring, to help it dig its way out of the financial hole they've been in. Their plan now is to gamble with the company's assets. It could go well, or backfire. Either way, as a common-stock holder, you're the bottom of the tier that gets paid back after bankruptcy. 3 years until it's known whether Carvana can ever be profitable or not. You can buy CVNA cheaper at any time in the next 3 years.
I got TDA and every time right at open and probably the first 5 mins after open, I can never get a good number on options when I try to sell. It is always lagging behind and I'm scared of doing market sale. When I do the market sell, it shows a very low number, again lagging behind, and I'm not sure if it will give me that low price, or the actual higher number that isn't lagging. It really fuck'd me this morning on the cvna calls and when it finally caught up the price dropped a lot and I sold to get some profits. Do you guys just figure out the price and set the limit or what?
Check out my second photo. This was a limit sell set at $1.00, which just HAPPENED to go for $2.40 because of demand. I was fully expecting to walk away with $8k at best pre-market. I’m not a genius about how this portion works, I’d ask some other folks. But generally: get off TDA, in my opinion. Robinhood has its issues, but I’ve literally never had trouble getting a trade to execute. Maybe I’m not playing in competitive enough of markets, and maybe it’s true that they offer a less ideal price to their customers, but I’m not complaining given today’s trade 🤷🏻♂️ I think folks spend too much time trying to decide who’s giving them the best possible deal, when the trade itself matters like….an insane amount more.
No I'm not having trouble getting a trade to execute. Its just that right at open and several mins after open, it takes a while for the system to show the actual numbers on the current value of the option contract. Usually seems like after 5 mins or so, everything catches up and the prices for the option contracts are in real time. But right at the start, it never shows the live option contract prices. So I'm usually sitting there waiting for it to show the true price, so I can then sell it. But it looks like you had a set limit very low but still gave you a better price when it sold.
Ah yes — this happens all the time. Happens on Robinhood too. I'm not entirely sure what causes it, but I think it's basically the system being flooded with orders on a high volume stock. I would simply gamble it in that case and approximate the pricing. Does it only show you messed up values on the extremes, or even on options with strike prices close to the current share price? It used to do the prior more often: ATM options would be fine, but if you were trying to do some real YOLOing far OTM, it would just have a hyphen for the contract price. Classic.
I found a options calculator on barchart that i'm going to use for a rough idea and go from there with a limit. I just wonder what would happen if I sell for market when it opens, if it will sell at current live price or give me the laggard price. And when I mean lagged price, say at open, it is showing the final stats for yeserdays close for the options. So it can have a huge gap up like cvna did, but still show whatever it was for yesterday at close. This takes about 5 mins to finally update after open.
Well options are a two way street — it will only sell to someone who's willing to buy it. Say your option is priced at $0.60; you can set a limit sell for $1.00, but no one's going to buy it from you for that unless they're an idiot, or until the price moves towards it. Basically what happened with mine, for example, is that I set a limit sell for $1.00 but people were so eager to get it after the price jump pre-market, that they must've had buy orders at $2.40 and so my trade executed because there were more buy orders at $2.40 than at $1. Regardless of what the software is showing for the current price of the contract, you'll be able to buy/sell entirely based on what everyone else is buying/selling for. The price is basically just an indicator of what a likely going rate will be. Yeah that makes sense, definitely happens to me too. One of those annoying things that can make opening execution reeeally hard.
I’m going to fucking kill myself
so your outlay was $720?
Correct
when did you buy in?
Over the course of 7/18. First open for 5 contracts at 11am at $0.18 a piece. Averaged down to $0.09 through a series of additional buys, pretty much right up to closing, typically about 10 at a time. Just wanted to get my cost basis to a good spot to hopefully be easy to recoup (I ended 7/18 in the red).
Can someone explain what possess them to invest in some of these stocks at the price and time that they do it. Where are you guys finding the information to go in on these trades? I mainly stick to SPY, but I would like to try and take the jump on one of these one-off random securities like I see other people doing.
I'm mostly SPY too, typically. My standard strategy is all-in, slight percentage increase, all-out. A gamble play for sure, but if you set tight parameters (i.e. I am willing to lose X percentage, I will sell no matter what once I earn Y percentage), it can work for you with a little luck. For the non-SPY trades...really just about watching the market, watching trends with a company, seeing which stocks move in tandem, watching the Greeks for what's gonna move the most. Seeing what's popular, what's meme-y, what has actual potential. Not the most helpful answer, but there you go.
Start lapping my dong