Be advised: this thread is not for serious in-depth discussion of weighty topics (we have a link for that), this thread is not for anything Culture War related. This thread is for Fun. You got jokes? Share 'em. You got silly questions? Ask 'em.
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So I've spent three weeks selling short dated covered calls for COIN and walked away with a whopping $250 I didn't have before. Doesn't sound like much, but so far the stock has never come within $50 of my strike price. If, and I understand it's a big if, I keep this up for a whole year, I'll have earned over a 10% return on underlying assets worth $25,000-ish.
The first week was nerve wracking. The second week less so, except for one day where the stock shot up $30 intra-day with $50 left to go to my strike price. But with 3 days left, I sincerely doubted it wouldn't pull back. It did. The third week as soon as I sold my covered call a judge issued a decision allowing an SEC lawsuit to move forward and the price of the option I sold immediately got cut in half.
The more of these I successfully sell, the more I feel I have a buffer to close my position at a loss if things start going badly. I'm more shocked that there are enough degenerate gamblers out there willing to throw a Benjamin at the off chance COIN shoots up 50% in 4 days.
We shall see when I receive my comeuppance.
Have you heard the phrase. Picking up pennies in front of a steam roller? You're much better off in an index fund if youre looking for 10% returns.
I have that too. This is not the only thing I'm up to. Not even the majority thing. Not even the majority of a minority thing. It's a minority of a minority of a minority of my investments. I'm trying it for fun.
I guess then it's worth assessing whether you're actually having fun or if its just the feeling of anxiety/thrill that you want, at which point you could get that by trying roller coasters, skydiving, or just normal gambling at a casino.
Back when I dipped my toe in day-trading cryptos I approximately broke even but it became evident to me that it wasn't a good kind of stress it induced and the attendant compulsion to keep checking the charts distracted from more enjoyable pursuits. Gardening, DIY projects, and futzing around with 3D printers and, more recently, AI media production have been overall more fulfilling to me.
Not that I judge what you do with your time and spare change.
It's less day trading and more week trading. Less gambling, and more selling the lottery tickets to gamblers.
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