Long time lurker, casual trader who never really made a lot of money off the stock market. Back in April some people in here were hyping up $ASTS, so I decided to say fuck it and I bought a bunch of $10 call options because they were quite literally dirt cheap and I didn't have much to lose.
Holy fucking shit, I wish I bought more.
It went up $20k in just the past two days. I have never seen this much money at once before in my life. Whoever the fuck was hyping up ASTS a few months ago, thank you. I'll buy you some Intel shares, my treat :)
Damn I should have heeded that advice. I bought at $20 on Wed and sold at $31 on Thur for a $300 50% profit. I was on cloud 9 and screenshot it.
I got greedy and bought back in with margin during pre-market hours at $31.22. It launched up only to crash to upper $20s. I considered cutting my losses but that would have flagged me as a Pattern Day Trader. Once I’m up just a little, I’m going to sell and never make hasty greedy trades again.
Or maybe set a stop-loss if you are willing to gamble a bit more. For like 40k. If you get a 10% loss, it's bad. If it goes up, go up with the loss-stop to 44k. Rinse and repeat until you sell. But losing the 4k is likely.
But then keep some of the winnings. Maybe another 4k. Also might invest some of the winnings in something less risky like a solid portfolio of stocks or an ETF if it should be invested for longer. And gamble on with some of the rest?
I wish I knew this, Im in crypto and started off with $1600. I would have over 30k if I sold every time I sent a screenshot to my friends or bragged to my girlfriend, But instead i’m back down to $1400. It’s a very shitty feeling and I don’t wish it on anyone. Gonna definitely start using that strategy, just need to get used to the feeling of letting go instead of chasing a few more X’s.
This hurts.... I did some hypothetical math and found if I had invested my life savings after highschool in Bitcoin it would be worth over 300 million today.
Kind of. In my case I knew what bitcoin was, mining it for fun would have been right up my alley at the time, it was popular in certain gaming groups I was a part of, and I had even held some at some point. I just... never got around to caring about it enough to keep any.
It's kind of like you buy a lottery ticket, lose it but remember the first three numbers. Then find out you would have matched at least the first three. Would you have gotten rich? Maybe, who knows. But you would have gotten something.
I was in county jail in 2010 and this dude (who I thought was nuts at the time) was telling me I HAD to buy bitcoin, it's the currency of the future, etc.
Didn't listen. It was like .003 per coin at the time.
He's now balling out in Austin, I've had him on Facebook since I got out of jail then. He had diamond hands. Sold some, still has a bunch.
I bought Bitcoin in 2012 as a joke. Someone posted a handwritten flyer for Bitcoin with a tagline about 'how you could claim financial freedom and revolutionize the entire monetary system". They even had a meet-up group at the bar down the street that no one attended. It was funny enough that I bought a bunch so I could brag to my friends about how I was a "bad girl with bitcoin/revolutionary/I decide what money now" type shit
I also bought a cursed item and some drugs on the dark web with it.
Unfortunately, I didn't understand anything about crypto (including but not limited to how keys work) so when I junked my laptop a year or so later, I threw away my financial freedom.
What sucked the most was when Bitcoin popped the first time in 2017 and everyone I knew started hitting me up asking if I was fucking rich now. I was like, "No but I'm still a bad girl. I think...".
Back in 2013 i had the chance to buy 100 bitcoin for 100 dollars, had no fkn clue what bitcoin was and said nah....couldve been 6 mil now. But hindsight is hindsight, i probably would have sold when the total gain hit 1000 or 1500 dollars.
That's the thing about Bitcoin, if you just would have gotten into it all like 5+ years ago you'd be doing good regardless. I'm kicking myself now because I thought about getting into Bitcoin in like 2010 and I was like I don't to waste like $100 on this stuff and I don't even know how to get it, plus that wouldn't even be enough to make me any real money. Then I thought about it again in 2014, but was like oh it just went from $1000 to $300 this year? It might be dead now, I'll look into later. Then next thing I know it's 2017 and it's 17k and I was like welp, I'm an idiot lol. Luckily, the next time I checked it was Jan 2019 and everything was at rock bottom and I finally got in. Definitely made a lot of mistakes along the way, but I can at least say I have more money than when I started.
Don't worry about it. 30k is a lot all at once but you can make that back. When we die we won't be thinking about money - keep what is important in life in mind
Dude, 100%. I'm in crypto too and if I sold every time I got some sort of physical feeling from the gains I would also... have money lol. It's such a weird phenomenon. I held at a loss for nearly a year and felt nothing, but at a certain point during the bull peak I would wake up every day with my portfolio being worth another few thousand dollars and it would actually make me feel kind of sick. Like this pit in my stomach feeling. The gains actually made me feel more nervous than the losses. I know now that was the cue to take profits. And like other people have said, if it's good enough to screen shot, it's good enough to sell.
Are you me?? I only had like $1k in DogeCoin in 2020 went up to like 20-30k bragged to wife and friends and stayed in. Did so much buying and selling low and playing with it. Basically went to even or made some money after that Saturday night live crap with Elon Musk. Haven’t looked at crypto since. Put a hole in my heart🥺
Yep, sell right away! I was in your position few times since 2020… now i dont have any of that 300k gain that i once saw in the app :/
Fuck my life could have been much better right now…
Frankly, no one ever went broke by taking profits. So, yes, that works, too. As someone already said. The market giveth and the market taketh away. Be wise!
Every one has their time and and it goes right back .
This is the 6th time i turned 2-6k worth into 220k. I withdrawn over 500k and put it in business where i took 150k lose 😳😭. On an avg it gave me 100k a year for trading every day with lot of pressure and dreamy days it doesnt make sense to keep staring at screen day and night for 100k a year.
This opening rally had nothing on yesterday when it spiked from ~$21. The dip back down below $30 later in the morning today was when I bought more personally. Also been holding since April, and they're about to launch their first bank of satellites.
Withdrawl, delete app. You can do a lot with this money. Down payment on a house, jumpstart your 401k, purchase a reliable vehicle etc. Gamblers fallacy is a curse. You won, now get out before its your turn to lose.
After taxes, this isn't even a honda civic... Nobody is getting a house without considerable amount down into escrow, cash, and an escalation clause...
So unless you have high interest debt..
I'd save the tax money, and 10k, then ride the rest into the ground.. because 28k is like groceries for a few weeks at best.. Lambo or wendys babay *
I paid $35.5k cash for my 2022 Honda CRV back in January 2022, when cars were really expensive. Probably still are, haven't looked.
My long time ride needed repairs 4 times what the car was worth. I had no choice. Maybe it's different because I paid cash, but I think you can get a reliable vehicle for $40k.
It's a meme that I am up 42% on. I don't have a large holding of it, but it's made money for me.
A bit late to jump on that ship now though. I got on when people were piling on about how bad it was because I knew it was worth more than it dropped to, sadly I missed the low by about 2$ a share and bought in sooner, but the rise started very quickly after that.
Don’t be a regard and take profits. You got lucky once and it won’t happen again. Set aside 20% of it for taxes, 10% to gamble with, and out the remaining 70% into a S&P500 or total market index fund.
I think OP already fucked around and found out, thus why he's not commenting any further. OP Just sell man, options aren't for diamond handing when you're already up 10x.
The most likely taxes would be the OP's marginal rate (determined by their other income), multiplied by the gain from selling, which would be approximately $40,000.
Assuming for illustration purposes only that OP makes $80,000 from income outside of this trade, OP would pay 22% on the first $20,525. The remaining $19,475 would fall in the 24% bracket. This example would result in $9,189.50 due in taxes.
ETA: This also assumes that OP is filling as single, and does not take into account any credits or deductions.
Pull it out and move into a few safe ETFs, use the dividends to fund future trades, you did this once you can do it again... oh wait this is WSB hold to the moon and ride it back down to -30%
Noob Question: are people still mostly using Robinhood? I took a few years off since the last time I was investing. I lost out on $48,000 a few years ago because while my money was tied up in AMC and DOGE, I got arrested during the peak and was unable to sell. By the time I got out of jail I sold all my stocks for only a $500 profit
They all give you easy access, they just make you "wink wink oh of course I have lots of experience wink wink". Like they arent even subtle about it. IBKR while setting up my profile had some drop down lists of what I make per year, and how much liquid cash I have. Some options that I confirmed, came back with an error saying "some financial fields do not qualify to have access to options", It then left me on that page basically begging you to change one of the drop downs to x instead of y.
Congratulations! Was it a particular post that motivated you, or just in general, people talking about $ASTS?
I've lurked on and off a few times around here, and I've been wanting to learn more. Is there like a weekly "hot future stocks" thing or anything like that around here?
Sell enough to recover your premium let the rest ride with house money, the market is just beginning to melt up. Don't listen to humpty dumpy mfs and their carry trade bs, recession fears bc they're dumb af and have no idea what they're talking about they're driven by vibes nothing factual.
I know a lot of people are saying Sell, but considering the launch is in the 1st two weeks of September (less than a month away), this is going to get more hype. I would sell just before launch, you MIGHT miss out on some Post Launch gains, but you will secure a guaranteed maximum profit. I think you got another $10K in you LoL.
Then put it aside and WAIT for Uncle Sam to come calling next year. After you do so you are more free from burden/obligation to do what you want with the rest.
This was yesterday. Sold today for just under 36k. Original investment a little under 3k. Now I have to leave this group and never look at ASTS again because if/when it goes higher up I’m gonna be pissed I sold😂
Seriously sell or sell half. I've done the same thing and regret not selling. By God whatever you do please get all that money away from Robinhood or in a safe place where you can't touch it. This is going to get to your head and you are going to want to tell everyone but don't. They will get jealous.
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u/VisualMod GPT-REEEE Aug 16 '24
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