/biz/ - Business & Finance

Hey /biz/

I'm getting JUSTed. At the peak, my portfolio was at 85k. Now it's worth just about 11k. And I have to sell.

I started a new job as a mortgage broker in the beginning of June. I quit my old job to work full time, but it's 100% commission I have not yet had one loan funded, a fair number of leads but nothing in commissions. I have three clients but they arent planning to buy for 1-3 months. Now my bank account has $2,900, and I've got $6,600 in debt to be paid in two weeks. So I have two weeks to decide when to sell, what do I do? It's mostly in BTC, with 2k in neo (was 20k at its peak fuck you china).

The plus side is I'm not actually in the red in my investments, but I've just made basically no money. Alternatively if anyone has any career advise for a mortgage broker (mortgage loan officer/originator) I'm all ears.

tl;dr
>broke in 14 days
>must sell crypto(btc/neo) to stay alive
>what do?

>PTN bag holders

>>393944
Covered Calls are a no brainer why they're good, I can explain if you want to know more.

For puts think of them like a limit buy that you can't easily terminate. You look at a stock and think to yourself, boy I'd like to own that stock. Now instead of putting in a limit buy which you can cancel at any time before execution you sell puts.

So you pick a price you are willing to buy the stock at, you search through the options chain to find a good deal at an acceptable strike. There is a bit of science and thinking to selecting which put you sell and at what price.

So you sell your put, collect your premium and wait. If the stock price goes up the option you sold becomes worth less and you can buy back the put and keep the difference. If the stock price stays the same the value of the put will decrease as expiration nears and you could buy it back at any time.

If the stock price goes down you may get assigned the stock and have to pay for the stock at the selected strike. Or you could buy back the more expensive put and take a minor loss depending on the movement of the stock.

Stocks rarely go to zero, but a 20% or 50% move or stranger does happen, it depends how well you know the company and understand its volatility. So only sell puts for stocks that you would be willing to own and would be happy that you got assigned the stock.