/biz/ - Business & Finance

>>17500240
Forgot to mention, I sold the SPY at 21.60 per contract, and the VIXY at 5.50 per contract. This netted me about 155k, though if you account for cost of the contracts, it was about 110k total profit.
These were literally by first options ever. I had to apply for them just a week ago, the day before I bought my first contracts. Simple put, I saw the bottom was going to fall out of the market, and I bought puts. I was learning most of it as I went. I had no idea what a buy to open vs buy to close was, for instance. I just used Investopedia to look all that shit up, basically. I've learned a LOT in the last two weeks, that's for sure.
That means anyone can do it, just do your reading, do your homework, understand the dangers of shit like margin, and don't go full fucking retard when it comes to profits. I could have held over the weekend and maybe made ever more on monday, but what if the market spiked up? Not worth losing all that profit for.
I'm not smart, I'm not special, and I've put money into this account for near 5 years now, 5k at a time. So if that's the kind of money you've got to work with, you can definitely do well if you're careful, do your research before getting into a position, and pay close attention to the market. One good thing I've learned (and am still learning, because I'm a total newbie when it comes to watching the markets so closely) is stuff like head and shoulders patterns and the like. You can really get a feel for how the market is moving during the day if you can detect patterns like these.
Most importantly, communities, even ones like 4chan or reddit, are useful for getting mass consensus as to which way the market is likely to move. I was glued to various forums over these last two weeks to track sentiment. It was fucking exhausting, honestly. I'm glad its over for now.