Coming clean after loosing millions of dollars.
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- Опубліковано 26 кві 2023
- It pains me to say that I lost millions of dollars over the last year and a half but I learned something from that experience and I am going to share that with you.
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We all got clobbered Curtis. Keep the content coming! Your perspective is appreciated and missed in this space
Glad you're back Curtis. Some of us stayed at the party a little too long... but no worries there is a party every four years!
It happens Curtis, no worries. Glad to see you back!💪🏿
We all made bad decisions last cycle bro. Keep up the good work
Good to see you back!
I was a prop floor trader as a member of several exchanges...I asked one of the very few traders I truly respected, how he became so knowledgeable.
He told me, "I lost ALL my money .....TWICE".
Options: I was an options mm on the exchanges I was a member. There is a lot less manipulation than people think. MM's do NOT put further money at risk to "defend" an option position. Additionally, the dynamics of hedging usually creates stickiness to a strike at expiration...NOT manipulation.
For me, what saved me in MARA (for example) was my aggressive selling of calls as the stock moved up. A few times MARA's upmove was so fast, I rolled up my option position (bought back options and sold further out options at a higher strike to pay for it)..other times I allowed my stock to be called away. Basically, I ended up selling much of my MARA position in the 40' and 50's.....which hurt a LOT as MARA moved to $80 ++...but yo...that's the way it goes.
On the flip side...to gain more yield, and regain stock, I sell cash secured puts....a great way to enter a position. Sell puts, stock goes up you keep the premium.....stock goes down, you have purchased it for less.
Over the past year and a half, I have lost millions.....hurts like heck !!.....but at least I'm still net positive over a 2 1/2 year period as when everyone was posting rocket ships and saying, "MOON TIME", I was busy selling high priced options.
Lastly, remember that the risk taking got you the outsized profit to begin with. If one was more disciplined, than the high water mark of the account would NOT have been that high.
If I lost $2MM because I wasn't disciplined enough, I have to remember that that lack of discipline was a key factor in making all that money to begin with. The shear size of the numbers plays with your head...but keep this in mind.
Basically you lost a lot of money that shouldn't have been made anyway...lol. Be kind to yourself.
This was such great feedback and contains much of the ideas I want to portray in upcoming videos.
It happens to everybody. Its happened to me, it happened to you, it's happened to your neighbor. You can either learn from it, or walk away.
Appreciate your transparency 🙏🏻
Much respect for this video. The same happened to me. I'm horrible at taking profits when I should. Make more content, Curtis.
Welcome back OG
I personally believe the universe follows a sine wave, sometimes youre up sometimes youre down. After a massive down period things always go back up and vice versa. When you are up make sure to lock in your gains and save for inevitable down cycle, and when you are down make sure to prepare to capitalize for the up cycle.
It's been rough for most of us, all the best, we learn and don't make the same mistakes in future
wow you are back! God bless, good sign for the miners
Ya...a lot of us went to that place in the market.......I learned a lot in this time.....but will be going forward with a plan...lets go forward and reap the rewards. Great to see you back.
Good to see you back...I know how you feel bud. I had my dream in front of me and didn't execute. God willing...we will get another chance.
Great to have you back..........good luck with all your ventures in Empire Building..........
Ha Curtis is back! We just need a Blonity sighting and it’s bitcoin to the moon!!! 🚀
I just thought about blonity the other day😂
In 2009-2011 I have had my share of 'oh crap' moments when things went south really really fast. But these losses are like paying tuition to the university of investing. You learn, adapt and improve your approach over time. Sure, the current market made a dent in my net worth. But this will recover over time. Nothing to loose sleep over.
You're not alone.
Welcome back Curtis and best of luck on the new venture 👍
Welcome back, Curtis 😊
At least you had the balls to come on and eat some crow, unlike some other people in the space (Blonity) who just disappeared when shit hit the fan after telling his followers to "Think like a whale" and HODL.
I forgot about that guy, use to watch him regulararly last bull run, I hope he comes back.
@Roger Why? The bro ran off with his tail tucked between his legs after telling people to HODL for a year+.
Good riddance imho
Time to scale back in with 1000x the knowledge
Awesome 6 story building! Tough bear market for all of us... appreciate the honesty.
Missed you Curtis.
Thank you for coming back; King of Empire Building. We love you, and appreciate the content! Thank you so much🦾🦾🦾🦾🦾
Great video Curtis ...Take care
I’m loving that covered call strategy Curtis. It only works well on certain mining stocks however. MARA and RIOT in particular. I’m in the Patreon so I won’t give away your secrets but it’s great stuff.
MARA is a great covered call writing stock as option pricing vol is so high.
We are now in the accumulation phase of the 4 year bitcoin cycle, by the end of next year we will be in the same place that we were in late 2020. Trick is to sell some of your gains on the way up, very hard to do (I know!). The construction trade will be shit for at least 2 years, unemployment rates just starting to go up. Glad you made it through mate.
Box checked here also. Let's do it better this time!
Good transparency mate! My net worth has also dropped by a 7 figure number this past 18 months! Been a proper bitch... Everything will come back around though
Totally right about prediction
I lost millions too...I moved on..
Welcome back! I can relate well with your experience. It was very hard watching the incredible gains of the last bull market in bitcoin miners evaporate by not managing risk. Lets get it right now. :)
BTC 4000 - 7000 by oct. That's where my money remains.
I actively sold covered call and cash put (mostly in BTC miners) for the past couple years. I resisted the temptation to buy a single option. Still lost plenty but was able to limit my losses. Almost back to break even after an incredible year so far, which isn't great given all the inflation. Considering stock prices are still significantly below where they were when I started, I'm not feeling too bad about my strategy.
Curtis I have watched you videos from highs to lows. This is my area. Your talking to traders what about Hodlrs ane people who buy and wait? Ive watched my miner stocks fall in value but I bought them with a long term plan and I still think they are keepers.
i smashed the like....migh join you soon
Sold some stocks at a slight loss this year out of need but not the crypto companies!!!
Do you still hold mining stocks and the underlying assets? Been a tough time for us all. I dont have the money you invested but relatively i still lost lots on my BTC mining stocks. Am about level on BTC and ETH and not sold any of them. I averaged down on MARA/RIOT etc but lost alot when they plumetted. Its been a perfect storm of BS with covid inflation, energy prices, ukraine war and the bear market/recession weighing us down. I am angry but wiser and determined to make life changing money :)
Sir, you are wrong when talking about those price moves... I am a professional trader and investor, not going to tell you where coz you know... it will not help anybody. I would strongly suggest you find at least on old wolf with 30 plus year experience in market and learn. Believe me, it will change your perspective completely.