He had $35,000 in retirement savings in March — 350 trades later and he’s apparently sitting on $1 million
Published: July 8, 2020 at 2:59 p.m. ET
Nikola Corp, Amazon, Disney and Apple were some of the Reddit trader’s winning bets
Prepare for some serious trading FOMO, courtesy of Reddit’s “WallStreetBets” community.
If his detailed story is to be believed, the user, who identifies as “Mori226” on the popular social-media platform, has had a spectacular run during the coronavirus pandemic, and he walked his fellow traders on Reddit through every step of his journey.
“I cracked the 7-figure mark, and then some. I started with $35k in my ROTH IRA in late February/early March,” the trader wrote. He said he pulled out about $50,000 along the way.
How did he pull it off? Mori226 offered up some of the tips that worked best: Hold at least 50% in cash reserves at all times, don’t beat yourself up on bad trades, let the winners ride, never put more than 25% in any single position and learn to cut your losses, to name just a few.
“Try to stay disciplined. Learning to control. my emotions was key,” he said. “Losses don’t kill options traders, calculating your alternate universe net worth on your woulda-coulda-shouldas do.”
Mori226 went so far as to lay out each trade made during that stretch. Here are the biggest winners, led by huge profits betting on alternative-fuel vehicle maker Nikola Corp. NKLA, 2.47%, as well as on Amazon AMZN, 1.08% AMZN, 1.08%, Disney DIS, -0.21% and Apple AAPL, 0.29% :
And one last bit of wisdom to impart:
“Learning to get a sense of the current trend is the hardest part... Who is your best friend? The trend. Who gives you your giant pile of tendies [profits]? The trend,” he wrote, “Who buys your wife a new iMac pro? The trend. Never try to ‘outsmart’ the market. You’re going to lose you f*****g shirt.”
What do his buddies on “WallStreetBets” make of it all? The top comment pretty much summed up the outpouring of love, appreciation and unveiled envy: “Congrats! Now f*** off.”