$35,000 to $1,000,000 in Less than 1 Year

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

By 

Shawn Langlois

 

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.”

God bless him.

Zned -

God bless him.

Yep, I'm going to try my hand and follow his tips. I'm not even going to try 300% like he did, I'd be happy with 20%.

in

1 Like

AnotherTMAguy - 
Zned -

God bless him.

Yep, I'm going to try my hand and follow his tips. I'm not even going to try 300% like he did, I'd be happy with 20%.


i'm up 17.9% all time. that's showing my current holdings after i cashed out a fair amount of positions a couple months ago. was up 29.xx% at the time, took out what i thought had peaked, and am left with postitions that either need to recover or need some runway to grow.


i think diversification is the key. don't get me wrong, there's nothing like watching a strong position pay off, but that's not the norm. i've built this portfolio over the years by daisy-chaining safer bets on trending cheap stocks, growth periods for proven earners, oil, gold, index funds, and following blockchain trends but bailing early. just like the guy in the article said, you can't worry about what you would have made -- be happy about what you didn't lose.


it's not like i'm independently wealthy, but i don't know anywhere else you can get ~30% back on your money. if i can keep the return averages up and continue to reinvest, my hope is i can hit some real goals over the next ten years. retiring at 50 would be quite nice.

AnotherTMAguy - 
Zned -

God bless him.

Yep, I'm going to try my hand and follow his tips. I'm not even going to try 300% like he did, I'd be happy with 20%.


Wouldn't 35k to 1 mil be 3000%?

nice trade, bro

 

a good amount of people made some good fucking money this year

Following the Dave Portnoy trading example

Zned -

God bless him.

Zned, you of all people should be warning people away from snake oil huckster like this.  
 


So he took on redicilous risk, caught lightning in a bottle, and made a packet.  On paper.   What about all the times before this one when he busto'ed after the first trade?


These stories mean nothing.

1 Like

In Limbo - 

nice trade, bro


 


a good amount of people made some good fucking money this year


25% of all volume right now is retail. It isn't ust rich guys winning.

Zned -
In Limbo - 

nice trade, bro


 


a good amount of people made some good fucking money this year


25% of all volume right now is retail. It isn't ust rich guys winning.

tell me about it


several tax clients of mine, who are not finance people but do their homework, have been asking me questions about taking short term/long term gains for 2020


making lots of money they are preparing for their tax bills next year


 


i love hearing stories like that

phydeau - 
Zned -

God bless him.

Zned, you of all people should be warning people away from snake oil huckster like this.  
 


So he took on redicilous risk, caught lightning in a bottle, and made a packet.  On paper.   What about all the times before this one when he busto'ed after the first trade?


These stories mean nothing.


It is an article about a guy who made money trading.


Good for him.


He isn't a huckster unless he is trying to sell off a system. If he is just posting screenshots of his trades, then, well, good for him.


Sure he caught lightening in a bottle, and I doubt he can repeat it, but I am happy for him.


 

Hedgies can't consistently pick the market. This stuff shouldn't be encouraged

ryunz - 

Hedgies can't consistently pick the market. This stuff shouldn't be encouraged

 

That is a silly statement.

 

Speculation is one of the most efficient ways to becoming wealthy in our great nation. Some people are speculators, some aren't. To each their own.

We have had some hucksters hit these boards, and I have been the first to call them out.

This guy isn't selling anything. He was speculating, and posting his trades.

Congratulations to him.

1 Like

Zned -
ryunz - 

Hedgies can't consistently pick the market. This stuff shouldn't be encouraged


That is a silly statement.


 

Why

^^I edited my post with an explanation.

A true autist.

Also, most "hedgies" don't try to "pick the market".

Zned -
ryunz - 

Hedgies can't consistently pick the market. This stuff shouldn't be encouraged

 

That is a silly statement.

 

Speculation is one of the most efficient ways to becoming wealthy in our great nation. Some people are speculators, some aren't. To each their own.

We have had some hucksters hit these boards, and I have been the first to call them out.

This guy isn't selling anything. He was speculating, and posting his trades.

Congratulations to him.

Speculation is not an efficient way of becoming wealthy,  buy and hold is.

 

There's no empirical evidence that the best fund managers are able to consistently pick the market and a lot of evidence they can't.

 

For every one of these stories there are a hundred everymen who have lost their life savings

 

Good for him, but it's not to be encouraged