Deep Thoughts By FAT STAX
Allow me to introduce myself. I have been trading for about 20 years. The financial crisis of 2008 and 2009 coupled with my bad trading decisions resulted in the loss of about half my life savings. It was also a key turning point for a couple reasons. First, I knew what I wanted to do with the rest of my life, trade. Second I was determined to be as successful a trader as possible. I had the passion, drive and the mother of all chips on my shoulder, determined to prove to myself and anyone that I crossed paths with that I am an excellent trader. I started my trading resurrection by joining i-hub and making the misguided decision of trading penny stocks. My trading pseudonym of FAT STAX was born. FAT STAX of cash, in all caps in your face, a force to be reckoned with!
I was disgusted with what I saw on i-hub: rampant bashing and pumping with no accountability whatsoever. As a result I created this board as a haven of accountability in world void of it where people put their money where mouth is by posting all their trades in as close to real time as possible. By “all” I mean both buys and sells and winners and losers. I was treading water with penny stocks until I grew my trading account by a factor of 10 for the first of three times in November 2010 when I turned $500 into about $5,000 only to lose it all the following month.
A lot has happened since then: I abandoned trading penny stocks for good about a year after that and dabbled in equity options, with which I tried a variety of different strategies. After a few months I was not making adequate progress so I decided to move on to binary options currency trading, which is when a little over two years ago in December 2014 I grew my trading account by over a factor of 10 for the second time by turning my account of $250 into $3,000 in less than a week. Guess what happened the following week?! Yes, I lost it all…..again! I stuck with binary options currency trading for another two years after that, ultimately unsuccessfully.
This brings us to last month which is when I decided it was time to give equity options another try. I started with exactly $440 last month, I made some trades on my own and did pretty well. I have long respected and periodically followed Option millionaires on i-hub, especially, the unbelievably talented jb, who had recently nailed an absolutely sick intraday mult-ibagger option trade on ULTA. I knew after seeing that trade that if I wanted to be successful in the long run this time around I needed to link up with the experts in their craft, Option Millionaires. So I took advantage of the the free chat room Friday promotion they have, went in the room, and watched the maestro, jb, and friends upb, and leemalone2k3, along with a slew of very talented and friendly traders like “Beethoven”, “Cravates”, “MikeC”, “Chaz”, “lavender”, “Tacccccos”, “JWags”, “Deep”, “Abdul”, “HiddenPivots”, and “dannyzee” to name just a few, in action! Many were sharing ideas and some even posting their trades. I knew my first day in the chat room I was home. To top things off, four Fridays ago when I was in the chat room as a guest taking advantage of optionmillionaires very clever and generous free chat room Friday promotion, I was able to draft jb on a killer trade on PCLN calls, that despite botching, still netted me over $700 in profit. Over the course of the last four weeks I have had my ups and downs but on balance through a mix of leveraging the knowledge and experience of the top tier traders in the OM chat room along with my own trade ideas, knowledge, and experience, I reached the point where my $440 is now $4,500.
That $4,500 is actually $3,000 because I had to withdraw $1,500 to cover my expenses for this month. My past mistakes were costly enough that I have no margin for error now. I am taking it one month, one day at a time. I am a full time trader now. This is what I do. It is in my blood! A third time making 1,000% returns in a month or less better be the charm because it is produce or find another occupation that will pay the bills.