Post by Phyregold on May 22, 2021 19:14:45 GMT
I am going to update this as it goes with any FAQs or statements.
$300 - weekly deposit. I will be depositing 300$ cash every Tuesday so the funds will clear in 3 days for the following Monday.
Only dividend stocks/etfs. The idea here is basically to use dividends to bring in cash flow for additional option/common plays.
if I buy a common stock and then sell I must hold at least 1 stock.
If I buy options, I must buy 10% of profit or 1 stock. Which ever is greater. For example, lets say I play XYZ and I make 1000$ on the CALLs. For example sake, XYZ closes at 10$. That means I must buy at least 10 of XYZ.
Once I get leverage, I must exercise the most amount of contracts I can which means all my option plays must expire. This doesn't mean I won't take profit, it just means I must accumulate from my CALL positons.
1 million goal - two years. (This is one is going to be tough....)
Why 300$
This one is because I refuse to let me children have anything, they will earn it. Right now the oldest has a job in which he brings home just over 300$ a week. Also, there are a lot of trader and people who are trying to change their lives. Most new traders don't make 100k, a lot of them have serving/McD jobs or maybe even do landscaping. So I want to show people changing your life is possible even starting from minimal wage.
Why continuous deposits
Well two reasons. One, you need capital to play. Second, you're not going to win every trade.
Deposits
TD policy with a cash account is you can only use "cleared" funds to buy options/otc. Since I am depositing 300$ a week into this account I do not want to pay 10% (30 dollar wiring fee) to have funds immediately available. What this means is I will be making a deposit of 300$ on a Tuesday and in 3 days (which means the following Monday) those funds will be cleared.
Are there any PUTS/Short
Nope - all CALLs and accumilation
Daily plays
There will be daily plays but as this account is just starting out there may be a play a week - stupid me forgot that it takes 3 days to find via ACH. So I will be posting watch lists nightly (try to) and if I take a play I will post it when I do. What I'm trying to say is every week of 300$ will give me a "play" so basically after some wins and a few weeks it will become more active. Just to update this - I am only going to do a WL if there is liquidity in the account. Basded on the first day, unless something really runs that might not happen.
Ill-Liquid Options
Yep, didn't consider this so this account challenge is going to start........ SLOW
Challenge
$300 - weekly deposit. I will be depositing 300$ cash every Tuesday so the funds will clear in 3 days for the following Monday.
Only dividend stocks/etfs. The idea here is basically to use dividends to bring in cash flow for additional option/common plays.
if I buy a common stock and then sell I must hold at least 1 stock.
If I buy options, I must buy 10% of profit or 1 stock. Which ever is greater. For example, lets say I play XYZ and I make 1000$ on the CALLs. For example sake, XYZ closes at 10$. That means I must buy at least 10 of XYZ.
Once I get leverage, I must exercise the most amount of contracts I can which means all my option plays must expire. This doesn't mean I won't take profit, it just means I must accumulate from my CALL positons.
1 million goal - two years. (This is one is going to be tough....)
FAQ
Why 300$
This one is because I refuse to let me children have anything, they will earn it. Right now the oldest has a job in which he brings home just over 300$ a week. Also, there are a lot of trader and people who are trying to change their lives. Most new traders don't make 100k, a lot of them have serving/McD jobs or maybe even do landscaping. So I want to show people changing your life is possible even starting from minimal wage.
Why continuous deposits
Well two reasons. One, you need capital to play. Second, you're not going to win every trade.
Deposits
TD policy with a cash account is you can only use "cleared" funds to buy options/otc. Since I am depositing 300$ a week into this account I do not want to pay 10% (30 dollar wiring fee) to have funds immediately available. What this means is I will be making a deposit of 300$ on a Tuesday and in 3 days (which means the following Monday) those funds will be cleared.
Are there any PUTS/Short
Nope - all CALLs and accumilation
Daily plays
There will be daily plays but as this account is just starting out there may be a play a week - stupid me forgot that it takes 3 days to find via ACH. So I will be posting watch lists nightly (try to) and if I take a play I will post it when I do. What I'm trying to say is every week of 300$ will give me a "play" so basically after some wins and a few weeks it will become more active. Just to update this - I am only going to do a WL if there is liquidity in the account. Basded on the first day, unless something really runs that might not happen.
Ill-Liquid Options
Yep, didn't consider this so this account challenge is going to start........ SLOW