iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,220 Blog Posts

Blowing the Fuck Up — STOP IT ALREADY

How do I stop you people from killing your accounts? Why, after 12 years a slave on this site, do you continue to email me about blowing out your accounts through some fucked up gambits in the market?

What you’re doing in the market — taking on high risk stratagems in options, futures, and in margin accounts, is equal to going to the local liquor store and buying lottery tickets. You’re never going to win — trading that way. You’re being weakened by the allure of money and you think said money will make you happy — because of the highlight reels on social media and the absolute horseshit seen on teevee. I’m not here to crush your spirit and take away your aspirations — instead I propose that you stop blowing up your accounts.

Is that fair?

If you have any positions greater than 15% in size — reduce them. If you took all of your positions and separated them by sector — would they look like the cross section of the S&P 500?

Are you holding onto losers for the sake of holding them? Laziness and sloth is a sin you know.

A younger Fly used to preside over these internets a long time ago and drive cars filled with dynamite sticks into hard, red, brick walls. Those days are, more or less, over. Now my days are spent dealing with website technical issues and fielding emails from braintards who keep blowing out of the market, in the midst of the greatest bull run ever.

Tomorrow I’ll post some actionable ideas and provide some insight into the present market. But, for the love of God, can you stop fucking taking outsized bets you idiotic bastards?

Happy Saturday!

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10 comments

  1. JakeGint

    Good advice! It’s amazing how much, as you get older, you start to sound like my other favorite trusted guru, Gary Savage. Save with profanity and a sense of humor. God continue to bless you, your family and iBankCoin. You’re a good man, Charlie Brown.

    ____

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  2. edge

    Great points Fly. Everyone should take heed.
    I never put more than 15% into one option. Joking. Never more than 6% of my account in options. Still too much for most people. My biggest blowup in years was that vix thing that went bust, 6% of account. Ouch.
    Do as Fly says. Definitely not as I do.

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  3. edge

    BTW- Not trying to bust your balls but I consider a 15% position in a 3X ETF to be a 45% position, which is fine, I like leverage.

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  4. acehood

    At some point a 100% stake in uvxy will be prudent

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  5. alty

    edge and numbersgame finally blew up? Can’t say I’m surprised.

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    • numbersgame

      Fly is talking about someone else. I have *publicly* admitted that I’ve lost too much in NFLX, and that had changed my style somewhat. I knew better and the reason was simple: ego. Too be honest, I *still* think that I am right about NFLX’s valuation, but since my vote doesn’t count any more thatn anyone else’s, it will probably be another 2 years before everyone else figues it out.

      Currently, I’m heavily invested in long-maturity US Treasuries. So if long-term interest rates go to 5%, then that will blow-me up.

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  6. moosh

    I imagine standing in front of that ensemble was much different than listening to it on youtube. Good stuff fly, thanks. What is your favorite instrument to play and or listen to?

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