I started investing/trading in August 2020. I had a few big initial successes and failures, my strategy back then was shorting overvalued stocks and go long for undervalued stocks. If my convictions are high, I would go all in on options. It worked at first but quickly backfired, so I became more careful with the options.
In June last year, I started shorting snowflakes ($SNOW) (I had shorted it before, but went back shorting it after seeing it bounce back up), I had some initial successes but as it grinds up, I had to use more and more leverage in order to break even.
In October last year, I could no longer add more leverage, and the share price at that time was at around 320. I figured that the price couldn’t stay up there for long so I went all in (again! because I had enough of the steady uptrend) on long dated deep ITM puts. I thought it couldn’t possibly go tits up, as market will price in rate hike soon, plus some technicals.
As the price goes up further, my puts drained in value. I figured, why not leverage up more so I get my money back faster? Great idea, and I sold 370P to 300P. And then I saw my account consistently losing 10k~20k a day in the next couple of weeks.
This is how I lost 90% of my accounts.
https://imgur.com/ve5wxhf
%20logo%20in%20front%20of%20a%20set%20of%20stairs_id_9646796d-1d8e-4dd4-ae17-d8191393362c_size900.jpg "Rising Number of Crypto Scams in the UK. New 432 Cases")
