Wall Street – Staring at his Bloomberg Terminal and saying how its going to be much less risky this way, nervous 32-year-old day trader Chad Douglas told reporters he plans to stick to trading 8x leveraged USO naked calls until he is more confident in his day trading abilities.
“I’m just not ready to invest in anything more risky than levered naked USO calls,” Chad said. “Day trading will be a lot easier learning the basics trading these naked call options on a levered instrument.”
Chad’s day trading account is down over 80% since he started day trading 8x levered USO calls but he assured us that you only lose when you sell.
“Look, this is all just paper money that I have lost. The number one rule of day trading is that you only lose when you sell. I’m only going to sell when I am up,” Chad said smirking.
Chad started day trading 8x levered USO naked call options when he saw his hero, Dave Portnoy of Barstool Sports make over $800,000 dollars day trading the other day. “If Mr. Portnoy can make money day trading I know I can.”
Over the weekend Chad plans to trade foreign currency on a margin account using his grandmothers retirement income. “My grandmother has no idea what I am doing. I can’t wait to make her a wealthy woman.”