I'm on the same boat. My plan is getting a lot of fake recommendations and lie on my interviews. I had a pretty sweet job back when I was 20 that makes my resume look fancy, but I only lasted there for about a year, after that I never worked on a job more than a few weeks.
No but I will likely need to. The problem is that I'm terrible at lying and don't have the social contacts to act as fake references. But if I had social skills and a social network I would not be unemployed in the first place. I think the places that won't really care are those with high turnover because they suck so much, like an amazon warehouse or something. >>181181 I live here and don't get shit. Maybe it was good before hartz IV.
Yeah I got my first job at 26. Had on off jobs in the five years since. Basically entry level stuff, as I can't stay any place for too long due to avoidance etc. Only one or two employers flagged up my empty-ish CV at the start… Most just grateful for an employee. Oh, I had - though - volunteered for some time beforehand.
>>181211 I'm 25, never worked… Tell me about volunteering. Every time I think about doing it I just can't bring myself to do it. Spending all that time working, for free, it's my worst nightmare. The idea of working for money is bad enough but I don't know what I'm going to do otherwise.
>>181240 >>181240 >The idea of working for money is bad enough but I don't know what I'm going to do otherwise. Not the Anon you replied to, but- You could consider seasonal work, especially within retail. I am older than you, Anon, and to date the only job I've held was a seasonal job at a department store.
You basically get a three-month contract with whatever employer you land on and work part-time doing whatever small tasks management deems too unimportant for the full-time and part-timers they already have on staff. Even if you hate it, you still get paid at least minimum wage, another item to put on your resume, and a finite end-date for when it's over. If you end up finding the job somewhat tolerable, there's even a slight possibility of a part-time job offer at the end. Seemed more rewarding to me than interning or volunteering ever could be.
>>181240 Hmm. Well, it can actually be rewarding at times. Guess this is unwizardly to say?! Volunteering with old, or disadvantaged, in the community…
Also as a volunteer most places you can pick and choose your shifts, or what they expect will be less. So pretty much everywhere I started out just doing four hours, or even less sometimes I think, and then only increasing if I wanted to. And on your resume you don't really need to mention how much or often you were actually doing the volunteering, and few will ask. It definitely helped me get a few of my better jobs.
>>182818 Or it could crash and you lose everything. If you want to invest do it in stable companies you trust. Make sure to diffirentiate stable and stagnant. >>181173 Try to find just the simplest possible job in a field you’d like to work. Even If the pay is shit after a year there other companies in the field you want to work in are a hundred more times likely to want to hire you. As for getting that job I think I applied for about 20 jobs.
I have a second interview for an IT tech support job coming up next week. Pros are that it's work from home and the pay is decent. Cons: I have to be on webcam all damn day and handle angry people belittling and degrading me. The whole reason I fell into neetdom to begin with is that I couldn't stand people treating us like shit at my last job, so I'm pretty scared. Hopefully it's pretty relaxed, but most of the first interview questions were asking about how I dealt with angry folks, so unlikely. Why do people have to be so shitty, I just don't get it…
>>182818 Crypto is too volatile. I trade Put Spread options. I have yet to lose money after a year. My returns have done better than crypto and they are in cash. Because it sell the options, the trades are heavily in my favor, usually around 80-90% probability of profit.
>>182826 What strategy do you use? The wheel? Do you write naked puts/calls? Credit spread? I myself have been doing some extensive research on options it's fun to see someone else who trade options it's like seeing someone from your home country.
>>182910 I use Iron Condor on SPY. I keep about a $5 distance away on both sides of the underlying’s current price. So for Friday, the current price is 443. So I’ll do my short legs of the Iron Condor at 438 and 448. It’s not the most profitable thing in the world, but it is a consistent income generator.
If you aren’t sure what an Iron Condor is, it’s a combo Put credit spread and Call credit spread, so 4 legs in total.
>>182918 >>182917 Thanks friend I'm just reaching the point where I can begin to understand options. If I understand you correctly you're betting that the market goes sideways and you are mining premiums right? Also If I could ask what's your opinion of margin… I have some available that's burning a hole in my pocket. >weeklys That is the strategy that I'm leaning towards, I know that statistically I'll usually make money selling calls or puts that have a 30 DTE but selling options with a couple day to expiration does sound both safer and more profitable.
>>182945 Work at a easy minimum wage job, save up 70% or more of your wages and in a single year you'll have saved 20k-30k$ which is a pretty healthy account to trade with. Start browsing / SMG / on /biz/. Avoid crypto for now as well as forex.
Right now most businesses are desperate for workers so just go to a supermarket or other retail store and ask for a job,they'll likely tell you you have to fill out a application online so do so in advance, keep pestering them till you get the job.
As someone who had to wage slave for 5 years I feel like I have to warn you… You definitely want to get a job quickly and then leave it quickly. Working has made me a much more cynical person, if you are a introvert/quiet person like me it's going to be hell working with a bunch of assholes and interacting with prices of shit entitled customers. You must have the mentality of "uncompromising self-preservation" coworkers bosses and customers alike will try to bully you. You need to view your job as a ATM you are there only for money, if you can make a friend there that's great but don't make yourself vulnerable. If you want to help your coworkers out that can be okay just don't get taken advantage of. Again your coworkers will try to fuck you over, only help someone out after they have thoroughly proven themselves to be kind to you. As far as your employer goes give them the minimum amount of effort required for them to not hassle you. I never got paid extra for working harder than others. >Hey Anon can you cover my shift? No.(in your head call them a nigger) >Hey Anon can you come in on your day off? No sorry boss (in your head ask them if they can suck your dick) >Oh that's not the correct way to stack that product wow, how many times do I have to show you? Oh I'm terribly sorry if it's not the right way how about you do it for me.Okay? Great. -Make sure you have a unfriendly flat tone of voice when you talk to rude coworkers. >Let's talk about inane pop culture shit even though you want to browse your phone on your 15 minute break! Oh boy….
>>182950 Yes, you get less profit. Anywhere from 10% to 20% Return on Risk but it’s a lot safer and consistent. Lately liquidity has been shit on SPY with a lack of volatility so I’ve had to resort to Iron Condors to make my minimum premiums. My go-to is usually a Put Spread. But as I said, liquidity hasn’t been there lately because the S&P 500 has been spiking. I’be been considering moving to the full SPX index because they have daily volumes of 400 million+ as opposed to SPY which is like 20 to 40 million.
But with 3 weeklys you are almost guaranteed to make money. I’ve only had to close a trade early a couple of times out of many dozens.
>>182951 That amount isn't nearly enough to be able to survive from the profits of trading. Even if I could somehow beat the index (seems unlikely) I'd just be able to take a few % out each year. Without wageslaving, I'd need to have so much money that taking a few % each year is enough to survive.
>>182964 The risk is very favorable. I’ve never had a failure/loss. Only a few early closes (still profit). With selling contracts a few days ahead, it’s like 90% in your favor. Deltas are usually like 10 to 20 tops on short legs, plus theta makes it cheap to exit.
>>182968 Yeah that's good and I'm trying to save so I can do the same. Your post was good but I just meant that I'd have to work a lot more than a year to be able to stop working permanently. I don't see how I could do it in less than 10 years. Wouldn't a couple of hundred thousand be required? Or what kind of annual profits were you counting with?
>>182970 If I moved to a cheaper country I could probably get by with 20k per year but I didn't know you were talking about such high profits. When thinking about my future I've always thought I shouldn't count on more than 10% per year, that's why I've counted on needing hundreds of thousands. Do you put most of what you make back into investing then?
>>182971 Yes, I am at the point now where I take $2000 a week out from my premium profits and reinvest the rest for compounding interest.
I do 100 contracts worth of spreads on SPY three times a week. For one trade, I put down $10,000 in collateral, get my $1000 to $1500 premium and when the contracts expire or I close the trade, the $10k collateral gets released and I get my $1000. I do that three times each week. Figure about $100 Collateral needed for each spread contract. Scale up as needed.
>>182974 Do you sometimes do put spreads and sometimes iron condor depending on what's happening then? Is it just a certain kind of put spread then? I can Google to learn how they work but how do you figure out which thing to do at what time? And what's the decision you make when figuring out exactly what the contracts should be?
>>182975 My standard is a Short Put Spread, also know as a Put Credit Spread. When the volume is low (low volatility, low liquidity), I switch to Iron Condor to get more premium. I try not to go below a premium of $10 per contract.
As far as strike prices, my standard rule is 5 points away from current price. So SPY is around 445 at today's close. So for Monday, I am in for a spread of 440 short, 439 long.
Since the premium was shit due to a lack of volume causing the price to spike, I also added a Call Credit Spread (to make an Iron Condor), which is at 450 short, 451 long.
You have to calculate how much the underlying can move until expiration based on Implied Volatility, but it is usually around +/- 4 to 5. Stay that distance away from current price to be safe.
But if you like math, the calculation is Current Price * Implied Volatility * Square Root(n/365) where "n" is the amount of days to expiration. That will give you 1 standard deviation (68% of all cases) worth of high/low movement.
I looked into it and Iron Condor has a 40% of failing everytime, are you just getting lucky? There also is Iron Butterfly it seems which might be better. Do these only work in certain specific niches that would take months of losses to discover?
>>182978 The problem with an Iron Butterfly is that the strategy takes out At-The-Money short positions. This substantially increases your risk of getting assigned, or even early assignment. Ideally you would want your short positions to stay out of the money. Just look at the deltas of the ATM strikes. I guarantee that they are over 30, meaning pretty good chance of finishing ITM
>>182918 >>182917 >>182917 I just found out that spy is not cash settled…So if my Put Credit spread has a short leg that expires in the money, with a long leg that expires out of the money. I'd have to buy 100 shares for every put I sold and would still lose the premium on the long leg of my Put Credit Spread. The chances of that happening would be slim if you're only trading within a dollar spread but still, that's kind of spooky.SPX for spreads it is!
Also how does your strategy mitigate risk for middle-sized accounts? For example if you had a $1,000 account I could totally see how a credit spread would be attractive simply because the amount of money you're risking overall isn't that much. If you had a larger $200k account you could set 10% away to aggressively trade with. I currently have a 30k account it took years of work to save making me much more adverse to risk losing it. I could buy a credit spread like pic related but in doing so I risk a substantial portion of my account. So wouldn't it be better to trade the wheel on spy? Because unlike a credit spread your loss is technically impermanent so long as you're bag holding something good. A event like the coronavirus crash/recovery happening again is worrying to me as I'd be boned if I had half my account as collateral on a put or call credit spread.
So how do you protect yourself from IV spikes? Do you aggressively save to increase your account size so your gains make up for the eventual loss? Do you only invest a fraction of your account at a time? But if I did that the amount of premiums I would get will be considerably smaller right?
>>183023 Here is what I've been doing to mitigate risk:
1. I only use 1/3 of my money at a time for collateral. If I lose money, I don't lose my shirt, so to speak. I would still have two-thirds to keep investing. 2. Be prepared to close the trade early. In fact, it is always a good idea to close a trade before expiration. NEVER let your trades expire ITM. Get out. You can still make profit from a trade gone bad, or you may lose a fraction of your collateral, but that is better than losing the whole thing (at expiration). 3. Black Swans are rare, but you are correct, they DO happen and WILL happen. Keep your eye on the E-mini S&P futures. They can give you a decent idea as to what will happen next trading day. They run from market close to market open, so "over night".
Doing The Wheel assumes you let everything expire, whether ITM or OTM. Don't do that. You can still take advantage of Theta without taking on shares of SPY. I simply use the Iron Condor spreads when I'm unsatisfied with the premiums due to low liquidity, which has been recently. My go-to is a Put Spread.
But you are right. I would rather things be settled in cash, so I am strongly considering moving to TD Ameritrade (they have ThinkOrSwim platform) and do SPX or XSP.
XSP is like the same thing as SPY but settled in cash and is taxes much better…
>>182974 10% per week will make you a billionaire in a few years if it always succeeds Doing it very many times gives a pretty high risk for losing several times in a row though. I think I'll try this and see how well it works
>>183025 Thank you my friend you've been very helpful. You have given me some new tools and perspective, part of what makes option trading hard is you not only have to learn the technical side but you must also develop a good trading philosophy. >Doing The Wheel assumes you let everything expire, whether ITM or OTM. Don't do that.
My understanding of the wheel must be off then, I thought that people actively tried to avoid being assigned by rolling down their Put. I'm still kind of tempted by the idea of the wheel because I like the thought of impermanent loss… but on the other hand if the underlying were to drop 50%, I'd still be mostly screwed especially if it never recovered or took years of selling low value calls off my now low value stock for me to recoup my basis. A 1$ spread on SPY plus the safeguards you talked about makes me much more inclined to Put Credit Spreads now. >ThinkOrSwim platform They have a kick-ass user interface I have an unfunded account with them just to make use their charts 4-5 of which I'm proud to say I comprehend.
Doing naked puts I would recommend against because the margin required for something like SPY would be the strike price * 100, so like 45,000$
Put Credit Spreads are better because the long put pays 99% of the collateral for you, and you only have to put up the difference between strike prices in cash.
As far as the wheel, I don't actually want SPY shares. That would put my account into negative, which is why I try to close all of my trades before expiration. The Wheel wouldn't work unless you get assigned at some point, at which point you switch to a Covered Call. That's fine with a cheaper stock, but SPY is at $445-ish a share. If I took at 100 put spreads, that would cost me near 4.5 million!!! I don't have that kind of account size. But just the same, we play Theta. It's on our side against people trying to short the market or YOLOing their life's savings away.
And like you, I use ToS charts and metrics because they are simply better than anything out there. And at this point, I would rather pay the CBOE fee and the 65 cents per contract commission to trade XSP. That's the S&P 500 mini, so price is comparable to SPY, but without fear of early assignment and all that.
If you want, I could also share the positions I am looking to take for whatever week.
I'm not in germany and I'm not in Europe but I would say that the best way to go about it is to ask for a job (if you have a field of study or experience) that you're overqualified for but where you're asking for a salary appropriate for entry level or at least under your experience level.
I'm in a similar situation and that's what I've done. Where I asked for more, I didn't get it. Where I asked for less, I am getting several offers. If you're looking back into it, that would be how I would suggest doing it.
>>183057 Sure. More like 90-95% probability, but that's as close as your are going to get.
Put Credit Spread with $1 between strike prices on your short and long puts. The difference will need to be a minimum of 10 cents which translates into $10. If you can find that, get 10 put spread contracts, ideally $4 to $6 away from current price.
>>183057 Short answer is no Long answer is you can push the odds really far in your favor if you REALLY know exactly what you are doing and have good information to work off. If you aren't a actual expert I would be careful and keep studying.
>>183222 Don’t do calls on SPY. Do puts. Selling Put Spreads is a neutral-to-bullish position. Whether it goes up or down won’t matter if you take a safe enough position. Right now the RSI on SPY is over 90, meaning it is really overpriced. Plus the Fed chair is going to be doing some talking on Thursday-Friday. Expect price decrease any time anything to do with Fed comes out.
In other words, sticking with Puts, you should be fine if you pick a stroke sticking to your 1 standard deviation away strategy.
Take current price * VIX * square root of n/365 where n is days to expiration. That bottom will also have a lot of support and dip buyers will start picking it up around there.
>>183290 >Don’t do calls on SPY. Do puts. Selling Put Spreads is a neutral-to-bullish position. Whether it goes up or down won’t matter if you take a safe enough position. Right now the RSI on SPY is over 90,
>>181181 I myself have to live with my relatives and I'm 32 and never had a job myself. It's not fun. I've been rejected from SSI thrice over and it's not like I'm employable even if I could stand contributing to a system I can't stand. The only time I've had money was when I donated plasma but they kept rejecting me over either my beats per minute and when not that my blood pressure would be up. Like yin and yang with me. I tried hypertension meds and they don't even work. "Let's try more meds". As if. It's up when it's up and if the meds can't fix what's wrong it's a patch job with bad side effects that costs money.
>>181173 Not that I have any assets but if I did I'd buy and resell. I hate corrupt capitalism myself but it's not like anyone will buy what I make and I'd lose too much money to try to make them buy it, be it a chair or an ocarina or whatever else. If I make a shoe will someone buy it? I don't have money to try anything like that.
>>181205 Indeed I'd be ashamed if I were contributing to the system and it's rules of which are completely backwards and full of people I can't stand to begin with. He might have a gaslight problem happening to him.
>>181254 I'm sure he wants assets. In this world assets are power itself. No options otherwise hardly at all.
>>182808 I think normalfaggots lie but yes it would make you unemployable to have no references even if you did have an education.
>>183305 I got interested in it a few years ago. Starting from Robinhood, I heard of options before but never saw them before. I saw they had complex metrics like Delta, Gamma, Vega, Theta, Rho, and Implied Volatility. I had no clue so I started researching what these meant on search engines and you tube. One I would recommend seems like a fellow wizard, InTheMoney is his channel (he even mentions his virginity in one video). I started reading about different strategies and played around with OptionsProfitCalculator.com
>>183316 All indicators have some reasoning like this. However the issue with trading is that it is a competitive game. If it were that simple then everyone would run bots that make money. But then people run bots that trick those bots by manipulating the order book. and so on…
The system is the highest level of unpredictability
Has anyone had any success entering the IT industry via certs? I downloaded the study guide for the comptia A+ certification and I've been working through it. I doubt I'll be able to get a job as someone with no college education and no work history even if I do get the cert, but it's not like I have anything better to do.
>>183317 It’s probability. Most things run smoothly and heat up at certain times almost like clockwork. If you look at dips this year in the S&P 500, you notice most of them have been around the same time every month. There is a reason for that. Most option positions expire then, so the increase in volume means more volatility. The real unpredictability is the news, like events we can’t foresee.
Take last week for example. Some ISIS idiot did a suicide bombing at the Kabul airport. Volatility spiked for a day from the moment the news was reported.
Then there was Friday, where Fed chairman Jerome Powell spoke about “tapering”. Everyone knew what he was going to say so volatility dropped. That was a predictable event.
If you calculate out a position to one standard deviation, you’re fine most of the time.
>>183467 THIS is probably the attention he wants. just ignore it and it will go away. >>181173 There is no reason looking for job if you are GermaNeet bud, they dont need us no more, succubi are the new workers, the new world builders, dont be stupid.
>>182822 I get you, in one of the support jobs I've been employed for only a few months, they put me there and almost nobody was willing to help me, the boss had anger issues and the customers were rude as fuck, and they had doctor degrees, the one customer especially didn't shut up for literally 20 minutes, called me incompetent, laughed and mocked me, until I had enough and told her that she should stop being so fucking mean, funnily enough she was so shocked that she completely changed her attitude, it was like when toxic people get called out online, they suddenly act surprised as if they were the victim. I quit soon after, but there have also been comfy support jobs for me, either way you will find out soon enough if it's something you want to handle.
>>183610 sorry Anon, im bad at reading. but in the end, you will always end up having trouble when arguing with succubi, if you have to deal with them in your job, ALWAYS be polite, becuze your moneys on the line you know. good luck man!
I just worked for a week and a half and quit. It's kind of lame to work in an office. I was working 9 AM to 8:30 PM daily and getting shit on for not doing more work (while being paid for 9-5 salary). There was an admittedly cute succubus who would show up to work at 9:30 and leave at 3:00 and I found out I was being assigned her work. I kind of wonder which boss was fucking her.
I quit after basically being pressured to show up even earlier and realizing that this wasn't going to get better. Plus it sucked that my supervisor asked if I was gay my second day of work and even within a week people were starting to treat me like shit.
Being a wizard in normie workland isn't reallly all that fun.
>>183824 >working 9 AM to 8:30 PM daily >succubus who would show up to work at 9:30 and leave at 3:00 and I found out I was being assigned her work. this makes me wonder if turbo kikes (or its managers) are pushing femtardism for the sole purpose of buying holes to pump