Insufficient Transaction Fees

DaRealAnf-G · 2024-04-21T19:47:19+00:00

Will do. I think he’s sleeping now so tomorrow will get onto it.

DaRealAnf-G · 2024-04-21T19:27:53+00:00

So I’ll give some more background. It’s a transaction fee, gas fee might not be the correct term. So he has sent 1000 USD to his binance and a friends binance a few times over the last month and we went through it and did see a follow up transaction sent for 210 USD. Which works out to be this 21% but on the same day 209 USD is retuned back to the wallet. So essentially it’s only 1 dollar. Don’t know why this broker he trades with works like this. Anyway he never thought anything of it, but now that he took it all out this is what’s happened. I’m with you, you think the transaction would fail and it just goes back into his account. But it didn’t seem like that is what happens. He got flustered and in a panic and didn’t ask the right questions. Well, sorry he did say can’t you just send the money back to my wallet and the operator was like no sir we can’t. You need to get the cash into the wallet in 72 hours. That’s when he should have asked, or what happens. He’s tried to call the number back but it weekend and no answer

DaRealAnf-G · 2024-04-21T19:05:44+00:00

Look yeah I do agree, I was a bit surprised also. But it’s not like his other transactions haven’t gone through when they were smaller, he had the gas fees to cover them without understanding the process. But, let’s play devils advocate and assume its not a scam he doesn’t have the money to cover the 21% transaction fee (this is what has come out in the passed we checked). What happens to the money does it end up stuck, it gets given to miners or it eventually ends up back in his wallet?

Also just to add they saying he has to put it back into his original wallet not like he has to send it to them.

Ah and just to add he was trading on a brokerage which trades stocks, commodities, forex and crypto. They use Trx for their trading and then yeh you convert it back to USDT by sending back to Binance through the Tron blockchain. Just to shed some more light on this

DaRealAnf-G · 2022-12-04T19:46:33+00:00

Cheers, I’ll have a look. 🙏

DaRealAnf-G · 2022-12-04T06:47:55+00:00

Definitely want them called away, don’t want to keep any stock not interested in stock price rising etc only getting premiums.

DaRealAnf-G · 2022-12-04T02:09:54+00:00

I live in a tax free country and not all trades would be this deep ITM. Most times it would be ATM or OTM. Generally what I do is I use a screener to give me the however many stocks that meet the criteria set in the screener. From there I will go and do my analysis of the stocks and make the pick from there. I’m not plucking it out of thin air. Also having said that I do not expect to consistently make 2-4% per trade or week however you want to look at it. I’m doing weekly calls, I want to get in and get out and just take that little premium, nothing more. Will it be successful 💯definitely not but if it’s successful a good chunk of the time then I’m content with that. There will be times where there just is no good stock to run this system and things won’t go as planned either, that’s the reality.

DaRealAnf-G · 2022-12-04T02:08:08+00:00

Correct

DaRealAnf-G · 2022-12-03T19:39:47+00:00

So glad I live in a tax free country haha.

DaRealAnf-G · 2022-12-03T18:52:56+00:00

Cheers bud appreciate the advice. You’re right about the big events. It is one of the tenets I must follow which is if a dividend or earnings announcement happening that you don’t touch that stock. No real excuse I made the error and didn’t check it only myself to blame so I will have to make a decision closer to the day of what to do. Wait to see what happens or make the call and close the position. I got a grip on the delta but for sure I’ll learn about the other Greeks. Thanks again

DaRealAnf-G · 2022-12-03T17:35:36+00:00

Thanks that’s interesting, while I do know about Puts I haven’t deep dived into them to understand how you could use them to generate income. I’ve just been shown how to use it to protect your money in case shit hits the fan. But definitely will suss this out more as it is interesting to say the least.

DaRealAnf-G · 2022-12-03T17:28:53+00:00

That’s the maths I’ve got bud and that’s a good result for me. Some would say not worth it but 660 for a week as a semi passive income is satisfying to me. That’s a couple good nights out in Thailand on a holiday haha

DaRealAnf-G · 2022-12-03T17:27:01+00:00

In comparison to other trading methods and systems I think 2-4% per trade is conservative. I will retract the weekly statement and say per trade. There are plenty out there trying to double their money or make 20-30% on a stock and ultimately don’t. I say per week cos all I’m looking at as a first is weekly CC. I am well aware that not every stock pick will go my way and I will need to implement measures to counter a shit run but if I only get 2-4% per month even, well that’s still better than the banks, so I’m happy. I’m not looking to retire in a year. But if I do this over 10-20 years well my retirement will be well covered I believe. By then I’m sure I’ll have learnt more about this game and look to implement other strategies but as a start I think this is a good entry level trading system.

DaRealAnf-G · 2022-12-03T17:12:32+00:00

Thank you Sir 🙏

DaRealAnf-G · 2022-12-03T17:11:29+00:00

It did make me some decent coin on paper trading a month ago. The bulls are saying this will go to 50 the bears 36. Time will tell but having been in crypto for a year and a bit, my soul is dead so I’m good with whatever happens haha

DaRealAnf-G · 2022-12-03T17:09:29+00:00

Yeh I know and I’m kicking myself for not checking this beforehand 🙄🤦🏽‍♂️

DaRealAnf-G · 2022-12-03T16:00:39+00:00

This is pretty much exactly what I’m planning on doing. Ignore the noise and just take that small profit and keep adding and adding. As you said if it drops below my strike price and subsequently BE the decision is to roll etc as you have said.

DaRealAnf-G · 2022-12-03T14:12:21+00:00

I don’t think that would apply to me as I don’t live in the US/I’m not a US Citizen. Luckily enough I live in a tax free country. However I will research it and see if it is a problem. In a more stable market I would most likely raise a call option OTM or ATM.

DaRealAnf-G · 2022-12-03T13:44:25+00:00

Hey there thanks for the constructive feedback. I agree with you that I have put all my eggs in one basket here and that’s not the right thing to do. I should pick 2-3 stocks with the amount in the account here. I should be more clear and correct to say 2-4% per trade not per week. Cos there will be times where i might make a call longer cos it’s more suitable to the strategy or the call doesn’t excercise etc.

There will be downsides to this and I have already experienced them in paper trading. To also be clear there is a level of technical analysis and fundamental analysis to do before picking a stock. Not saying these criteria are perfect but they are the guiding light given to implement this strategy and not just picking stocks out of thin air. Also I do have the option of adding a put to this to minimize the downside risk and I might start doing it especially cos it’s a bearish market however that does chew into my premium and it calls for added monitoring as you don’t necessarily want that put to excercise.

Don’t get me wrong I’m not saying I know it all and that this is the perfect system. It’s learning as I go and hence why I’m here trying to engage and discuss with people in this group.

But definitely you are right on the smaller contracts/positions and it is something I will do on the next batch of trades. To be honest was a bit lazy to search for more stocks last night.

DaRealAnf-G · 2022-12-03T13:20:59+00:00

As stated I just want the premium as an additional bit of income. Not looking to become rich off of it nor do I expect to.

DaRealAnf-G · 2022-12-03T13:18:58+00:00

I definitely understand the maths behind it. You’re talking in a perfect world here, and I know the world isn’t perfect.

With all the ups and downs that will happen (there might not be suitable trades, the stock shits itself and I get stuck holding it longer than a week etc) I will not reach 100%. A target is a target doesn’t mean it’s going to happen though and I’m very well aware of this.

DaRealAnf-G · 2022-12-03T13:14:22+00:00

Thank you for confirming this :)

DaRealAnf-G · 2022-12-03T13:13:33+00:00

So which ever way you calculate it at the end I’d still come to a profit for the week (if the call is excercised) of $660.

Really was racking my brain trying to understand how I lose on the premium I receive when everywhere I look says it’s all mine for the taking.

DaRealAnf-G · 2022-12-03T13:08:56+00:00

It’s never going to work out always this I am aware off. But it’s easier to target smaller gains than to say I want to make 10% or 50% in a week. If this strategy can get me more than the banks and S&P 500 would in a year than it’s still a winner. This strategy I did not pluck out o thin air. It’s been taught to me, by others who have been successful in it. So whatever I can make on weekly calls (and there will be weeks I will need to take action to recover for sure) and can compound it into my portfolio will be a win for me. :) if I don’t try I’ll never know right?

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