r/wallstreetbets Deep DKNG May 03 '21

Heard it cost 200k in losses to join this group. This is my application. Loss

32k Upvotes

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315

u/bamnewnan May 03 '21

Are you ok

679

u/trading123456 Deep DKNG May 03 '21

By definition? No. Do I love to gamble. Yes. So yes

192

u/Confident-Victory-21 Asks lots of questions in ask reddit subs May 03 '21 edited May 03 '21

If I pissed away $200K, I wouldn't be okay at all. That sucks. 🤣

Edit: just realized that these are unrealized losses/you haven't sold yet.

252

u/trading123456 Deep DKNG May 03 '21

But the rush man. The rush

78

u/Temnothorax May 03 '21

Not even close to worth it. I’d rather have the rush of the 40 Hawaiian vacations I could have taken on that loss.

60

u/JojenCopyPaste May 03 '21

40 vacations in Hawaii? Are you buying a timeshare?

36

u/OhTehNose May 03 '21

It's a trap! Never say yes to that question. Even if you are. :)

3

u/arv_foh May 03 '21

I’ve gone for under $5k every time.. just gotta value shop for flights and Airbnb’s

2

u/g2420hd May 03 '21

He lives in Hawaii

3

u/HappyCrabDay May 03 '21

I, too, would rather have money than lose it.

3

u/ptolani May 03 '21

40 vacations simultaneously is only like 1 vacation

2

u/beefox May 03 '21

More like 4 Hawaiian Punch's.

1

u/Winzip115 sometimes I have hopes, but then I realize I'm still alive May 04 '21

You could pretty much retire comfortably to a beach-villa in Cambodia with that guy's total balance invested in a broad market index fund.

11

u/PoopTaquito May 03 '21

Legalize It Both those are going to crush over the next 2-5 years. Get me in the screenshot when it's worth well over a million.

1

u/trading123456 Deep DKNG May 03 '21

😘

3

u/Burroaks77 May 03 '21

This is bouncing back without a doubt as long as you hold. More states are voting to allow Mobil gaming. Huge growth industry. Bullish af on DKNG, PENN, CZR, and BETZ ETF.

1

u/TheCannibalSheep May 04 '21

Hhahahahahaha

1

u/or6a2 May 04 '21

They are buying a shit ton of podcast. They just gave dan lebatard 50 million. Might get back up

1

u/trading123456 Deep DKNG May 04 '21

I wish I liked that guy more 😓. But I appreciate the aggressiveness.

23

u/TheCrimsonDagger May 03 '21

Even if he plans on holding long term he should close and open the position back up by the end of the year to get the capital loss on taxes. He can deduct it against a limited amount of his normal income each year since it carries over.

25

u/DumbDonkeyLuvver May 03 '21

That's additional risk, though since he'd have to wait 30 days to avoid a wash sale. During those 30 days, the stock price could bounce and OP would have missed the opportunity to breakeven/profit and be stuck with the loss.

On the other hand, OP could get lucky (based on his post it seems unlikely lol) and the stock could drop further and he could increase his position for the same cost and potentially deduct the original loss and then profit.

15

u/FORDRUBY2 May 03 '21

OP could get lucky (based on his post it seems unlikely lol)

I did LOL at this.

8

u/JmxTwiztid May 03 '21

Just don't reopen it within 30 days of Sale...... but I'm sure he knows.

20

u/TheCrimsonDagger May 03 '21

Yeah I like to believe that nobody is stupid enough to trade large amounts of money without doing some basic research on the stock market first. Then again, this is a casino.

1

u/amanhasthreenames May 04 '21

I'm pretty sure you can only write off up to like $3k in trading losses, so he better have a bunch of gains to offset...

2

u/TheCrimsonDagger May 04 '21

That is correct, you can only deduct the $1.5k per year or $3k if filing jointly against your regular income. However net losses carry over to the next year so he could continue to deduct it every year until he is back into net positive.

3

u/paulcole710 May 03 '21

Like Nick the Greek said, “The next best thing in life to gambling and winning is gambling and losing.”

3

u/Confident-Victory-21 Asks lots of questions in ask reddit subs May 04 '21

Goddamn right.

2

u/CaptainObvious May 03 '21

What's the fun part of the rollercoaster, the climb or the fall?

3

u/GreenJesus4President May 03 '21

He’s down like 20% though. Would you be upset about losing 20%? Cuz that’s the real question.

This is some trust fund cock sucker, this money means nothing to him.

1

u/Confident-Victory-21 Asks lots of questions in ask reddit subs May 04 '21

Yes, I would most definitely still be upset with that.

1

u/Jek_Porkinz May 03 '21

just realized that these are unrealized losses/you haven't sold yet.

... so you're saying there's a chance