- The Reddit geek who raked in more than $US100,000 with two trades is taking a break from investing.
- Eddie Choi turned less than $US800 into nearly $US108,000 by purchasing puts on Roku stock and SPY – the S&P 500 exchange-traded fund – then profiting enormously when they fell, Bloomberg reported.
- Choi returned to WallStreetBets, the subreddit where he learned to trade options, to share the Bloomberg story and reply to comments about his watchlist, investing approach, and the significance of the windfall to him.
The Reddit geek who raked in more than $US100,000 with two trades is taking a break from investing.
Eddie Choi turned less than $US800 into nearly $US108,000 by purchasing puts on Roku stock and SPY – the S&P 500 exchange-traded fund – then profiting enormously when they fell,Bloomberg reported. He learned how to trade options on WallStreetBets, a subreddit with the tagline “Like 4chan found a Bloomberg terminal.”
Choi, whose Reddit username is TheTriviaTribe, returned to WallStreetBets to share the Bloomberg story in a thread titled, “I Did It!” He also answered several questions in the comments.
“I’m taking a small break from heavily looking at stocks, but I love them tech stocks,” he responded to a query about what’s on his watchlist. “It’s a bit weird not trading options anymore, but I’m sure I’ll do it again sometime in the near future!”
One commenter proclaimed his win was a victory for bears. Choi replied: “I’m not bull or bear. I follow the overall market and some stocks, and decide if I’ll be bear or bull for the next day to week for the overall market or a specific stock.”
The same commenter asked whether the cash influx changed his life. “It didn’t change my life because it’s not like these gains are totally life changing, but I don’t have tons and tons of money, so it’s not like it was nothing for me,” Choi replied. “I do have high goals for my future though! Career wise.”
Choi also cracked a few jokes in the comments.
“Taxes are for chumps. Haha just kidding. Of course I’ll pay my taxes.”
Markets Insider has reached out to Choi for more details about his investing. We will update this story if we hear back.