I lost faith in US banks in 2008, now I’m 50 and this is what I’m doing with my cash

[@vincentnnyc]

So today 9/30/24 has ended…are you still holding any uvxy by the end of the day? If not, did you made or lost money and how much?

[@foftylife]

yes, I left it there - unrealized losses so far, by about $3k. end of day action due to big funds rebalancing their portfolio as the quarter ended. will monitor what happens the next sessions.

[@jscotthamilton5809]

Holy title non sequitur, Batman! I was expecting something along the lines of, "banks aren't safe, therefore I store my cash in a brokerage account that has SIPC, not FDIC protection". While the UVXY speculation is entertaining, it doesn't address the question of how to get banking services outside of the US banking system. It might help to build your channel if you either remain on topic, or choose a more apropos title.

[@foftylife]

Thanks for the feedback, and for watching - really, much appreciated. I left out the part that I moved to Singapore (eg. banks in SG) and converted a portion of non-liquid store of assets into bullion - but those are in my earlier channel episodes. The title and content is something I will continue improve, thanks for your comment.

[@mtrest4]

SIPC is even less reliable than FDIC.

[@foftylife]

a $2.35B Repo (SRF) by a bank yesterday is on my radar - largest in years, so something I am carefully watching

[@mtrest4]

@@foftylife repo by the popo 🚓

[@duke9657]

The 'great' numbers all around are manipulated to prop up the current admin in an election year (ie. jobs report revised down bigly after the initial "everything is great, nothing to see here" print). Actual consumers are feeling the consequence of inflation and reckless govt mismanagement since C19 thus the large decrease in the Fed rate.

[@foftylife]

And we critic China for doing this 🫣

[@vincentnnyc]

it's 10/9/24: are you still in the uvxy position? if yes, how much are down?

[@foftylife]

yes i haven't touched it - i'm not down, i'm up $7,000 as I type

[@vincentnnyc]

So are you still in this trade as of 11/8/24? Did you make or lost money? If lost, how much?

[@foftylife]

I exited the position at the start of the last trading session on Fri and cashed in my profit.

[@vincentnnyc]

@ what was your profit on this trade?

[@vincentnnyc]

You got big balls playing uvxy with $80K USD. I’ve made money and lost a shit ton of money playing uvxy and all the future derivatives in the past…u got a stop lost on this trade…or you basically using hope strategy?

[@foftylife]

Haha, iron ones 😅 I don't use stop losses - I've learned that my mind works better over time and isn't susceptible to those stop loss runs market makers do.

[@vincentnnyc]

As of 12/2/24…are you still holding any of your UVXY trade? After trump got elected…the stock market reacted and did a massive jump. If you are holding, how much are you down on your unrealized lost as of 12/2/24?

[@foftylife]

yes, sure haven't done anything.. it's hovering around -$18k or so now?

[@vincentnnyc]

@@foftylifewhat is your exit strategy for this trade?