We all wish we knew a skill that would earn us tons of money overnight. Eddie Choi took matters into his own hands, and decided to learn how to trade options on reddit. With $766 and a reference to a few observations he had made about the market. Eddie Choi, cashed in on roughly $108,000.
Eddie Choi, a 25-year-old business analyst in San Diego, made noise when Bloomberg reported that he turned $766 into nearly $108,000 by purchasing puts on Roku stock and SPY — the S&P 500 exchange-traded fund — then profiting enormously when they dropped.
Choi learned how to trade options on WallStreetBets, a subreddit with the tagline “Like 4chan found a Bloomberg terminal.“
Eddie credits his success to his ability to study and learn the market as well as his parent for being so hard working. In an interview with business insider he had this to say:
“I currently live in San Diego, and I work with data at a bank. I grew up with two immigrant parents from Korea, so they had to raise my older brother and me while learning a new culture and language in America.
I credit a lot of my success and who I am to them because they had to work extremely hard to make sure that our family was in a good place financially, emotionally, and physically. Because of how hard they worked, our family is in a good place, and both my brother and I have an amazing opportunity to succeed in America.”
He also had advice for aspiring investors:
“The number one thing I want people to realize is that not everyone will win when it comes to risky investments like options and that there is a lot of risk involved.
I think some people may not realize the risk and may think it’s common for people to win a lot of money when they read articles or see stories of people winning huge on investments such as options. But when you’re dealing with weekly options, you have to realize that there is a possibility that you will lose all your money invested in the weekly option.”
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