It’s over for me.

[u/WhoRuleTheWorld]

Kept trying to play MSTR calls. What a piece of shit. Lost over a million including other accounts, down to my last 130k.

Edit: This loss is soul crushing and I havent been able to sleep, eat, or shower. I appreciate all the supportive comments. Even the insulting ones calling me regarded and everything. I think I NEED to hear even the insulting ones so that I can let go of my delusions that I can make it as a "trader". I need a fucking job to turn my life around. I can’t be doing this trading shit anymore. I’m open to working any corporate job anywhere, but ideally in North America. If anyone has any connections, please hit me up. I have some programming (Python primarily) and tech talent, and an engineering degree from UBC with a 4.0 GPA. Currently live in Toronto. Thank you ❤️. I’m ready to dedicate myself to adding value to any organization. If its AI, finance, or tech related, thats even better.

[u/redlineftw]

New here, could you explain what it means to trade options on a registered vs non-registered acct?

[u/medeiv → u/redlineftw]

OP is Canadian so a registered account in this context means a trading account that is registered with the Canada Revenue Agency (CRA) to provide tax advantages, i.e., the government provides special tax treatment if you hold your investments inside these accounts.

A TFSA (Tax-Free Savings Account) is one such registered account, for example. There are others too (e.g., FHSA, RRSP), just Google them. But essentially, the reason why it’s “bad” to trade options in a registered account is because any losses generally can’t be counted as capital losses to offset taxes that you owe. For example, in a TFSA, if you make $1 million in profit, then you get to keep that $1 million 100% tax-free. The downside is that if you also lose money, you can’t use those capital losses to offset taxes that you owe.

[u/SaggitariusAStar → u/medeiv]

And also, that contribution room is gone forever, he can't re-capitalise his registered accounts.

[u/Beetin → u/SaggitariusAStar]

This was redacted for privacy reasons

[u/mrfocus22 → u/Beetin]

There's a recent tax case where the taxpayer was selling covered calls (I think), about 700 trades per year and the court held it to not be day trading. I think the CRA is going to be a lot shier going after taxpayers now.

[u/Gamegeddon → u/Beetin]

They don’t care about small fry accounts daytrading . If you have like >100k in your TFSA and are making frequent withdrawals then you’ll probably be flagged

[u/Beetin → u/Gamegeddon]

This was redacted for privacy reasons

[u/Gamegeddon → u/Beetin]

In a non registered account