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Super Mario 3D World + Bowser's Fury - Review Thread
Game Information
Game Title: Super Mario 3D World + Bowser's Fury
Platforms:
- Nintendo Switch (Feb 12, 2021)
Trailer:
Developer: Nintendo
Review Aggregator:
OpenCritic - 89 average - 94% recommended - 50 reviews Critic Reviews
Destructoid -
Chris Carter -
10 / 10 To be clear, I'd still wholly recommend this version of 3D World even without Bowser's Fury. The tweaks are small overall, and Bowser's Fury isn't going to sate the most hardcore of Mario fans looking for a brand new game, but the package as a whole is magical. If you were one of the many who missed out on this Wii U classic, fix that.
Digitally Downloaded - Matt Sainsbury - 5 / 5 stars
An exceptional first release for Nintendo in 2021
GamesBeat - Mike Minotti - 5 / 5 stars
You can play a lot of 3D Mario games on your Switch. Super Mario 3D World + Bowser’s Fury is just as good as any of them. It contains makes the Wii U game feel better than you remember, and the bonus campaign makes the package one of the best ports Nintendo has brought to the Switch.
God is a Geek - Adam Cook - 10 / 10
Despite multiplayer now being online, it still feels superfluous, but otherwise Super Mario 3D World + Bowser's Fury might just be one of those fabled "perfect" games.
Nintendo Life - Chris Scullion - 10 / 10
Super Mario 3D World remains one of the better linear Mario games, and anyone playing it for the first time is in for an absolute treat. Add to that the curious bonus adventure that is Bowser's Fury and you've got a package that provides great value for money. It isn't without its flaws, but most of these (online multiplayer, repetitive missions in Bowser's Fury) relate to the new additions; the main game itself remains as pure and perfect as it was seven years ago. Had it just been Super Mario 3D World on its own, we'd be thoroughly recommending it anyway; Bowser's Fury is just the cherry on top.
VG247 - Alex Donaldson - 5 / 5 stars
Bowser’s Fury is a short experience – it’ll take a competent player a couple of hours to see all it has to offer, and a few hours more to drive it all the way to 100% completion – but it’s completely worthwhile. It has some great surprises, which is why I talk about it in such generalized terms. Bowser’s Fury would’ve made a great download-only, budget-price stand-alone – so as a bonus included with an already excellent game, its value can’t really be overstated.
Atomix - Alberto Desfassiaux - Spanish - 98 / 100
The best way to play on of the greatest Mario's games. Also, Bowser's Fury is an ambitious expansion with a lot of new ideas.
PowerUp! - Leo Stevenson - 9.8 / 10
Super Mario 3D World + Bowser's Fury is a showcase of the game design mastery which has made Nintendo the best in the business.
Nintendo Blast - Eduardo Comerlato - Portuguese - 9.5 / 10
Super Mario Mario 3D World + Bowser’s Fury is a package that offers two different ways to experience one of the best 3D Mario adventure, making it ideal for the franchise’s 35th anniversary celebration. There is no doubt that the game is a two-way diversion, able to preserve elements of the past and paint majestic novelties around it, as Bowser Jr. does with his paintbrush in the new and fascinating Bowser’s Fury.
SECTOR.sk - Matúš Štrba - Slovak - 9.5 / 10
Super Mario 3D World is still great, fun and really rich in content. Bowser's Fury adds new layers of gampleay inspired by Sunshine to enjoy.
The Games Machine - Stefano Calzati - Italian - 9.5 / 10
Super Mario 3D World + Bowser's Fury is an explosive pack. 3D World returns with an improved pace, while retaining the stellar gameplay that characterized it when it first launched, and of course being still as hilarious as it was back then. Bowser's Fury takes the lesson a step further, creating a small and dense open world that will put you to the test with a sense of urgency unlike any other Super Mario game. The result, needless to say, is pure, unadulterated joy.
Game Informer - Brian Shea - 9.3 / 10
This package combines tried-and-true gameplay and level design with unique concepts (plus an all-new game) to earn its place among the elite games in the franchise
Hobby Consolas - David Martinez - Spanish - 93 / 100
It´s not one, but two great platformers for Nintendo Switch. One of the greatest Wii U games (with improvement such as online multiplayer and photo mode) and a new Mario 3D game, not as big and ambitious as previous games, but equally fun and full of surprises.
Spaziogames - Valentino Cinefra - Italian - 9.3 / 10
If you love platforming (and cats) this is an absolute gem.
Video Chums - A.J. Maciejewski - 9.2 / 10
Super Mario 3D World is an excellent game so if you still haven't played it or simply want it on Switch, this will make a wonderful addition to your gaming library. Oh, and you also get a fantastic bonus game with Bowser's Fury so how could you go wrong?
Wccftech - Rosh Kelly - 9.1 / 10
Super Mario 3D World shows why Mario is an ageless franchise, with the seven-year-old game providing fresh fun and a delightful experience. Bowser's Fury is the exact opposite, showing just how exciting and experimental the series can be.
Critical Hit - Brad Lang - 9 / 10
Super Mario 3D is a great game to play solo or with friends and shows off some of Nintendo's best level design yet, while Bowser's Fury is an inventive take on the Mario formula that's more generous with its content than it ought to be. Both games make for a fantastic bundle and should be checked out by fans and non-fans alike.
GameMAG - Александр Копанев - Russian - 9 / 10
Super Mario 3D World + Bowser's Fury for Nintendo Switch effectively handles two important tasks: introducing new players to the classic game that came from the Wii U, as well as pleasing hungry fans with new great content. Definitely a must-play for all Super Mario fans!
GameSpew - Kim Snaith - 9 / 10
Aside from some repetition between the two titles, Super Mario 3D World + Bowser’s Fury is a joy from start to finish.
GameSpot - Steve Watts - 9 / 10
Super Mario 3D World + Bowser's Fury packages one of the best recent Mario games with a delightfully odd new experience.
Gameblog - Thomas Pillon - French - 9 / 10
Thans to its many clever tweaks, Super Mario 3D World + Bowser's Fury give the player many reasons to enjoy a great 3D platformer, now a little bit faster, and with friends around the globe online. Let's not forget Bowser's Fury, a tiny open world adventure which rightfully mixes gameplays from the Wii U and Switch episodes, and delivers a strong experience with a twist.
GamesRadar+ - Sam Loveridge - 4.5 / 5 stars
Quirky, creative, and constant good fun, Super Mario 3D World + Bowser's Fury blends Mario gameplay old and new with great success, creating a title that feels worthy of his 35th birthday celebrations.
IGN Italy - Mattia Ravanelli - Italian - 9 / 10
Simple and immediate, beautiful to see and fun even in multiplayer, Super Mario 3D World is the "what if" of the history of Super Mario. But with obvious limitations compared to Super Mario Odyssey and the other chapters in 3D. Bowser's Fury tries to beat new paths, without avoiding a few slips.
Metro GameCentral - 9 / 10
One of the best modern Super Mario titles is made that little bit better and accompanied by a brand-new game that bends the formula in new and exciting ways.
NintendoWorldReport - Neal Ronaghan - 9 / 10
If you've never played 3D World before or haven't touched it since the Wii U days, this is well worth the price of admission. Prospects get a little tougher if you're not interested in going through 3D World, because while Bowser's Fury is amazing, it's still approximately less than 10 hours of gameplay even if you do everything. But no matter what: Super Mario 3D World + Bowser's Fury might be one of the strongest Mario games available on Switch. The base game is fun and varied, while Bowser's Fury offers a distinctive, inventive, and superb open-world 3D Mario experience.
PCMag - Jordan Minor - 4.5 / 5 stars
Super Mario 3D World is an incredible and underplayed Wii U adventure that's now available on Switch. But Bowser’s Fury steals the show with its exciting and fresh take on a 3D Mario game.
Press Start - Shannon Grixti - 9 / 10
Super Mario 3D World + Bowser's Fury is a fantastic package that showcases what makes Nintendo games so special. Super Mario 3D World is just as good as when it released, and Bower's Fury is a surprisingly good standalone adventure that paves the way for the future of Mario.
Screen Rant - Riley Little - 4.5 / 5 stars
Bowser's Fury adds so much to the Wii U port.
Stevivor - Ben Salter - 9 / 10
Super Mario 3D World + Bowser’s Fury is a delightful double act. Super Mario 3D World holds up well, and offers a unique multiplayer experience that works particularly well on Switch. Its opening worlds are designed to cater for that varied audience, while the second half injects some much needed difficulty and is best played solo. Bowser’s Fury is experimental in nature, and offers something completely different with a fully open world housing plenty of Shines to collect at a rapid pace. While neither quite reaches the dizzying heights of Super Mario Galaxy or Odyssey, it is a double dose of Mario doing things differently, and a fitting finale to Super Mario’s 35th anniversary.
The Digital Fix - Stephen Hudson - 9 / 10
Near-perfect platforming, gorgeous visuals and a joy-filled soundtrack make Super Mario 3D World + Bowser's Fury one of the best Mario titles of all time, and an essential purchase for all Switch owners.
TheGamer - Dave Aubrey - 4.5 / 5 stars
Ultimately, Super Mario 3D World, in this package, is the best that game has ever been, with the increased speed and ease of multiplayer access making it far more enticing than ever before. Bowser’s Fury, meanwhile, is essentially the Super Mario Odyssey DLC that never was. It feels like Odyssey’s level and game design sensibilities, but placed in the Super Mario 3D World game engine, with all of the power-ups and quirks that game has to make something truly unique. Putting both of these games in one package is the best decision that Nintendo has made in a long while, as Super Mario 3D World + Bowser’s Fury is one of the best Mario offerings available on Nintendo Switch, which is lofty praise given the existence of Super Mario Maker 2. Now it just needs the option to play again, but as Luigi.
TheSixthAxis - Jason Coles - 9 / 10
I can't really recommend Super Mario 3D World + Bowser's Fury enough. Whether you've played the original game before or not, the addition of online multiplayer is a big win, while Bowser's Fury is a testament to just how pure a Mario game can be while still feeling fresh and exciting. Put simply; this is an essential game for Mario fans.
TrustedReviews - Jade King - 4.5 / 5 stars
Super Mario 3D World + Bowser's Fury is both a welcome return for a platforming classic and a novel expansion of what made the game so special back on the Wii U. There's a solid chance that millions of players missed out on its excellence back in 2013, so now is the perfect time to take it for a spin.
Twinfinite - Chris Jecks - 4.5 / 5
The real star of the show, however, was Bowser’s Fury, which innovates on the foundations laid by previous 3D titles, to provide some of the most enjoyable, open-world platforming I’ve had the pleasure of playing. This is a must-buy for Switch owners and Mario fans alike and is sure to tide you over the next couple of months.
IGN Spain - David Soriano - Spanish - 8.8 / 10
Super Mario 3D World has aged quite well. It is still a very enjoyable adventure, updated in its rhythm and different enough from Super Mario Odyssey for those who came to Switch without going through Wii U to discover it. The big surprise is Bowser's Fury, which transcends the concept of simple DLC and adds mechanics and novelties of epic dimensions.
AusGamers - Kosta Andreadis - 8.6 / 10
It's also as strange as Mario's team-up with a sentient hat that for some reason lets him Being John Malkovich a dinosaur.
COGconnected - James Paley - 80 / 100
These two titles offer distinct, yet familiar, Mario experiences.
Cubed3 - Az Elias - 8 / 10
Super Mario 3D World may not have had much added to it aside from an online function that is limited to only saving progress for the host, but it didn't necessarily need much else. Nintendo successfully found a way to evolve the 2D classics without going open world, and the result is one of the most consistently fresh and enjoyable games around, which, despite lacking the challenge of the NES games, has something for just about everyone. The bonus Bowser's Fury solo adventure is an absolute delight with a brilliant core idea that adds a crazy tension to Mario platforming, but it is hard to present a case for purchasing this pack just to play it. Whilst full of great content, it is too short-lived to feel worth the asking price, and really needs a standalone purchase option. When taking both games into account for those that have not played the original Wii U title, though, this is a cracking bundle of Mario goodness that encapsulates what everyone knows and still loves about the moustachioed hero after an enduring thirty-five years.
Daily Mirror - James Ide - 4 / 5 stars
Bowser's Fury offers some great new ideas and is much more than a simple DLC. It's a great Mario game in its own right, with enough to entice those who played 3D World before with a wholly new and compelling experience, as well as offering one of the most epic showdowns in Nintendo history.
Bowser's Fury is a great take on 3D Mario and finally makes Bowser the menacing villain he deserves to be. The game's only flaw is that it left me wishing there was more of it.
EGM - Michael Goroff - 8 / 10
Super Mario 3D World + Bowser's Fury is the Wii U port that Switch owners have been waiting for. Besides the inclusion of online multiplayer, 3D World is the same good game that players already experienced on the Wii U, and fans of the series who missed it the first time around will enjoy its hybridization of 2D and 3D Mario gameplay. But the highlight of the package is Bowser's Fury, a scaled-down but surprisingly robust mini 3D Mario game that actually takes some chances.
Enternity.gr - Leonidas Mastellos - Greek - 8 / 10
Super Mario 3D World + Bowser's Fury achieves its goal as a package and not as individual experiences
Guardian - Keza MacDonald - 4 / 5 stars
One of the brightest and cutest Mario games with a novel adventure as a side dish
Telegraph - Tom Hoggins - 4 / 5 stars
This Switch remaster of the Wii U outing for Nintendo's famous plumber comes with online co-op and the strangest Mario adventure yet
Washington Post - Jhaan Elker - 75 / 100
Even with the Bowser’s Fury miss, the content is worth it. If you want one of the best and most versatile multiplayer experiences to date for the Nintendo Switch, online or offline, go with Super Mario 3D World + Bowser’s Fury.
CGMagazine - Jordan Biordi - 7 / 10
I don’t think Super Mario 3D World + Bowser’s Fury annoys me as much as it did on the Wii U, since the Switch already has the best Mario ever made on it; and I do think there is fun to be had with these games, even though I find them to be fairly frustrating. I would still recommend them if you enjoyed the originals, or maybe wanted to play them with younger gamers. Even though I might not go back to it very often, I don’t regret the time spent with it.
IGN - Cam Shea - 7 / 10
Two solid platformers in one; neither of which approaches the franchise's most dizzying heights.
Ars Technica - Kyle Orland - Unscored
Bowser’s Fury works just fine as an added bonus packaged with an under-appreciated platforming gem from the Wii U era. If you’ve never played 3D World before, this is a great chance to catch up on a fresh take on 3D Mario design. If you’re mainly interested in Bowser’s Fury, though, maybe wait until the strong ideas get expanded into a full, standalone game.
Eurogamer - Martin Robinson - Recommended
3D World's feast of all things Mario is joined by a fittingly experimental, hugely enjoyable - if slightly scrappy - expansion.
Kotaku - Ian Walker - Unscored
Super Mario 3D World + Bowser’s Fury is essentially the same game on Switch that some of you may have experienced on Wii U. While there’s no denying that the new hardware can’t keep up with the game’s ambitions at times, this bundle is at its core another fantastic Mario experience.
Polygon - Chris Plante - Unscored
Super Mario 3D World + Bowser’s Fury is a fantastic double feature
GTA Online Mega Guide and Weekly Simple Question Thread
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This Week At Bungie 1/28/2021
Source:
https://www.bungie.net/en/News/Article/50040 This week at Bungie, we introduce Seasonal Challenges.
Welcome to the second-to-last TWAB of Season of the Hunt. Many of you have been navigating the secrets of the Harbinger mission, uncovering randomly rolled Hawkmoons and earning the Radiant Accipiter Exotic ship. Content-wise, we’re coming to a close for the Season, and we’re incredibly excited for what’s to come in just a few short weeks. We’ve been covering some upcoming quality of life changes to Destiny 2, like the return of Umbral Engrams, but it’s almost time to take a peek at fresh content.
Season of the [REDACTED] trailer goes live on February 2, 2021.
Before we get there, we have a new feature to cover, Seasonal Challenges, and a round of weapon-focused sandbox changes to walk through. As a warning, this is a pretty large amount of information in a small space. We've joked about "meaty" TWAB's before, but this one may feel a bit overwhelming if you rush through it. Let's take it slow, step by step, and get through it together in one piece.
Introducing: Seasonal Challenges
Over the last year, we’ve been looking at ways in which we can reduce the amount of FOMO (Fear of Missing Out) in Destiny 2. We’ve recently made some changes to Seasons and how Seasonal content is available throughout a given year of Destiny 2. This week, we’re looking to bounties and Bright Dust, introducing a new system not only to remove FOMO, but give fresh ways to earn XP and alternate rewards. To walk us through the ins and outs of Seasonal Challenges, we pass the mic to the Development team.
Dev team: During production of Beyond Light, we started looking at the problems of bounty fatigue and FOMO, as well as Seasonal legibility (i.e., “What is in a Season?” and “How to I engage with it when I log in?”). We created a few goals which we believe will improve the experience:
- Provide a guide to new, returning, and veteran players for what to do today/this week.
- Guide the player through the Seasonal content, week-over-week.
- Encourage players to engage with complexities and nuances of the Seasonal activity and rituals.
- Reduce the penalties on XP and Bright Dust for missing a given week.
To solve these goals, we are introducing a new pursuit type for players – Seasonal Challenges. The Seasonal Challenges live on their own page, are accessed through the Quest Log or Season Pass, and are separated by week.
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Here’s a quick breakdown of how this feature works:
- Every week, for the first 10 weeks of a Season, between 3 and 10 new Challenges appear automatically for players.
- Some of the Challenges deal with the Seasonal content.
- Others push players to complete strikes, Gambit, and the Crucible, or to focus on non-activity focused Destiny rituals, like gaining Power, unlocking Seasonal Artifact mods, or improving guns and armor.
- These Challenges can only be completed once per account, but once they become available, these Challenges can be completed at any time before the end of the Season, and do not need to be started or picked up from a vendor.
- As an example, if a player doesn’t play for weeks 2 through 4, they can return on week 5 and have all of those Challenges waiting for them!
- Completing each Challenge awards XP, contributing to your Season Pass ranks.
- Other rewards could be Bright Dust, Seasonal currency, or other interesting items!
In moving away from weekly bounties, which were restricted to broad objectives tied to ritual activities, we have taken more leeway with creating some interesting or more difficult Challenges. These may be things you are already doing, or things that test your ability. Some examples include:
- Defeating Primeval Envoys in Gambit
- Defeating enemies in Nightfall: The Ordeal with Seasonal weapons
- Gaining Infamy or Valor ranks
- Acquiring the ritual weapon and its cosmetic ornaments
- Winning rounds in Trials of Osiris
- Completing a Grandmaster Nightfall
Not all the Challenges will require that level of accomplishment, but the harder or longer the Challenge is, the more experience it rewards. Challenges that focus on the Seasonal activity and ritual mostly need the Season Pass to complete, but most of the ritual focused Challenges can be completed without the Season Pass. Overall, roughly 60% of the Seasonal Challenges do not require the Season Pass.
With the changes above, we are removing weekly bounties from the three ritual vendors (Zavala, Shaxx, and Drifter), Banshee-44, and the Seasonal vendor. These vendors will still have daily bounties which reward XP, and the three ritual vendors will still have repeatable bounties for those of you who want to pursue additional XP and Bright Dust.
Lastly – most of the Challenges disappear after the Season they were introduced, and anything that isn’t claimed will be lost. We don’t add any new Challenges after Week 10 – which should give everyone a few weeks to clean up any Challenges they didn’t finish. Any Challenge that rewards unique or Seasonal items (currencies, lore books, Seasonal weapons, etc.) – can be completed as long as the Seasonal activity is in the game, but XP awarded for completing the challenge will only be available during the season it was introduced.
Let’s Talk Bright Dust
Back before Beyond Light launched, we discussed some of the goals around the changes to Bright Dust. As a refresher, we wanted to change the way you earn Bright Dust and move more towards account-specific paths to give players with only one character significantly more Bright Dust than they've been earning over the last year. In Season 13, we’ll be continuing to move toward these goals by adding Bright Dust onto Seasonal Challenges.
Since you no longer have to purchase weekly ritual bounties, each of the strike, Crucible, and Gambit Seasonal Challenges will award between 75 and 300 Bright Dust. We are also introducing an end-of-Season Bright Dust bonus – if you complete (nearly) all of the Seasonal Challenges, we are awarding a single 4,000 Bright Dust pile.
Additionally, each ritual vendor challenge (“Complete 8 bounties”) awards 120 Bright Dust for each character who completes it each week. And because this is prompted by the removal of weekly bounties, the only Seasonal Challenges that will be awarding Bright Dust are the ones that both Season Pass owners and free players can complete. Here’s a quick breakdown of how much Bright Dust you should expect to earn over the course of Season 13.
Seasonal Challenges Bright Dust (All Players)
- Free Seasonal Activities – 6,000
- Seasonal Extra – 4,000
- Total – 10,000 Bright Dust
Season Pass Bright Dust
- Free Path – 7,500 (All Players)
- Paid Path – 3,000 (Players who own Season Pass)
- Total – 10,500 Bright Dust
Weekly Ritual Vendor Challenge Bright Dust (All Players)
- 120 Bright Dust per ritual vendor, per character, per week
- 14,040 total if completing all required weekly Challenges over the course of Season 13
Additionally, we still plan to offer weekly and repeatable Bright Dust bounties for Seasonal events, giving you a bit more Bright Dust towards desired rewards.
As a final note, please be sure to claim all Seasonal Challenges that award Bright Dust prior to the end of a Season. Once a Season ends, associated Challenges and their Bright Dust rewards will expire and can no longer be claimed.
It’s always exciting when we bring a new feature online for Destiny 2. We hope that the changes detailed above make it easier to create goals to complete each week. As always, we’re eager to hear your feedback once you start finishing your first Seasonal Challenges, so please sound off with your thoughts!
Back to the Sandbox
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Every Season, we have a collection of changes to the Destiny 2 sandbox to spice things up a bit. This Season, we’re making some targeted changes to weapon archetypes that need some love as well as beginning some preparations for crossplay.
Dev team: In preparation for crossplay, coming later this year, we’re making some changes to the Recoil stat.
Currently, several weapon archetypes have their Recoil reduced by around 40% (dependent on archetype) when using mouse and keyboard. This results in an issue where players on mouse and keyboard are able to largely ignore the stability weapon stat, creating unintended discrepancies in weapon performance between controllers and mouse and keyboard.
The following weapon archetypes will have their mouse and keyboard Recoil adjusted closer to controller (reduced the difference from ~40% to ~20%).
- Auto Rifle
- Scout Rifle
- Pulse Rifle
- Submachine Gun
- Hand Cannon
- Machine Gun
In the case of Pulse Rifle, Submachine Gun, and Machine Gun, we will also be introducing some buffs. In some cases, these weapons will have less Recoil across both Controller and mouse and keyboard input methods compared to what’s in the game today.
- Submachine Guns are largely outclassed by Auto Rifles at medium range, and by Sidearms at short range, with player feedback often mentioning how hard they are to control. To address this feedback, we’re introducing the following change:
- Reduced camera movement from firing a Submachine Gun by 24%.
- Pulse Rifles with the mouse and keyboard changes were kicking a little too much.
- Reduced camera movement from firing a Pulse Rifle by 7%.
- Machine Guns with the mouse and keyboard changes were kicking a little too much.
- Reduced camera movement from firing a Machine Gun by 9.5%.
We will pay close attention to how these changes play out when they go live, and plan to revisit individual archetypes in a future update as needed.
Outside of Recoil adjustments, we will also be tuning a few weapon archetypes in Season 13. Looking through backend data and community feedback, we landed on the following:
Buffs
- Rocket Launchers have fallen behind other Heavy weapons in most measures of effectiveness, we’re pushing them more into a burst damage role.
- Increased Rocket Launcher damage by 30%.
- Exotic Rocket Launchers have been adjusted individually and are affected by this change to different degrees.
- Paired with the buffs to reserves from last Season, we’re hoping you’ll explode many more things in Season 13!
- Fusion Rifle usage is very low, and they feel like an unreliable choice in Crucible compared to Shotguns.
- Increased Fusion Rifle damage falloff start distance based on Range stat. (6% with 0 Range, 16% with 100 Range)
- Reduced camera movement from firing a Fusion Rifle by 9.5%.
- Breech Grenade Launcher usage is very low (outside of Mountaintop). We believe part of the reason is that the loop of "hold the trigger to arm, then release to detonate” is challenging to execute, particularly since projectiles can bounce off targets if the trigger is held
- Breech Grenade Launcher projectiles will now detonate on impact with a character, even if holding the trigger.
Nerfs
- While Sniper Rifle usage has dropped in Crucible, we’ve observed that it’s hard to challenge someone with a Sniper Rifle – even if you get the first shot on an enemy, they can often respond and win the fight.
- Increased ADS flinch to Snipers when taking damage from other players
- Swords are extremely dominant in PvE. At this time, 65% of players are using Swords for the majority of gameplay encounters in Destiny 2. While we are introducing a buff to Rocket Launchers to make them a bit more enticing, we feel that Swords do too much damage compared to other options.
- Reduced Sword damage by 15%.
Exotic Changes and Bug Fixes
- Some Exotic weapons lose their buffs when you switch weapons, which is intended. They would also lose their buffs when pulling out your Ghost Shell, which is not intended. Fixed that issue on these weapons:
- Ace of Spades
- Tarrabah
- Hawkmoon
- Borealis and Hard Light now have a custom (quite short) animation for switching damage type.
- Duality
- Increased damage falloff distance by 1.25m (while both firing from the hip and aiming down sights).
- Reduced maximum buff stacks from 7 to 5, each stack now grants more of a damage bonus, extended buff duration slightly.
- Sturm will once again reload any equipped Special slot weapon on kill provided the Special weapon's clip isn't full already and there's available reserve ammo.
- Fixed an issue that was preventing Merciless from increasing its charge rate on non-lethal hits.
Ah, and before we go – we are planning to take a quick tuning pass on Arbalest. This won’t be ready in time for February 9, but we are expecting to have this touched later in Season 13!
Now, we know it can be difficult to understand the scale of buffs and nerfs without having these changes in your hands. Not to mention, there will be some new perks for you to hunt as you start navigating content in Season of the [REDACTED]. As always, we’re excited to see these changes out in the wild on February 9, and will be eager to hear your feedback.
Crimson Days
Each year, we look to February as a time to celebrate bonds of friendship throughout the community. Guardians have come to know this celebration as Crimson Days. It was one of our first “Seasonal” events in Destiny 1, a tradition that we carried to Destiny 2. While there was great enjoyment of Crimson Days, we feel that it’s been missing the mark in terms of quality over the last few years.
As such, we have made the decision to discontinue Crimson Days moving forward. While we’ll miss the event, this move will allow us to maintain focus for alternate Seasonal offerings, ranging from quests to activities and more. We have quite a bit planned for Season of the [REDACTED] and our hope is that we’ve maintained, or even improved, the quality you’ve come to expect from this upcoming release.
Some of you may be asking about the fate of Crimson Doubles, our once-a-year Crimson Days playlist. This mode is currently being shifted to the Destiny Content Vault but may return in the future.
Many thanks to every Guardian who has joined us over the years for this event. Crimson decorations may not be hung in the Tower, but we have no doubts that you’ll continue to form Crimson Bonds over the years to come.
BugTrax
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For those who may be new to the TWAB, welcome to the Player Support Report. This section is dedicated to known issues, active investigations, and pending updates for Destiny 2. Our Player Support team navigates the Help forum daily, collecting info on new issues and dishing out help articles.
This is their report on the most frequently reported issues of the last week.
CRUCIBLE TOKENS AND FRAGMENT QUESTS
Due to the updates to the vendor progression system, Crucible Tokens and Crucible Token Gifts are no longer needed and will be deprecated into Junk that will delete as a full stack starting in Season 13. Additionally, current Stasis Fragment Quests will be deprecated at the end of Season of the Hunt. Players are advised to turn in all Crucible Tokens and Crucible Token Gifts and finish all available Stasis Fragment Quests before Season 13 starts.
KNOWN ISSUES
While we continue investigating various known issues, here is a list of the latest issues that were reported to us in our #Help forum:
- Stasis abilities can be difficult to distinguish between enemy and friendly for colorblind players.
- The Double Trouble Triumph is unobtainable.
- In the Deep Stone Crypt raid, the augment lockout timer occasionally resets during the final encounter against Taniks.
- During the final fight against the Sanctified Mind in the Garden of Salvation raid, sometimes a shielded tether box can become tethered instead of the correct glowing tether box.
- Hunter legs clip through the Ten-Grasp Sword Sparrow.
- In the Last Wish raid, the Shuro Chi puzzle room plates don't work if a Titan bubble or Warlock well are placed on them.
- The Titan Phenotype Plasticity Helm eye clusters no longer glow red.
- Weekly and daily elemental kill bounties have stopped rotating off of Void.
- When overcharging grenades while using the Voidwalker top tree subclass as a Warlock, Super energy stops charging.
For a full list of emergent issues in Destiny 2, players can review our Known Issues article. Players who observe other issues should report them to our #Help forum.
[Bird Noises Intensify]
Image Linkimgur
It’s been fun watching Hawkmoon clips and montages throughout the Season. With recently introduced random rolls, players have been pushing the limits of this Exotic, taking on 1v1 encounters in the Crucible that they may have otherwise avoided. This week, our top pick not only got a sweet roll on perks, but a killer roll on audio, too!
Movie of the Week: Ting Ting Ting Ting
Video Link
Movie of the Week: Deep Stone Lullaby Violin/Piano Cover
Video Link
Movie of the Week: …That’s a lot of Hawkmoon
Video Link
As always, if you'd like to submit your creation to be featured in a future TWAB, make sure to create a post on the Community Creations portal of Bungie.net.
Credit Where It’s Due
Image Linkimgur
Every day, we take a moment to scroll through various social media apps to take a look at community artwork. We’re always awestruck by the talents that many of you possess, and eager to share your works with a wider audience.
Here’s a quick roundup of some sweet art, and direct links to their authors. Give them a follow if you want to see more of their stuff!
Art of the Week: Art Sharing
destiny art share!!! spread the positivity, doesn't matter how frequently you do art or how many pieces you've made - post your favorites!! #Destiny2Art #DestinyArtShare pic.twitter.com/bq6hHJrCLD
— 🥀alex🥀🏳️🌈 (@miyagiie) January 25, 2021
Art of the Week: Eris
나는야 내일부터 월급쟁이 #냙서 pic.twitter.com/MI6Y6Gi1LY
— 🧅김냘본™🍺 (@NyarNyarbon) January 17, 2021
Cheers, and make sure to tag your content with some form of #Destiny2Art so we can find you easily!
That’s it for this week, folks. Season of the [REDACTED] is almost here. We’ll have some patch previews to cover in the TWAB next week, so stop by if you’re interested!
If this gets 7 likes we'll add a new LZ on Europa next Season.
— Destiny 2 (@DestinyTheGame) January 27, 2021
We’ll see you again next week, bright and early on Tuesday morning.
Cheers,
dmg04
GTA Online Mega Guide and Weekly Simple Question Thread
submitted by BryonyBot to gtaonline [link] [comments]
GTA Online Mega Guide and Weekly Simple Question Thread
submitted by BryonyBot to gtaonline [link] [comments]
GTA Online Mega Guide and Weekly Simple Question Thread
submitted by BryonyBot to gtaonline [link] [comments]
GTA Online Mega Guide and Weekly Simple Question Thread
submitted by BryonyBot to gtaonline [link] [comments]
LSD and a subscribtion to Disney+ has done more for my soul in the last month than almost a year of online therapy... (28y/o M)
First of all, sorry if my title seems to put down therapy, because it was also very helpful and put me on the path that led me to the point where I felt confident enough in myself to take this leap.
For my whole life, I was terrified of psychedelics, I thought they were just not for me, and that my brain wasn't designed for them, so I had accepted that in this lifetime I would sit on the sidelines when it came to anything more mind-altering than pot. I have a history of anxiety, depersonalozation, depression, and long term opioid addiction, not to mention I can't even smoke weed or drink without having a terrible and anxious experience (anyone that knows what de-personalization/de-realization is knows the absolute hell of living with it long term, and after learning to live with that mysterious condition (that peaked in high-school and was probably triggered by marijuana) I considered myself someone who was always mentally driving along the edge of a steep cliff and barely hanging on to the wheel.
^
When I was in a really dark place in November, hopelessly addicted to oxycodone and supplementing it with adderall to stay energized, I had this feeling that I no longer had much to lose, so I tried a quarter tab of acid that was given to me by a relative, and I was blown away at the experience. I remember thinking "Holy shit, I was SO wrong", it's amazing how culture and the portrayal of psychedelics in media can make you think you know what something is like, when in reality it was basically the opposite. Instead of hanging on to my sanity for dear life, I could not have felt more at ease. I was playing Rainbow Six online with friends that night and was laughing my ass off, and couldn't stop talking. (I know the real psychonauts will probably scold me for playing games instead of like, going out in nature, but there are no rules, do whatever makes you feel comfortable)
^
Now, after doing a few more quarter tab experiments to make sure I was stable and used to the sensations, I carefully worked my dose up to a half tab the other week (I have a super low tolerance to all drugs, if I was told it was a full tab I would have believed it) and I started watching Disney/Pixar movies on it, both old nostalgic favorites and even new ones, and it has quickly become my favorite thing to do. I get more positive emotion out of these evenings alone than months of normal existence previously, even just laughing at something by myself was a very rare occurrence before, but watching something like The Simpsons had me in tears. In 2020, the thought of me laughing and crying at something like fucking Mulan from 1998, by myself in my basement, would be laughably outrageous to the old cynical me, even just the prospect of watching a kids movie or even feeling strong emotions from one would seem highly unlikely, but fuck me, I've literally been having the time of my life no matter what i've been doing, and the couple friends that have participated with me have had just as much fun and we could talk all night like we were on coke, minus all the downsides
^
What acid has done for me is opened up long forgotten parts of my childhood brain and unlocked rusty old emotion switches that I forgot I had, and showed me what's on the other side of the curtain that surrounds you during depression and addiction. Opiates mask your emotions and make you forget what things felt like before you were hooked on them, LSD is like a lifehack that has the power to override all that, and has blown those doors back open and given me a huge wake up call & hope that there is joy waiting for me in sobriety. The thought of taking pills gets less exciting after every session, and I've already switched to low dose suboxone and cut my adderall dosage big time, which has completely changed my daily life schedule from revolving around taking my pills at certain times of the day, to feeling like I can do whatever whenever, spending more time being productive and social.
^
You don't need to leave the planet or have an ego death to reap these benefits, and don't let anyone tell you otherwise (though eventually I want to get to that point). "Damaged goods" personalities like myself, and i'm sure many of you, need to start small like I did and take it slow. The idea of a bad trip seems like a very distant threat, because I don't put myself in the position for a bad trip to arise. A bad trip virtually never comes from just the drugs themselves, it requires an ignition source, like being in a bad unfamiliar setting, being with the wrong people, or if you're hyper aware of your mental/physical state like me, taking too much before you have climatized yourself to the sensations. It's not like you saw it on TV or in dumb teen movies like Harold and Kumar, taking 1/4-1/2 tab of acid does not make you see things that are not there, or lose control of yourself, in fact it's the opposite, it enhances you and everything around you. If you do your research and eliminate ammunition for a bad head-space, you are not going to have a bad time, it's as simple as that.
Thank you LSD.
^
Oh, and I personally recommend watching "The Imagineering Story", it's a Disney+ 6 part series on the rise of Walt Disney and the inception/construction of Disneyland and all the other parks, as well as the inspiration and inside workings of all the best rides and attractions. Angela Bassett the narrator has the most soothing voice ever, and it's probably the single most inspiring and amazing show i've ever watched (I already thought it was incredible before the acid, while on acid it's awe inspiring). It's also great because she covers even the controversial and dark eras of Disney along with the political clashes, so it's very emotional but visually incredible with 4k footage all the way back to the 1950's. It's my new life goal to go with my friends to L.A. and go to Disneyland on (a managable) dose of acid.
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GTA Online Mega Guide and Weekly Simple Question Thread
submitted by BryonyBot to gtaonline [link] [comments]
GME - EndGame Part 2: Cohen, Market Cap, Potential Investors
Hello again folks. This is an extension of my
DD last week in which I shared some research on short positions, GME’s debt, and some speculation on institutional investing. Since that post, GME is up 75% and there’s been lots of good
bullish /
bearish DD on the short term.
In this post, I’m going to cover 3 topics, focusing on the mid-to-long term prospects for GME: 1) Cohen, 2) GME’s market cap potential, and 3) potential investors that could continue to pile in.
TL:DR; You need to think about GME differently. Not as a trader. Not as an investor. You need to think like a venture capitalist. This is an
unprecedented opportunity, and the first time I’ve gone all-in -
I’m more bullish now than when the stock was trading sub $15. If you’re in GME you need to get in
with conviction otherwise you’re going to lose by selling when it drops.
Quick aside - my history and positions:
I’ve been a passive investor for many years. This is literally the first time I’ve taken an interest in becoming an active investor. I opened an RH account in August to start speculating on GME. My
first post called out some cheap lottery plays that took my speculating account from $5K - $20K in 3 weeks. I’ve since posted a few times on GME,
even trying to tell you to buy the post-earnings dip, and added more to my active trading accounts. I’ve taken $10K -> $130K on RH and $230K -> $480K in IBKR since slowly adding to GME since September.
UPDATE: I have deleted my positions in this post - will explain why in my next post. I'm still holding.
All that being said, thus far I’ve been thinking about GME as a
trade - trying to get in at the lowest cost I could for the maximum upside on a near-term exit, but
I’ve switched completely into thinking of GME is a
ridiculously asymmetric investment with massive potential in the next 2-3 year timeframe - even at $35. Even at $45, $50, $60. That’s why I added roughly 2500 shares on Friday at around $36 despite adding very cautiously when GME was below $20. I’m also completely all-in on RH with options (mostly deep ITM, a few fds) - $0 buying power left.
Grab a drink, sit down. Let me tell you why I’ve gotten more aggressive, and probably why you shouldn’t worry about what price you pay right now, as long as you’re willing to
believe and hold. About Cohen (and friends)
From the
recent 8K about the board changes (which you should
definitely read if you’re putting serious money in):
As part of the Agreement, RC Ventures has agreed to customary standstill provisions*, which provide that from the date of the Agreement until the earlier of (a) the date that is 30 calendar days prior to the deadline for the submission of director nominations by stockholders for the Company’s*
2022 annual meeting of stockholders and (b) the date that is 120 days prior to the first anniversary of the 2021 Annual Meeting (such period, the “Standstill Period”), RC Ventures will not, among other things: (i) acquire beneficial ownership in, or aggregate economic exposure to, directly or indirectly, more than 19.9% of the Company’s outstanding common stock; (ii) make any proposal for consideration by stockholders at any annual or special meeting of stockholders of the Company; (iii) make any offer or proposal with respect to any extraordinary transactions; or (iv) seek, alone or in concert with others, the appointment, election or removal of any directors in opposition to any recommendation of the Board, in each case as further described in the Agreement. As part of the Agreement, the Company has permitted RC Ventures to acquire, whether in a single transaction or multiple transactions from time to time, additional shares of the Company’s common stock to the extent such acquisitions would result in RC Ventures having beneficial ownership of less than 20.0% of the outstanding shares, without triggering the restrictions that would otherwise be imposed under Section 203 of the Delaware General Corporation Law (the “DGCL”), and RC Ventures has agreed that upon acquiring beneficial ownership 20.0% or more of the outstanding shares of the Company’s common stock, the restrictions under Section 203 of the DGCL would apply to a potential business combination with RC Ventures as an “interested stockholder” (as defined in Section 203 of the DGCL). This is critical:
This agreement was the result of a negotiation between Cohen and the existing board.
- After his activist letter calling out the board and then 13D buy after the earnings dip rocketed the stock up from 12 -> 20, it was clear to everyone that RC was the reason GME’s stock was heading up. The GME board was afraid of a hostile takeover / losing their jobs. This agreement allowed Cohen and 2 others on the board as long as he didn’t attempt a hostile takeover.
- Cohen wants it all. In the activist letter, he publicly said “no” to just one board seat. He then publicly bought more as soon as Sherman threatened a shelf offering to dilute him below 10%.
In addition to getting added to the board, Cohen brought along
2 execs who built Chewy with him:
- Alan Attal - the previous COO and CMO of Chewy (2011 - 2018)
- Jim Grube - the previous CFO of Chewy (2015 - 2018)
He’s not fucking around folks. He wants to build another Chewy, and he’s bringing the people who helped him do it the first time to do it again.
As a result of the agreement, he’s limited to buying up to 20% of shares until 2022.
Why not 13%? Simple - Cohen wants the option to buy more. He’s not happy with a single board seat; he’s not going to settle for simply getting added to the board; and
he’s not going to settle for 13% ownership. Also, remember that
Alan and Jim have 💲 to buy in as well. I haven't seen their holdings yet. Their time is worth more than their money and they've already decided to put their time in.
Cohen is not an exec - he’s a founder with an all-in mentality
Go read this
bloomberg Cohen interview to understand his mindset.
- Cohen himself is an all-in person. Key quote:
- “When I find things I have a lot of conviction in, I go all-in*.”*
- Cohen is a founder that has gone through the successful creation of a startup. When you are startup founder, most of your NW is tied to equity in your company. You are trained to have skin in the game. You’re not allowed to think you have a safety net. You give up years of your life and bet everything because you have to believe in what you’re doing. Founders typically have 30-50% ownership of their company.
- “Cohen uses the word “conviction” a lot. He says it’s something he learned from his father, who ran a glassware importing business in Montreal where Cohen grew up. “He taught me how to block the noise from the masses,” says Cohen. “To have a point of view and have conviction and not waver.”
- He only sold Chewy rather taking it to IPO because of his Dad’s health. He cut his entrepreneurial career short and he’s itching to get back in.
- Cohen sold Chewy for $3.35B, with estimates stating he personally walked away with about $600M after taxes.
- Cohen has a lot of capital to buy more. After selling Chewy, he went all-in on Apple & WFC, which as of June was up 40%.
- “ Cohen says his portfolio, when including dividends and a few other stock holdings, has returned more than 40% over the past 3 years, beating the market.”
- Aapl was his largest holding, and is up another 50% since June 5 when the Bloomberg article was published.
- Cohen lives in FL - with no income or capital gains for individuals, unlike other founders who live in CA which taxes all cap gains as ordinary income.
- I’m going to estimate his net worth (minus his GME holdings) is around $800M-$1B.
- Cohen’s 9,001,000 (it’s over 9000! 🐲🏐) shares have thus far been purchased at something like an average of $12/share, for a total investment of around $110M.
So Cohen has put in $110M out of his $1B into GME.
Does that sound like he’s all-in? Absolutely fucking not. Cohen’s
going to buy up to the max he can this year (20%), likely by selling some other holdings prior to
cap gains tax law changes. He can
add more next year after the standstill period is done.
What will lead to Cohen’s next purchase of GME
Thus far, every RC purchase has been
about sending a message.
- Prior to Q3 earnings, his purchases were signaling an intent to the board that he was serious about wanting to get involved. He also rubbed it in their faces that the stock price was largely appreciating because of him. From the activist letter:
- “We recognize that the Board may feel it is insulated from stockholder scrutiny after adding new directors this past spring and seeing a recent stock price uptick (which only came on the heels of RC Ventures filing its 13D)” (what a fucking burn).
- If there was any doubt about RC’s impact on the stock price, it was put to rest after Q3’s earnings, where the current leadership’s hubris and threat of diluting RC led to a drop of almost 30%. RC then bought the dip, shoved it in their faces, and the market GME again rocketing GME to 20 in a massive post-earnings recovery. Message sent again - “The market wants me. Let me the fuck in.”
- Now that Cohen and the Chewy folks are on the board, he’s going to angle for CEO. He’s not looking to advise GME. He wants to go all-in, to run GME. He’s holding the optionality of buying more based on the success of his attempt to take over GME through non-hostile means.
If you see Cohen buy more GME, he’s sending another message. This time it’s because it’s clear to him he’s going to be CEO and wants to max his skin in the game.
If you see Cohen buy, it’s “CEO talks going well” - you fucking buy. GME’s market cap potential
- Cohen sees a $200BN+ total addressable market cap for gaming by 2023. For contrast, Chewy was playing in the pet food/supplies market, which has a total addressable market (TAM) of under $50BN annually. GME’s potential is at base 4x that of Chewy. This does not even account for the pc gaming hardware market, which is another $35BN+.
- Chewy’s market cap is $44BN on $6BN of annual revenue.
- Chewy’s Q3 quarterly income was up 45% YoY. While GME’s quarterly income was down YoY, its e-commerce revenue was up 257% trouncing Chewy’s growth rate.
- GME’s Q4 early sales preview reported 300% E-commerce growth and annual run-rate of $5BN
In other words,
even if you give GME’s physical locations no value, GME’s ecommerce business is
growing 5x faster than Chewy and already has 75% of online revenue.
Summary: Chewy is priced > 7X times its annual
total revenue. GME is priced at .45
its annual ecommerce revenue, despite GME having
5-6 greater TAM and growing its ecommerce business
5X as fast Chewy. What. The. Fuck.
I’ve never seen a stock more mispriced.
People talking about $100 price targets are suffering from a
fucking lack of imagination. Even if you
completely discount
- GME’s physical business
- its rev sharing partnership with MSFT
- its 5x faster growth and 5x TAM
and give GME the same P/S multiple that Chewy has on its ecommerce business,
that puts GME currently at a fair market cap above $35BN. That means GME should be
at least $500/share. In pictures:
Comparing Ecommerce Revenue vs Market cap on Chewy vs GME today
Showing what the fair market value Market Cap of GME would be with Chewy's P/S
Fair Market Value (using comps) of GME is at least $500/share. $35/share is a fucking steal. Who cares about the short-term dips as shorts try to weasel themselves out of their positions. The market will eventually wake up to this sleeping beast. In a year you’re not going to care if you got in at 4, 12, 20, 35, or 50. You’re going to only care if you’re in or not.
Potential Investors
An asset is only worth what someone else is willing to pay for it, right? So are the potential buyers of this growing company?
Here’s a list in decreasing order of likelihood.
- Elon (Least likely, completely improbable, but cataclysmic event). Elon hates shorts. Elon, with TSLA, went through the pain that GME is going through. TSLA almost went bankrupt because shorts were pushing the price down so it was difficult to raise the cash they needed to survive. Sound familiar? Elon’s wealth swings more in a day than GME is worth in entirety. Elon could buy all the fucking float of GME with what he makes in 8 hours. One call from fellow entrepreneur and aspiring twitter-meme-god would absolutely wreck the game.
- If you are short gamestop, you are one meme purchase by the richest man in the world away from a fucking cataclysmic event. "Hey son, I heard you like games. So I bought you gamestop. All of it." 🚀
- Buffett (More likely, still improbable). I’m actually amazed that while Buffett & co were lamenting that there are no interesting stocks to invest in and moving to cash, that they absolutely missed the boat on GME while it was at its lows. It’s a complete value play right up his alley (in a business he can understand). My only hypothesis here is that the market cap is too small and he could not make a meaningful investment. Once GME grows to a more respectable market cap ($10b+) I can see Buffett stepping in and making an investment.
- Cohen’s connections. (Highly likely if Cohen is CEO). This is the big one. And I mean absolutely nail in the coffin re-pricing of GME for the foreseeable future. Go read this Harvard Business Review piece on Cohen specifically on how Cohen puts importance on raising money and the people that backed him.
- Look, I’ve started a startup before in the valley (unsuccessfully unfortunately). However, you don’t start a company without making a shit-ton of venture capitalist & angel investor connections. Cohen has stated that when pitching Chewy he was rejected by over 100 investors. I can absolutely-fucking-guarantee you that every single one of them remembers their mistake and would not miss the opportunity to invest in Cohen again. And don’t forget all of the investors who DID invest with Cohen and reaped the benefits with Chewy. While venture capitalists don’t generally make investments in public equities, this is a truly unique situation. Cohen is treating this like a rebirth, a new venture bootstrapped from GME’s bones. If VCs as a firm will not invest, you can bet your ass that those individuals will throw their personal money at Cohen. However this only happens if he’s CEO. As soon as he’s CEO, a single long weekend trip to the valley might mean 100+ investor meetings with the strategic pitch.
- My biggest fear here is that VCs/PE band to take the company private at some small multiple (2-3x) and then reap the benefits while Cohen turns the company around only to re-list it to us 5 years down the road at 30X the valuation.
- Thus far, it’s been us retail retards vs the wall street shorts. HFs shorting this thing have the advantage in both tactics and capital. However, if Silicon Valley money starts pouring money into this the game is over. You cannot believe the amount of money that gets thrown into startups with 90% of it burning up into thin air. $3B market cap? That’s nothing. Folks with Silicon Valley money & risk tolerance would have no problem betting on a serial entrepreneur making something amazing out of a company that already has a customer base, revenue, distribution - all in the same business (e-commerce) the entrepreneur already proved themselves in.
- You, and every other retard that believes. Look, this was my point at the beginning. You need to think like a VC here. VCs are the ultimate YOLO autists making million dollar bets and not seeing a penny of it for years. They are the ultimate 💎✋🤚. You need to decide if you have conviction for the long term and then buy in. 💎✋🤚 doesn’t mean selling at $100. It doesn’t means selling at $200. It means not selling at all this year no matter the price, and at least until you learn for sure whether Cohen is the new CEO. It means believing so hard that you 20-100X your investment in 2 years when the market wakes up to the ridiculous mispricing.
- Remember that if Cohen is elected CEO he can (and likely will) buy more than a 20% stake in 2022.
- Remember Buffett’s actual quote: "The stock market is a device for transferring money from the impatient to the patient."
I’ve put every dollar I can into shares in IBKR, minus some April calls. I hold no covered calls except for some call spreads I had in RH prior to recent bump. I have April calls because I will put more cash into GME after taxes are done, and I know much cash I have to use. Calls let me cap the price I would have to pay now.
This is personal research.
Do your own DD. A wiser investor than me gave the advice of
“Don’t aim to maximise profit, minimize regret.” If you’re not in GME yet, ask yourself how you would truly feel if what everyone here is saying panned out to be true, and you weren’t participating.
Oh, and of course: 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀
Update 1: I'm still holding today, but I realized I made a pretty big mistake on the ecommerce revenue analysis. GME's 2019 e-commerce revenue was 1.35B (not 1.35B for the quarter), so divide my price target by 4 - $125/share or $8B market cap.
My Options Overview / Guide (V2)
Greeting Theta Gang boys and girls,
I hope you're well and not bankrupt after last week. I'm just now recovering mentally myself. I saw a few WSB converts and some newbies asking for tips, so here you go. V2 of my Options guide. I hope it helps.
I spent a huge amount of time learning about options and tried to distill my knowledge down into a helpful guide. This should especially be useful for newbies and growing options traders.
While I feel I’m a successful trader, I'm not a guru and my advice is not meant to be gospel, but this will hopefully be a good starting point, teach you a lot, and make you a better trader. I plan to keep typing up more info from my notebook, expanding this guide, and posting it every couple months.
Any feedback or additions are appreciated
Per requests, I added details of good and bad trades I made. Some painful lessons learned are now included. I also tried to organize this better as it got longer. Here's what I tell options beginners: I would strongly recommend buying a beginner's options book and read it cover to cover. That helped me a lot.
I like this beginner book:
https://www.amazon.com/dp/B00GWSXX8U/ref=cm_sw_r_cp_apa_OxNDFb2GK9YW7 Helpful websites: Don't trade until you understand: - You can lose your entire contract value when buying.
- You can lose a lot of money when selling "naked", theoretically unlimited.
- How option expiration works.
- Theta (decay) and how it works. This is imperative since it's attrition when buying and a payout when selling. https://www.optionseducation.org/advancedconcepts/theta
- DTE: Days till expiration/expiry
- Options positions with respect to price:
- ITM: In the money; strike is below stock value. Signif
- ATM: At the money; strike is just at or above the stock value, often very highly traded. Can be very effective with moderate - long term expiry.
- NTM: Near the money; strike is above the stock value, but fairly close. Slightly unofficial term.
- OTM: Out of the money; price is at least a few strikes from the current stock price. I would say 10-30% over stock price.
- Very OTM: Not a real definition, this is essentially a lottery ticket. Cheap, but almost certain to expire worthless unless there is explosive movement.
- Understand delta in general and how delta changes with ITM and OTM options.
- Understand all the greeks at a high level, as you get better understand them well. The greeks: https://www.optionsplaybook.com/options-introduction/option-greeks/
- IV, IV crush, and how IV affects pricing. In general, you want to sell when IV is high and buy when the IV is low. Increasing IV is good for held calls/puts. IV drop or crush is generally good for sellers.
- Selling options can be quite beneficial. Once you have a good general understanding, lookup thetagang . Kamikaze Cash has good youtube videos on most theta strategies (linked above). I personally believe selling options (especially cash secured) is much safer and can consistently make you profits. Θ Gang 4 life.
- FOMO and how to avoid chasing a dangerous trend. DO NOT CHASE FROM FOMO!
- What intrinsic and extrinsic value are. Know how they are affected by being exercised/assigned and how theta affects them.
- Understand that some of WSB recommendations are straight up high-risk gambling and factor in the information accordingly. Be careful with Meme stocks and the survivorship bias on YOLO plays. However, I love the sub and think it’s hilarious. It has a lot of valuable information / DD if you are comfortable with the “colorful” language. It’s also great if you like rocket ship emojis.
Basics / Mechanics - Understand the 4 "main" option types. Buying or selling a call and buying or selling a put. Spreads and more complex multi-legged option strategies are based off these in some way (see below)
- You can sell calls with 100 shares of stock or if you own an underlying longer term option; see LEAPS and PMCCs later. Selling calls naked is incredibly risky and often requires Level 4 (very advanced) permissions and usually a lot of capital. I will literally never sell calls naked since I don't want to ruin my life and end up living in a dumpster eating saltine crackers.
- Puts can be sold/written cash covered (cash secured), which means you have the cash in your account to buy 100 shares. Your broker will put this money on hold until the trade is closed. Puts can be sold "naked" using Margin and Level 3 (with most brokers). Your broker will hold a percentage of cost of 100 shares (often 30-40%, 100% on meme stocks) allowing you to sell more puts. This increases your available capital/power as well as increasing risk.
General Tips and Ideas: - Don't EVER leave (short) spreads open on expiration day, close them. (more details below)
- Start off trading very small. Slowly build up over weeks / months. You need to get accustomed to a fifty dollar swing a day, then a few hundred, then a few thousand. You need to ensure you don't get emotional (see below). I started trading options with 5k, then 25k, 50k, and later over 100k. I added my own funds over time and used my gains to build my account. Don’t go all in immediately, that’s dangerous and unwise.
- Especially as you build up the amount of money you have invested, keep it diversified among several stocks.
- Don't go all in on one thing, ever. Be able to take a hit from one stock and not mortally wound your portfolio.
- A company may be doing great, then there's a major product issue out of nowhere. If you are overexposed in one stock this can really hurt you.
- I had to roll options I sold that were about to expire completely worthless because FDX's CEO changed and the stock took a hard dip.
- Don't trade emotionally. If you realize you are emotionally trading for vengeance, you should probably exit the trade and cool off for several days with that stock. Same if you get caught up in a wave of hysteria.
- Have a plan for every trade, ideally with entries / exits that are specific values, ranges, or a set condition. This helps remove emotions. This is super important for strong movements and high volatility (see later).
- Use an options profit calculator from your broker or an online one before entering a "new" trade, especially a complex multi legged trade: https://www.optionsprofitcalculator.com/
- “Rolling” an option: Closing your existing option and opening a similar one at different strike and/or expiration.
- Rolling a call “Up” would be selling a call you own and buying a cheaper call at a higher strike.
- Rolling a put “Down and out” closes your original one and buying or selling one at a lower strike at a longer expiry.
- Better broker interfaces have a literal “Roll” button. I know E-trade does. You can manually do it by selecting relevant contract legs.
- If you have a losing trade, re-evaluate it. If your initial assumption is definitely incorrect, close it. Don't stay in losing trades forever and lose the entire value of the option over stubbornness. If you re-evaluate and you think your assumption was right, hold, potentially consider adding another cheaper option (or buy another call / put). Rolling out sold options can help here.
- Don't try to day trade, especially with options. It's statistically unlikely to be profitable. Day-trading with options introduces extra liquidity risks and is dangerous, especially with spreads.
- Try not to over-trade, you'll likely mis-time the market over time. When I get emotional I over trade, then lose additional money on wash sales. If you scale your entries into positions it should help alleviate your desire to exit positions when they turn badly against you. Whenever I buy calls I do it at larger increments after W almost made me loss my hair; luckily it eventually came back.
- NEVER enter a position on a stock you have no idea about, especially when you read about it online or heard about it from some rando.
- At market open options contracts are often volatile and inflated. Buying during this time can be more expensive. Options are usually cheaper mid-day, I read somewhere 2-3PM is cheapest. I’ve had success around 12-1PM EST after prices settle.
- Try wheeling on cheaper stocks once you get all fundamentals down.
- When selling puts if you are very bullish consider "doubling down"; note this is higher risk. Use the credit from your put sale to buy shares or a cheap call. This can be roughly inversed with puts, except I wouldn't ever recommend shorting shares.
- Learn from your mistakes. You can’t go back in time and beating yourself up (to a point) is useless. Make a physical &/or mental note of it so you don’t do it again. If you don’t learn from it, then beat yourself up so you won’t do it again.
- If you have friends that like to trade, I find it helpful to discuss strategies and planned plays. I talk openly with my close friends about my current holdings and planned trades, it helps keep me accountable. If I get a wide-eyed look, I might be doing something excessively risky or stupid. I’ve over-leveraged myself in calls twice and I knew I shouldn’t have done it both times. When I tell my friends what I did and I’m embarrassed, it exemplifies the face that I shouldn’t have done it in the first place. You will also get ideas for new strategies or plays from them. It’s good to stay versatile and use multiple strategies when appropriate. Beware of group think/echo chambers.
- I recommend NEVER telling someone what to buy/sell and when. I’ll tell people MY plays or what I like and why, but I will not encourage them to emulate what I do. Depending on the audience, I’ll tell them my exact positions along with my exit and entrance strategy. With closer friends I’ll offer my thoughts on their trades (if asked). If my friend is doing something really risky (one of my friends does some scary stuff) I may ask them if they want my advice, and provide it, especially if they overlooked a risk/event. I will not encourage someone to execute/enter a trade since it has a high potential for hurt feelings or animosity all around.
- Don’t fall in love with a stock. Just because something made you money before and you have high confidence in it doesn’t mean it will keep performing. I joke that FDX betrayed me when it started dipping and losing me money. I was over-confident of its bounce-back and sold too many puts too quickly. I’m in several losing trades because of it. However, I will keep good stocks in my rostetracking list or try different strategies or re-enter trades when they change their behavior.
- As you start to both buy and sell options and get more experience in general, you'll start seeing the two sides to every trade. You will likely start adjusting your strategies or trying new trades out because of this. Things will likely click one day. Most/all the greeks and options concepts will become almost second nature. For me this was when I could build an Iron Condor from scratch, which was a watershed moment involving a good understanding of many strategies.
- Understand Liquidity and volume.
- Trading in low volume, low open interest contracts results in wide bid/ask spreads and difficulty having your contracts filled. Look at all the data for a contract, not just the strike and price.
- Monthly Expiration dates typically have better liquidity.
- Multi-legged trades (Common examples are 2-legged vertical spreads or 4-legged iron condors) have more difficulty being filled, especially on bad brokers like Robin Hood. Having very liquid options for all legs is extremely helpful in obtaining timely and well-priced fills, which maximize your potential profits.
- Time in market vs timing the market:
- It is extremely difficult to time the market perfectly. If you wait for the perfect opportunity forever, history has proven you will miss out on gains. Keeping all your money out of the market has proven to be ineffective. Now if there is something serious happening with a stock/the market (like say a new pandemic), don’t go all in. I recommend entering incrementally at dips. If the stock has huge upside potential it may never go down, so it might make sense to partially enter at the current price.
- IMIO selling puts is a great strategy to get into a stock you like, or at least make money off it. I think buying stock in lots of 100 is usually for suckers. Selling an ATM or ITM put (assuming the math works out) on a stock you were going to buy and hold is ALMOST free money.
- I recommend keeping some cash available regardless. If you have a very large account or expect a downturn, hedging with indexes like QQQ, SPY, or VIX or calls/puts may be wise.
- Every trade can't be a winner. You will take some losses, you must get used to it. I don’t like having a realized loss of 1K or more on any trade. However, this will happen, especially with larger accounts.
- As long as you win more often and beat the S&P that year I consider it okay. I’m kind of aggressive, so I consider 20%+ annually good. 30%+ annually is great. 40%+ and I’m dancing. After trading options I am almost baffled by my old belief that 5% annual returns (mostly from dividend ETFs) was “good”. That’s nothing to me now since I’m willing to take risks. Note: While lots of people danced in 2020, realize that’s an insane Bull Run year and is atypical.
- Adhere to your own risk tolerance and never over-extend yourself, especially with margin use. Don’t make huge gambles leaving you uncomfortable. Only gamble with money you are willing to lose.
- My personal strategy is to make safer gains for the year and then enter slightly riskier strategies using those gains. I can be slightly-moderately more aggressive and compound my gains. For me I often sell puts to make money, then when I see a big opportunity I’ll sell a put and buy an OTM or moderately ITM call.
- Understand it’s not safe to try and get rich overnight. However, once you hit big “steps” things may start to snowball. You can enter more positions and take more risks if you choose to.
- For me this when I hit 50k, then 100k. I was able to balance low and moderate risk positions to more significantly grow my account. I’ll even do a high risk thing now and again because my gains can absorb it (assuming I have them).
- I can’t wait to get to 250K, then 500K. I know it’ll take quite a long time, but I am confident I’ll eventually be able to have 500K and (hopefully) 1M in my non-401k trading account with gains and additions from my job. I can only imagine how “dangerous” I will be with that kind of capital.
- If you missed "the next big thing" like AAPL, TSLA, or the time machine I’m building in my basement. Don't get upset, learn from it. Adapt and become a better trader for next time.
- Figure out why a company was so promising, before they mooned. Determine how you would have traded differently in hindsight. Apply those lessons to the next company you believe has long term growth prospects.
- For me that's putting in 1-2.5k towards shares and/or buying LEAPS on it. Depending on my bullishness I may buy “cheap”, fairly far OTM calls. The far OTM options are sort of lottery tickets. If I'm right the (relatively) low cost will have explosive profits; if I'm wrong, they didn't cost that much so it's a calculated loss I’m willing to accept. For more serious bets I’ll buy ITM LEAPS to run PMCCs on. I also like to buy 1-2K in my 401k for very long-term plays.
- The stock market hates uncertainty, it seems to crave the status quo. A shakeup can potential tank a stock, even if it's nothing. With shares you can wait it out, but this can be problematic for options. If you see volatile/uncertain times ahead (politics, disease, manufacturing, earnings, etc.), you might want to reduce your overall portfolio risks or hedge.
Profit Retention / Loss Mitigation - If selling options, it is a viable strategy to close early after a large gain with many DTE left until expiry. See TT videos / strategies on this.
- Don't hold options through earnings unless you literally want to gamble. I like playing on earnings run ups, but that can be risky.
- If you hold options through earnings, IV crush will happen immediately afterwards, devaluing the option. However, if the option is profitable enough, IV crush won’t matter, which will still make money for a call buyer. A sold put sufficiently far OTM will benefit from IV crush, even if the stock dips after slightly bad or lukewarm earnings.
- Don't throw good money after bad. Don't gamble on a recovery if your assumption appears to be wrong or the market is flat out tanking. If you are wrong and still believe in the company, wait twice as long as your original plan (wait for your 2nd entry point vs 1st) before adding to your position.
- Consider using stop losses to lock-in profits on rides up or sometimes use them to prevent losses. Note, stops can be easily triggered in volatile options. Now when I'm up a lot on calls (especially around earnings or large momentum run-ups) I always set stop losses. I have been burned too many times. In December 2020 I didn't set a SL on several thousand dollars of FDX calls I was already up on and I "lost" ~$5K of unrealized gains. If you're up big, don't get too greedy.
- A possible strategy if a stock is on a tear and you have multiple options open: Close some positions (I prefer to do this incrementally if the stock has momentum), but leave 1+ open in case the stock goes into outer space/the floor. Next, set a stop loss with a little buffer below its current movement / range so it doesn't get hit unless the stock falls hard. Finally, watch the stock closely and if it keeps rising, keep moving the stop loss up in little bits incrementally. This will let you keep more profits on a hot streak, but give some protection and secure more gains. It will also help eliminate FOMO if a stock exceeds your expectations.
- Have rules when to roll out, down & out, or up & out. I like TT’s roll at break even or at 1x loss and to always roll for a credit (or for me a very minor cost). Obviously these rules need some monitoring. Know your stocks, the news, and technicals so you don’t jump the gun.
- If you roll early for a credit and you’re right, it’s not the end of the world. You’ll just need to hold longer, which will obviously tie up capital. Sometimes it’s better to tie up some money (especially if you aren’t paying interest) than eating a huge loss.
- Rolling too late can be worse though. I currently have a very underwater FDX put I sold that is over 2x loss, rolling it does almost nothing unless you want to pay a debit or extend it extremely far out.
- On huge options gains, I strongly you recommend taking profits by rolling up/down or incrementally sell your contracts at several different prices (this is why having multiple contracts is nice).
- Rolling up involves selling your initial call, then using a fraction of your proceeds to buy a cheaper, further OTM call with the same expiry; puts are inverse this. When rolling up I like to ensure the new option’s cost is 15-40% of my realized gains. I’ll buy a more or less expensive new optoin based on my convication to the stock and predicted movements. You can also roll up and out to get a further expiry and strike.
- This is monumentally important if you are playing with incredibly high rising stocks or during a short squeeze.
- Sad story time: I completely screwed up when I forgot to roll up, twice, during the GME gamma/short squeeze. I didn’t take my own advice; I didn’t have a real exit or transition plan and I got emotional. It all happened so fast and I was at work; the insanity of the run up and subsequent gamma squeeze caught me off guard. I should’ve clocked out and thought through the situation for 15-30 minutes to form an impromptu plan, then executed trade(s). My moderate risk tolerance coupled with my desire to take profits took over. When the stock partially cratered after a run up, I sold to retain gains. In the heat of the moment I thought the squeeze was squoze and it was going to plummet into the ground and I wasn’t being rational.
- On 1x 4K call I would’ve made an additional 15-25K if I rolled up to a cheaper contract with some of my profits.
- I know I missed out on significantly more with a 2nd call I had. Depending when I rolled it, it would likely have been an additional 25-50k in profits.
- I talked about learning from your mistakes above. This mistake is branded into my brain due to the massive gains I missed out on by not rolling up. I’m furious with myself as I write this 1 week after the GME gamma squeeze, I’m a planner and I didn’t plan. If anything I own is significantly up ever again, I’m rolling up (or at least setting a stop loss). If necessary, I’ll roll up a trade multiple times to keep extracting profits.
- Learn from my mistake so you don’t miss out on gains too. I strongly recommend rolling up when you are up big on a call / roll down when you are up big on a put. This enables you to take profits, stay in the game, and keep extracting more gains.
- If you trade a lot of options, talk to your broker about a discount. I was getting the standard $.50/contract with E-Trade, but I traded over 300 contracts a quarter and was able to get the fee reduced by over $.10 by just asking. I am now doing more spreads and condors, so once my volume gets very high, I’ll ask again.
- If you have a broker that isn’t great and you want to switch, leverage your current trading fees to the new broker. Tell them you’ll move over $### thousand if they beat your current options trading fee per contract.
Trade Planning & Position Management Tips - As you gain experience, start monitoring what kind of Delta, OTM, DTE, etc. you are most profitable with. Use it in your future trades. You'll often see the tasty trade 30-45DTE .3 Delta strategy for selling.
- Before entering a trade, look at rough technicals like resistances and supports to consider your relevant strikes as well as entry/exit points. Look at upcoming earnings & dividend dates as well as stock/market news.
- Consider staggering strikes and expirations for safety and diversity; it’s nice to avoid assignment on 3 puts at once because you used the same strike for all 3.
- Incrementally enter positions on large rises/falls. One of my favor strategies is to buy dips after over reactions. By doing this slowly in large price "steps" it helps combat FOMO and helps you avoid getting slaughtered.
- This will also help you avoid "chasing a falling knife". It also ties into having a plan.
- I set alerts at several predetermined prices and I REALLY try not to enter new trades unless I hit my preset points. It makes me less emotional and usually more effective.
- Don't buy far expiration options with poor liquidity for shorter term plays. I bought 1x GME 1-year+ LEAPS call before the 2021 short squeeze. That was stupid, I should've bought 2-3x 60-120 day calls to have better liquidity. I also paper-handed it and missed out on my lambo.
- If selling options, consider rolling (for a credit) to avoid assignment when it makes sense / meets your plan. Rolling closer to expiration can be a valid strategy to get theta on your side. On the flip side, if the stock moons or plummets it could've been better to roll before it got crazy deep ITM. See rolling “rules” above.
- Covered Calls:
- If a stock has a large movement range, I think it can be worthwhile to wait to open a CC after the last one is closed/expires. I have been more successful waiting for another opportunity vs. opening one immediately on the Monday after the second the last one expires.
- Consider selling covered calls at all time highs/peaks. If you sell a CC and the stock dips significantly, and you think it’s temporary, you can buy to close your CC for a quick profit, then reopen it later.
- If you own Meme stocks, selling covered calls runs the risk of missing out on large gains. On these stocks I typically only sell them further OTM than I normally would or not at all. If I do sell CC on a Meme stock I try to ensure I have 25-100 other shares that won’t be called away.
-Advanced Beginner- Spreads - Spreads (with 2 legs) are neat because they manipulate how delta and theta act. It caps your gains and losses, but you can profit with less stock movement. Try several spreads on a P/L calculator to see for yourself.
- Spreads usually require margin trading.
- Spreads allow you to define max losses (assuming you close before expiration day) and use less capital.
- Experienced traders will open many spreads at identical/similar strikes to heavily profit off movement. Spreads can make you/lose you a lot of money if you are right.
- For example. I could make a $200 premium off a $500 risk trade, max loss would be $300. This is much more effective capital utilization than a naked or cash secured put, however it does not have the same downside protection or “wheel” potential as a sold put. Higher risk, higher reward.
- Vertical Debit spreads: I think of these like mini calls/puts. I personally don’t use them unless calls are outrageously expensive or the break even is absurdly high, but there’s nothing wrong with them. A call debit spread will lower your breakeven and overall cost vs just a call. You can do clever things like making a positive theta call spread if you’re creative. I like doing this since I hate losing money to theta.
- Vertical Credit spreads:
- Very good theta strategy to define downside/upside risks.
- A put credit spread is bullish and allows you to bet on upward movement with less capital and defined losses.
- A call credit spread is a bearish strategy that allows you to bet on downward movement. These are very cool since they allow you to sell calls without selling naked calls, which can ruin you financially. I see selling these as better than buying puts since it’s so much easier to be profitable; to be redundant, Θ rocks.
- https://www.schwab.com/resource-centeinsights/content/reducing-risk-with-credit-spread-options-strategy-0
- I repeat this on purpose: Don't EVER leave short spreads open on expiration day, close them. If you don't close, they better be VERY far from the strike on a non-volatile stock. In after hours a stock can jump/dip below your strike and be exercised without the other leg to protect you. This can lead to massive, life ruining losses. This is not an exaggeration, google this and be scared. It happened to a fair number of people with TSLA. Video explanation: https://www.youtube.com/watch?v=rtVFj9nRRDo&t=315s
- Short Straddle:
Trading Mechanics, Taxes, Market Manipulation - Learn about wash sale rules. They suck and are very easy to activate with options. This will eliminate your ability to write off losses. Over trading can easily cause wash sales. https://www.investopedia.com/terms/w/washsalerule.asp
- Short attacks:
- Learn to recognize these sketchy attacks by hedges/firms. They manipulate the market, it’s been documented countless times. A common one is rapid short selling, which pushes the price down.
- Short Ladder attacks:
- If you plan well enough and the market doesn’t give up on the stock you may be able to use it as a great opportunity to buy the dip.
- Cramer explains how he intentionally manipulated the market when he ran a hedge fund years ago. Multiple links to the video are below since this video gets pulled often, Cramer / The street never wanted this to go public.
- Plan for taxes if you are up big. You may need to over withhold or contribute to taxes quarterly depending on your situation. https://www.irs.gov/taxtopics/tc306
-Intermediate / Advanced Strategies (work in progress)- You’ll notice many of these strategies inverse one another. Options Strategy Finder This website is great for learning about new strategies, you’ll see many links to it below.
https://www.theoptionsguide.com/option-trading-strategies.aspx Short Strangle / Straddle - Both of these strategies profit from little price movement. I recommend using a P/L calculator to determine BE, profit, etc.
- A straddle sells (or buys) two options at the same expiry and strike.
- A strangle sells (or buys) two options at same expiry with different strikes.
- Both these strategies involved selling a Call and a Put for a credit. Straddle uses ATM legs, strangle uses OTM legs.
- Limited max profits and unlimited risk. Due to the unlimited risk, I am not a fan. However, many people like these a lot.
- https://www.theoptionsguide.com/short-strangle.aspx
- https://www.theoptionsguide.com/short-straddle.aspx
Iron Condor and Iron Butterflies - These strategies profit from neutral or mostly neutral stock movement. They receive a credit to open and benefit from theta decay. If your stock is range bound, these may be a good choice.
- These are both 4 "legged" trades, so you will have 4 trading fees to enter or exit the trade. A lower cost or zero cost broker shines here. However, “bad” free brokers will give you poor fills, which may not be worth the discount.
- Condors and butterflies have "wings" which are your purchased puts and calls. The wider the wing the higher the max profit/risk. The condor body can be riskier and skinny with a narrow high profit range or wider for a much greater chance of success with lower payout.
- An iron condor is built by combining a put credit spread and a call credit spread with the same expiry.
- An iron condor can be thought of as a modified short strangle with limited risk, and therefore a bit less profit. I prefer defined limited risk.
- The butterfly is similar except instead of a plateau it has a sharp peak. My personal mental note is that a condor looks more like a strangle with wings, while a butterfly looks like a straddle with wings.
- Pay attention to earnings dates when you open these, I have forgotten to check before and it led to bad trades.
- https://www.theoptionsguide.com/iron-condor.aspx
- https://www.theoptionsguide.com/iron-butterfly.aspx
Long Condor (Debit Call Condor) - The debit version of an Iron Condor. You expect the price to stay inside your defined range. This strategy profits from neutral or mostly neutral stock movement. I’ve never tried this, Iron Condors make more sense to me.
- Limited risk / limited reward.
- https://www.theoptionsguide.com/condor.aspx
Short Condor (Credit Call Condor) - Inverse of an Iron Condor. You expect the price to go OUTSIDE your defined range. These are useful when you expect significant price movement. Credit to open.
- Limited risk / limited reward.
- Can be harder to set up. I want to try these, haven’t yet.
- https://www.theoptionsguide.com/short-condor.aspx
Reverse Iron Condor LEAPs - LEAP Options are options that are long term with many DTE, often over a year until expiration. LEAP calls are great for long term growth plays (downtrends with LEAP puts) or simply when you really like a company and can't afford 100 shares. LEAPs (or any "longer term" option) enables you to sell a PMCC or PMCP (below)
PMCC / PMCP - PMCC or PMCP are poor man's covered call (or poor man's covered puts). They are diagonal options often used with purchased LEAPs. You sell a shorter DTE call/put with a further OTM strike than your purchased call/put. For PMCC/PMCPs it is often recommended to recoup your extrinsic value as soon as possible, some recommend with your first call CC or put sale, to ensure you are positive if the option is assigned early. These have a lot of moving parts and strategies. If you buy a barely ITM call/put and sell a nearby strike call/put you run the risk of the purchased option getting "blown by" on large stock movement and ending up with a very negative losing trade. Keeping your purchased LEAP deeper ITM should protect you. Check your initial PMCC using an options calculation to make sure you don't screw up.
- I'm currently tinkering with these myself. So far I like .7-.9 delta call LEAPS with 30-45 DTE calls on my CC. The goal is to hold the LEAP long term, potentially until expiration, and constantly sell calls/puts on it that expire worthless. Typically the call/put is rolled up and out or down and out if it's going to be assigned, unless you don't want your LEAP anymore.
- Some people look at these many sold CC or puts as profits, I look at them as lowering my cost basis until it's zero (or even negative). I have a page in my notebook I write each CC on my NIO LEAP (I Meme stock sometimes). I find it satisfying to slowly see the cost of the original option disappear. When I originally wrote this I had ~2 years left on it and it's 9-10% paid for; that doesn't even count the actual gains the LEAP has.
- TT states this is considered an IV play, which I partially agree with. You want to buy these during low IV times since an IV drop will hurt your LEAP value. I look at them more as a way to sell calls/puts on a high IV company with a lot of price movement and potential upside/downside.
Advanced Orders - Guide to several order types: https://us.etrade.com/knowledge/events/webinars/order-types-from-basic-to-advanced-07162019
- One Triggers Other (OTO):
- Good brokers will allow you to set these up, some will require a desktop to do it. This lets you link one action to another. In programming think of it like an if-then. You’ll tie a buy/sell to another buy/sell
- Setting trailing stops on options is very chaotic since their price movement can be drastic due to volatility. I prefer to set my trailing stop to a stock.
- What I like to do is set a trailing stop on a stock (or just link it to a stock price drop) and have it sell 1 share I own. Then it immediately executes a market order to sell my call. I’ve had good luck doing this with incredibly volatile plays were stop losses aren’t effective. I’ll often have an order saved and ready saved for when a strong run up starts. When my price alerts start blowing up my phone, I’ll immediately hit execute to turn it on.
Disclaimer:
I’m not a financial adviser, I'm actually an engineer. I’m not telling you to invest in a specific stock/option or even use a specific strategy. I’ve outlined and more extensively elaborated on what I personally like. You should test several strategies and find what works best for you.
I'm just a guy who trades (mainly options) part-time for financial gain and fun. I don't claim to be some investing savant.
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