MGM Resorts International

Shaan bought MGM puts by 'pushing buttons' and lost $2K in a week

Shaan admits he placed his first options trade during COVID while watching a Khan Academy video on what a put is, and only understood the trade after confirming it: a bet that MGM would drop 40% in 7 days. He lost the full $2,000, though a big Bitcoin buy at $4,500 made it back.

“And so I'm literally on one tab, I have like a Khan Academy video of like, what the hell is a put? And on the other hand, I've got my Robinhood account and I'm like just pushing buttons. And so I pushed a bunch of buttons and I placed this trade, which basically said, okay, I think MGM is going to go down and about $2,000 worth of options and like, let's see what happens.”

Steal thisNever place a trade you can't explain before you confirm it; understand the instrument first.