Crazy. Living in Asia, I have to do all of my trading on the backside of the clock which means I have a couple hours per-market and after opening. So that pretty much eliminates the YOLO plays, as even a Stop Loss won’t save you on that stuff and I wouldn’t be able to sleep doing something like what your co-worker did.That's about right.
There is a whole group of pilots on one of our web boards sharing penny stock tips and (me included, depending on the chatter) are buying in with no real d.d. at all. I've been lucky so far, and a couple of the companies that have been promoted actually make real-world things. (I've been holding some of those for months and they shot up when they hit benchmarks and when researchcame back with positive news)
One of the companies - I sold all my positions a couple of days ago (0.028/share) - I would guess is only still unnaturally high because a couple hundred pilots with 'gambling money' have been 'pumping' it when it should have been 'dumped' a week ago. Probably driving the day-traders and pumpers batty on why it hasn't crashed yet with someone else holding the bag.
One pilot put his whole retirement into a penny stock back in November. (It got a lot of momentum, especially in the last couple of weeks, and he sold enough to make back his initial investment...) And with the shares left over he actually made enough to punch out of the airline if he wants to... but it so easily could have gone the other way. Crazy.
He did share the tip with all of us and I did manage to lose a bunch during a stop-loss raid at one point. I ended up buying back in and it shot way up so I made up my losses and gained a bit. (That did make up for the Tesla/Apple loss earlier in the year.)
Pilots and wacky financial advice. Multiplied by a million thanks to months and months of the pandemic.
So I mostly do pretty mellow stuff, and have become a big fan of CSPs (with stocks I actually want) and Credit Spreads. I enjoy it, but I don’t ever put more than 3% of my account at risk on any given trade.