Quick thought on “life changing money” since I’m getting a lot of DMs about it (no surprise given current PA). If you’re sitting on uPnL that’s life changing you need to sell. Full stop. I have regretted every single time when I did not realize life changing gains in the beginning of my career. The notional amount will change as you progress but the concept will not. You will never get the optionality back of materializing that position and improving your life circumstances forever. If you can change your life and the lives of those around you forever by clicking SELL on a screen I strongly advise that you do. You can always rebuy, but you cannot go back in time and resell at that level where you reach escape velocity. There will always be another trade. The people who make it to the top understand that being liquid and booking wins is how you SURVIVE. They didn’t get there by timing every top perfectly, they got here by pulling out cash than they put it. There is always another trade, timing tops perfectly is a fantasy and having liquidity is king. After you’ve hit escape velocity then and only then can you start playing the game for real and going for it all. I’m not selling because this trade is a once in a cycle trade for me but that does not mean it will be for everyone. Stay liquid and I love you all.