 All right Where should I start um? President Biden butterfly Butterfly hard for all of you guys who are new to this channel. Thank you so much for tuning in again Thanks for commenting liking and subscribing the YouTube algorithm picked up one of my videos Which I'm super excited about and super happy about but I think it's mainly because of you So thank you so much. I truly appreciate all of your support. All right back to the video I started a day trading challenge, which was picking up last month where I brought my initial $10,000 almost up to $24,000 last week, but then I made a very big mistake I got a little too lazy and too confident with my trades where it's led to me not checking the news big mistake President Biden proposed a capital gains tax of 39.6 percent moment I bought into BNB Which I thought was like a crazy crazy good opportunity to buy the dip from 613 all the way down to 580 and I was like, that's the one easy 2% then I'm out of the trade But then the news hit The news spread faster than wildfire and the market reacted real quick Bitcoin dropped from around $63,000 all the way down to $48,000 and I didn't have any cash to buy more But then at the same time a my investment like the day trading challenge the $23,000 that I have had invested all of a sudden were worth $16-17,000 obviously it didn't sell so I'm just hodling this one and then my stock portfolio red on red on red on red And my put options were about to expire in a day. Okay, but why what happened? President Biden proposed a capital gains tax increase to 39.6 percent for individuals earning more than one million dollars a year On top of that wealthy investors are also subject to an additional 3.8% on long and short-term capital gains used to fund Obama care This obviously shook the market pretty hard mind you this news isn't even a real thing yet This is simply a proposal which needs to be voted and agreed on before it actually becomes a real thing And no we cannot vote on matters like this. Anyways, I don't want to talk about politics I just want to talk about what happened to me personally and how I am going to react to it and how I am going to Invest my money next week. So number one for my day trading challenge. Obviously, I am currently hodling Which means I am not selling at a loss. I'm just waiting for the market to recover Hopefully to recover this could mean I'm holding for a day a week two weeks eight a couple months a year Who knows but that brings me to my next point I want to talk about this one more time the money that I have in my day trading account is money that I'm willing to lose So I do not depend on the money I don't need that money for anything in my life to pay my bills or anything else. So Even if I lost it all there are no consequences to my life It's just like a little you know ego hit and it's like ouch So do not invest into cryptocurrency unless you're willing to lose it all I personally don't believe that I'm gonna lose it all but I went into it with the mindset of like Okay, if I lost it all how does that feel this hurt? No, all right Then I'm good to go because then nothing worse can happen. So for my day trading account I'm gonna hodl also before we dive into this entire video. I have to say one more thing and you know what's coming, right? This is not financial advice. I am a random dude on YouTube talking about his wins and losses in the stonk market Yes stonks. This video is for entertainment purposes only just to make sure everybody knows So what am I going to do with my stock portfolio next week? First of all, I am not going to sell any puts because I don't know what's gonna happen Apparently next week we will have a little bit of more reassurance and we know what's gonna happen with the taxes But still right now we're in this limbo where it's like, I don't know what's gonna happen So everybody's scared and I don't want to invest when everybody's scared If we get new information about the new tax and we know exactly when it's gonna be You know a real thing if it's gonna happen this year, which I doubt I think it's gonna be if it happens next year But I also read some articles that like say it's gonna be 2023 Which I don't believe that's gonna happen like if if it's a thing if it's gonna happen It's gonna happen in 2022, but if we get that information I believe that the stock market will go down quite substantially just because a lot of people are not scared But they want to get the you know capital gains out of it and save 20% in taxes But that's all speculation. So I don't like to speculate with my money. I just want to hold off next week I'm not gonna sell any puts, but on the other hand I am going to sell my covered calls way out of the money Which means the premium won't be really big But it's still some income for next week and even if I have to sell I don't mind it because I bought so low that even now I would make a profit the current situation We're in this basically just uncertainty. Nobody knows what's gonna happen when it's gonna happen if it's gonna happen So so right now I just want to be prepared and have some cash ready in case the market limits a lot And then I can you know buy my favorite chairs my favorite companies at a massive discount, but to sum it up one more time Here's what I'm gonna do. I'm gonna huddle my crypto in my day trading account I'm gonna stop selling put options and keep cash ready in my account to jump on opportunities I will still sell covered calls to generate income which I can possibly use to buy more shares if the market dips I will continue to dollar cost average into my dividend portfolio Which I think I'll move into a different brokerage soon a dividend portfolio is still in Robin Hood But since I'm doing so many options on Robin Hood now, it's like it's just I don't know I just I'm a very visual person and now like my Dividend portfolio had this chart the entire time slow and steady But now with option it's just like bounces up and down which I don't like so I might just pull all the dividend stocks out And put them into a different brokerage account, but that's a different video And that's it for today's video guys be careful out there Don't trust strangers with financial advice. Do your own research. Love y'all. See you soon