'I Could Lose It All Tomorrow': The Traders Leaning In to Wild Markets

By Hannah Erin Lang and Krystal HurWhen markets reeled and investors shed trillions of dollars worth of stocks one day in early April, Dan Oksnevad was still piling in on just one bet: bitcoin."It's just a screaming buying opportunity," said Oksnevad, who keeps about 90% of his seven-figure portfolio — including retirement funds — in the cryptocurrency and related stocks such as bitcoin buyer Strategy. "I'm running straight into it."The 37-year-old marketing director didn't mind that the price of bitcoin sank nearly 6% that day, or that he was increasing his exposure to a relatively risky asset during the most significant market meltdown since March 2020. Instead, he focused on the chance of a rebound."That's what I'm after — making decades of returns in weeks or months," he said. "I truly think volatility is where fortunes are made."The market is experiencing one of its most volatile stretches in years. As stocks swing wildly — sinking 5% one day, surging 10% the next — even Wall Street veterans have found themselves flummoxed. More investors are flocking to havens like cash, gold and other defensive plays that can insulate their portfolios from the turmoil.But a small group of younger traders are going on offense. Instead of retreating to safety, they are making even bigger, riskier bets: snapping up short-term options, piling in on just one or two stocks and wagering that, in a chaotic market, the swings that can bring steep losses will deliver them with even bigger wins.Individual investors have stampeded into equities even as fund managers sour on U.S. stocks. They bought a net $21 billion worth of stocks and exchange-traded funds since President Trump's "Liberation Day" announcement through April 16, according to JPMorgan Chase.For the Robinhood generation of investors who began trading in 2020, the tariff-driven market carnage is their first taste of a major market meltdown. While stocks tumbled in 2022 after the Federal Reserve began raising interest rates, they quickly entered a powerful bull run and notched repeated record highs. Some amateur traders say they have been waiting for this moment to pick up stocks at what they view as steep discounts."The kids these days say, 'No risk, no 'rari,'" said Patrick Wieland, a content creator and day trader who has in recent weeks poured thousands of dollars into ProShares UltraPro QQQ. Shares of the fund, a triple-leveraged ETF that aims to generate three times the daily performance of the Nasdaq-100 index, notched double-digit gains during a historic rally on April 9, but are still down more than 20% this month."I think you've got to be aggressive," he said. "When you have such big swings in the market, it's hard to be risk averse."Wading into markets to "buy the dip" has offered mixed results over the past couple of weeks. On average, the S&P 500 has continued dropping in the week after a one-day decline of at least 1% in 2025, according to Dow Jones Market Data.Some money managers and analysts fear that the market's worst days aren't behind it. They worry that Trump's trade policies could lead the economy to enter a recession, or even stagflation, a situation where economic growth stagnates while inflation rockets higher. Tariffs could also crimp corporate earnings growth, a historically important driver of market rallies, they say.Some investors admit that their recent moves amount to an outright gamble. Kiel Elliott, a Los Angeles-based executive at an entertainment studio, spent roughly $40,000 scooping up GameStop call options in early April. Calls, which offer the right to buy a stock at a set price, typically represent a bet that a stock will gain.Elliott calls himself a "degenerate gambler" and says the market's twists and turns have made for the perfect trading environment. GameStop shares have gained 25% this month."I'm probably losing years off my life," said Elliott, 42. "I'm enjoying the ride right now. I need to remind myself I could lose it all tomorrow."Others made their trades after careful consideration.On April 10, as tariff fears spurred another market selloff, Will Seaman split two-thirds of his entire portfolio between just two stocks: Recursion Pharmaceuticals and electrical vehicle maker Lucid.The Atlanta-based entrepreneur theorized that both stocks would move on tariff headlines — and that good news would eventually lift the share price. That hypothesis proved at least partially true: Just one day later, Recursion stock surged nearly 30%, and Seaman sold his shares."I saw it as a great opportunity to just ride the roller coaster," said Seaman, a 20-year-old who started trading using his parents' account during the pandemic. "Typically I'm not a super risk-forward trader."Seaman said he often feels torn between playing it safe or making a gamble with his investments, knowing he has decades to make back any losses. He calls the dueling sides of his consciousness "my irresponsible gambler and my wise old investor."On Thursday, the latter prevailed. After comments from Federal Reserve Chair Jerome Powell sent jitters through markets, Seaman reshuffled his portfolio. He invested mostly in blue-chip tickers that he thinks could weather an oncoming recession."I'm not opposed to buying in again at a lower price," he said of his volatility plays. "But I do see that price going lower."Write to Hannah Erin Lang at [email protected] and Krystal Hur at [email protected]