Worst Losses Ever Trading Options! | Theta Gang | Selling Options…

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12 thoughts on “Worst Losses Ever Trading Options! | Theta Gang | Selling Options…”

  1. I'm going to start holding only 2 credit spreads a week open at the same time. QQQ expiring Friday and Sell Spy 3 days a week. I got lucky this time but there was a time I lost 400 just because I was over leveraged with credit spreads. This time I just lost 75 dollars and assigned 100 shares of TNA

  2. Wow, sorry man, that sucks! I'm down about 2k on my long positions but I'm hoping for a rally next week. This is the problem with "low risk" options, when they do go against you, you can lose all of the small gains from the recent past. What is the saying? "Picking up pennies on the track while the train is coming". The train came this week! Rolling is a good strategy as long as it doesn't keep going down. God, I hope not!! Good luck!

  3. It's annoying how we get 3 weeks of constant increase and people freak out when we get a pull back. I know these past 2 days have been strong pull backs, but its always the case right? Stairs up, elevator down … it sucks the premium on any CC would decrease but then the premium on CSP have increased so much! I was looking at SPY, its usual IV is 9-10%, but on Thursday/Friday it had around 25%, which is super high for SPY : . higher premium. I do think in the future, if I see this strong of a pullback, I'll buy VIX options and sell intraday.

  4. Most of my cash secured puts were travel stocks and they all expired worthless. But i also had TNA at 33 and 34 so those will be assigned. Covered calls Tuesday. Wish me luck

  5. Sorry about your loss this week….it happens….this is the main reason why its always better to sell longer dated 30 to 45dte puts so its better to manage….also never hold to expiration or let them expire worthless…always take profits when available as close to 50%….spread out out your DTEs to diferent time frames..and limit spreads….less manageable….go naked as much as possible they are much much better to manage….its all about risk aversion

  6. You and I had the same kind of week. I was already up $1500 for the week and my inner voice told me to get the hell out of the market, instead I lazily and complacently opened up a bunch of leveraged contracts on aapl at $125 on Wed. When it was $135. Well, suffice to say that my portfolio dropped 5k, as when aapl dropped 15% I was in no position to stay leveraged and on margin, so instead of rolling out I closed my positions at a loss. It hurts so bad and I was so stressed I even got a kink in my neck. Lesson learned, no more leveraged positions and greed is NOT GOOD.

  7. Had to make a similar play on AMD. I played a little safer though, closed a 82 strike when it rallied end of day for a small gain of like $20, then opened 4 80 puts week later for a huge credit and a little more down side protection.

    Rolling down and out is always a great move since downward market corrections typically don't last nearly as long as prolonged bull rallies where its best to just eat it on a covered call and get shares called away so you don't keep your capital tied up for months.

    A week or two in a major correction is no big deal

  8. Got assigned on apple and I also bought 100 shares at a lower price. So I’ll have 200 shares. I hope to off load them next week at 123.75

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