How does something like this happen? Just a fat-finger?
Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
irish pete ag06 said:Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
I mean it's so easy to see how stupid that is, but can't execute it. Day job keeps me away at the opening bell so I need to just stop over righting anything
I miscalculated the continuation strength. Dumb.
It hit my 2 target prices too and I didn't sell any of it.
My biggest problem is my account is tiny but I don't trade it like it is. I need to sell quicker and more often. I hold things too long all the damn time FOMO'ing on the bigger move. 100% is a big freakin move.
We tried to order a Tahoe High Country package, back in the summer.BaylorSpineGuy said:
It really looks like the SPY is set to reverse. I have no idea if it will do so tomorrow or not, but there have basically been two doji's in the last 3 days, and it looks like it's having a hard time to run any higher. Certainly the low volume isn't helping, either.
It's not an exact replica by any means, but AAPL had a similar chart pattern immediately before it peaked in early September followed by its drop.
So hard to predict these responses to earnings, but I know the Apple store near our house is 2-3 weeks back ordered on phones. One of my patients works for GM, and there is real talk of either closing the plant in Arlington for the rest of the year, and they have already eliminated their overtime. There are hardly any chips for the Yukons/Escalades/Tahoe's, etc.
NRD09 said:
And there's your fda approval...
This sounds like something my future self will hopefully say as well. I have to just get out of trades quicker! I hold way too long all the time.Dan Scott said:irish pete ag06 said:Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
I mean it's so easy to see how stupid that is, but can't execute it. Day job keeps me away at the opening bell so I need to just stop over righting anything
I miscalculated the continuation strength. Dumb.
It hit my 2 target prices too and I didn't sell any of it.
My biggest problem is my account is tiny but I don't trade it like it is. I need to sell quicker and more often. I hold things too long all the damn time FOMO'ing on the bigger move. 100% is a big freakin move.
I had the same issue and after many years and many thousands lost watching gains turn into losses, I finally got it into my head that no single trade is going to make me rich. I used to do stupid stuff like be up 100% but not be happy because I want 500% or enough to make up prior losses. And when I'm at work and without my trading platform, I used to hold a position where I have a huge gain, go to a meeting where I won't have access only to come back from the meeting and it's gone.
On options I'm now always quick to take profits. I've left money on the table too but I've learned the feeling in my stomach sucks way more watching gains turn to losses than selling too early. The market is open almost everyday and there will be other opportunities.
BaylorSpineGuy said:
It really looks like the SPY is set to reverse. I have no idea if it will do so tomorrow or not, but there have basically been two doji's in the last 3 days, and it looks like it's having a hard time to run any higher. Certainly the low volume isn't helping, either.
It's not an exact replica by any means, but AAPL had a similar chart pattern immediately before it peaked in early September followed by its drop.
So hard to predict these responses to earnings, but I know the Apple store near our house is 2-3 weeks back ordered on phones. One of my patients works for GM, and there is real talk of either closing the plant in Arlington for the rest of the year, and they have already eliminated their overtime. There are hardly any chips for the Yukons/Escalades/Tahoe's, etc.
One strategy that has helped me with options is rolling them instead of cashing out. That way you can take profits and still have a position if it continues to run.irish pete ag06 said:Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
I mean it's so easy to see how stupid that is, but can't execute it. Day job keeps me away at the opening bell so I need to just stop over nighting anything
I miscalculated the continuation strength. Dumb.
It hit my 2 target prices too and I didn't sell any of it.
My biggest problem is my account is tiny but I don't trade it like it is. I need to sell quicker and more often. I hold things too long all the damn time FOMO'ing on the bigger move. 100% is a big freakin move.
Yeah. Another strategy I may try in the future. Sadly the broker I use for options at the moment (Webull) doesn't do rolling. I'm considering switching back to ToS. I have to do most of the execution on my phone. I typically keep trading view open on my laptop at work.Triple_Bagger said:One strategy that has helped me with options is rolling them instead of cashing out. That way you can take profits and still have a position if it continues to run.irish pete ag06 said:Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
I mean it's so easy to see how stupid that is, but can't execute it. Day job keeps me away at the opening bell so I need to just stop over nighting anything
I miscalculated the continuation strength. Dumb.
It hit my 2 target prices too and I didn't sell any of it.
My biggest problem is my account is tiny but I don't trade it like it is. I need to sell quicker and more often. I hold things too long all the damn time FOMO'ing on the bigger move. 100% is a big freakin move.
ie, you have a call option that is up 100%, you can roll up to a higher strike at the same exp and take some profits out. If it keeps running, your higher strike call will give you more profit. If it tanks, you only lost some of the profit because you've already cashed out a good amount.
Very true but was broken tonight during World Series with the Z06 introduction. Crazy when you think about the lack of car and truck ads that typically dominate TV.Dan Scott said:BaylorSpineGuy said:
It really looks like the SPY is set to reverse. I have no idea if it will do so tomorrow or not, but there have basically been two doji's in the last 3 days, and it looks like it's having a hard time to run any higher. Certainly the low volume isn't helping, either.
It's not an exact replica by any means, but AAPL had a similar chart pattern immediately before it peaked in early September followed by its drop.
So hard to predict these responses to earnings, but I know the Apple store near our house is 2-3 weeks back ordered on phones. One of my patients works for GM, and there is real talk of either closing the plant in Arlington for the rest of the year, and they have already eliminated their overtime. There are hardly any chips for the Yukons/Escalades/Tahoe's, etc.
This Christmas will be rough. I went to Men's Warehouse and Macy's this past weekend for my annual clothes shopping and they have no inventory. Without inventory I'm not sure we see many great Black Friday deals this year so people will be Christmas shopping but not buying for themselves. That's going to hurt retail and I think tech which makes their money off advertising will be hurt because if you have no inventory what are you going to advertise. I can't remember the last time I've seen a car commercial.
Red Rover said:NRD09 said:
And there's your fda approval...
Que pasa?
This is just friendly advice. If you can't actively watch your trades then you shouldn't ever trade options, especially short term options. Hell, FJ traded, and posted them, all the time but he was in front of his monitor. He's on a project now that takes him away from his computer and he doesn't post option trades because I suspect he's not in them. I trade some options but don't post the trades because options are dangerous. Yes you may hit a home run, but the odds are you'll blow up your account and no one here wants that.irish pete ag06 said:This sounds like something my future self will hopefully say as well. I have to just get out of trades quicker! I hold way too long all the time.Dan Scott said:irish pete ag06 said:Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
I mean it's so easy to see how stupid that is, but can't execute it. Day job keeps me away at the opening bell so I need to just stop over righting anything
I miscalculated the continuation strength. Dumb.
It hit my 2 target prices too and I didn't sell any of it.
My biggest problem is my account is tiny but I don't trade it like it is. I need to sell quicker and more often. I hold things too long all the damn time FOMO'ing on the bigger move. 100% is a big freakin move.
I had the same issue and after many years and many thousands lost watching gains turn into losses, I finally got it into my head that no single trade is going to make me rich. I used to do stupid stuff like be up 100% but not be happy because I want 500% or enough to make up prior losses. And when I'm at work and without my trading platform, I used to hold a position where I have a huge gain, go to a meeting where I won't have access only to come back from the meeting and it's gone.
On options I'm now always quick to take profits. I've left money on the table too but I've learned the feeling in my stomach sucks way more watching gains turn to losses than selling too early. The market is open almost everyday and there will be other opportunities.
Take profits
Cut a small loss.
But not just holding and holding.
I agree. I'll also add that nearly every option trade I've taken has been green at some point. Sometimes big green. I just tend to over hold. I need to be perfectly ok with 10%, 30%, or even freakin 100%! Take the profits and move on or cut it and move on. I am able to watch closely from about 8:40 to 11:15. I need to close out all trades or set hard stop losses before 11:15 each day.ProgN said:This is just friendly advice. If you can't actively watch your trades then you shouldn't ever trade options, especially short term options. Hell, FJ traded, and posted them, all the time but he was in front of his monitor. He's on a project now that takes him away from his computer and he doesn't post option trades because I suspect he's not in them. I trade some options but don't post the trades because options are dangerous. Yes you may hit a home run, but the odds are you'll blow up your account and no one here wants that.irish pete ag06 said:This sounds like something my future self will hopefully say as well. I have to just get out of trades quicker! I hold way too long all the time.Dan Scott said:irish pete ag06 said:Let a swing on options go from up 100% to down 27%.Dan Scott said:
What happened
I mean it's so easy to see how stupid that is, but can't execute it. Day job keeps me away at the opening bell so I need to just stop over righting anything
I miscalculated the continuation strength. Dumb.
It hit my 2 target prices too and I didn't sell any of it.
My biggest problem is my account is tiny but I don't trade it like it is. I need to sell quicker and more often. I hold things too long all the damn time FOMO'ing on the bigger move. 100% is a big freakin move.
I had the same issue and after many years and many thousands lost watching gains turn into losses, I finally got it into my head that no single trade is going to make me rich. I used to do stupid stuff like be up 100% but not be happy because I want 500% or enough to make up prior losses. And when I'm at work and without my trading platform, I used to hold a position where I have a huge gain, go to a meeting where I won't have access only to come back from the meeting and it's gone.
On options I'm now always quick to take profits. I've left money on the table too but I've learned the feeling in my stomach sucks way more watching gains turn to losses than selling too early. The market is open almost everyday and there will be other opportunities.
Take profits
Cut a small loss.
But not just holding and holding.
I agree with Doc, this market is overextended. You had some heavy hitters reporting after the close, yet the market was weak into the close. That's a red flag and if they can't propel the market higher, then we'll probably go lower and consolidate. Everyday takes us closer to the November fed meeting that they've given every indication that they'll start to remove stimulus. Don't lose your focus and don't try to make up some losses with options, that's gambling, not trading and you'll probably lose. I'm not lecturing, I just don't want anyone here to make the mistakes I have in my past and blow their accounts up.
FJ43 said:
Morning gents! Have had zero time to trade or keep up with the markets. Alerts are my friend at the moment.
Y'all keep it up and congrats on some great trades.