Not a huge loss, but realistically, can I be more retarded?
The war really started. I didn’t believe it would happen at first so I was already late, but I entered with an SPY Mar18 $395 PUT to counter the potential loss on my portfolio coming my way even though the market tanked that day (2/24). Entered while SPY was at $420 for the memes, already feeling fucked as it closed at $425-ish (green cross on the screenshot was 1 day off, but price-wise correct)
The market made an unbelievable further-rebound on the next day. I was literally in awe. But trusting that it’s possibly a reaction to the sharp drop on the past weeks, I doubled down on my position, entered while SPY was at $432.
As I watched with my mouth wide open, SPY has almost never dropped below my second entry point of $432 since then, with most of the duration hovering around the $435 mark while I lost valuable time. The market seemed completely unaffected by the war ever since that tank on the first day.
On Thursday 3/3, I decided enough was enough, the expected drop wasn’t coming and SPY was even climbing up every single day. When it opened with $440 in the green that day, to me it reached the point where even touching $395 on Mar-18 (2 weeks) seemed unrealistic. The war seemed to be dragging on and I can’t afford losing value on my option like this. Therefore, I pulled the first thing that morning.
Then SPY went red before noon that day. Red again on Friday. We are now looking to trade pre-market at $425. Don’t know what this specific option will be trading at market open, but I predict that the price would push my average position into the green if I had hold.
Doesn’t it feel great to lose money not just with the shares, but also options with pinpoint precision?
Submitted March 07, 2022 at 11:11AM by HarrisLam
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