$Bitcoin (BTC.CC)$ I sold a huge position 500 contracts of n...
$Bitcoin (BTC.CC.CC)$ I sold a huge position 500 contracts of naked puts on Tuesday and Wednesday to collect the premium on BITX.
I was ready to shit a brick yesterday when the market fucking rolled over oh my God I was going to have to do some serious shuffling. thank God for Michael Saylor for saving my freaking ass last night I'm closing out my naked puts this morning I'm buying them back I'll take my profit it's not what I planned on it it was going to be a Whopper but holy shit if I was going to get put all this Bitcoin in The leverage ETF I don't think I'd be able to sleep until I'm able to exit out of it.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
35+ yrs in the trenches, raised tens of millions for start ups, syndicate ipo's, yrs on trading desk mkt maker.
1414Followers
14Following
9743Visitors
Follow
MomentumPython1337 : good on you for having the courage to play with leverage in such a volatile period
TechWhiz : naked put? you got balls of steel, dude.
10baggerbamm OP TechWhiz : I sell naked puts all the time you have to look at it this way if a stock's at 30 bucks and you go boy you know what I'd really like to own it at 28 you put a limit order to buy good till canceling for 28 if it falls you got the stock at $28 your order triggers and now you own it at 28 for me I look at it this way the stock's $30 I'd like the owner to 28 I'll sell a naked put I collect the premium I know the time frame I typically go very short one week two weeks maximum because the market is so freaking volatile that day-to-day enormous swings can happen as we've witnessed firsthand. so my cost basis if I get put the stock at 28 is not really 28 it's 28 - the premium that I collect. so most of the time it works out pretty good but because I got such a slacking last week and since July 11th I made a mistake all right I lost a lot of fucking profits because I kept waiting for the by the dip mentality to come back and it wasn't happening.. I needed to rebuild my confidence again and I was out of the market on these puts and I laddered them but man when that rug pull happened yesterday I was blood pressure boiling mode was kicking in.. so I'm buying back those positions this morning I'm going to hold off on the soxl I'll get assigned the stock at that level at 28 which I'm fine with because I can sell calls against it Monday for the next Friday's expiration and I'll collect the premium and I can close out the position that way even if it takes 2 weeks whatever I'm fine with it.
with Bitcoin again thank God for Michael Saylor because he saved my ass I literally was going to get assigned a couple million dollars worth of this leveraged ETF... so I'm going to use this rally this morning to close out the positions