Options Carefully
I sold an option on a Tuesday. I bought it on Monday and made $198 on one SPY call i bought for $39. So, the next, as it was still steadily pushing upwards, I bought 3 $58 Calls to the SPY(total of $168). I got into profit at first and was up ~$60, and was excited, then everything hit the brakes. It dropped the next 3 days straight and I lost more on Friday than I made on Monday... Lessons were learned!!
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This app will screw you. Ive had an acct for + 3 yrs and always had my margins met. Now, I'm hi risk & have 30 days left
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wolfman70 : Never get greedy…once you make money sit it out and come back again another time
FU K D by moo OP wolfman70 : Like I said.. Lessons were learned!!
And I still have an opportunity to do better because I bout them for next Friday. There's always a chance. If SPY hits like 480, I'll be OK & hopefully recover. Whatever it is sitting at, I'm $10 over that at close Friday.
wolfman70 : What’s the next play this week…? Maybe I’ll follow you on this one…my play for next week is put option on sofi $8.50
FU K D by moo OP wolfman70 : Got 3 $480 Calls on the SPY... Bought them on Tues or Wed. Can't remember whichday, but SPY was doing awesome until after I bought them!
wolfman70 FU K D by moo OP : So you’re saying you’re still on the spy call of $480? You think it’ll hit by Friday ?
FU K D by moo OP : Oh yea, that was an Expiration of Friday on those SPY Calls... Forgot to mention that, I think
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FU K D by moo OP wolfman70 : I'd get cheaper than 480 on Monday. Would buy whatever the lowest option (s) strike price I could for $40-50 a piece. But for Friday... You gotta watch the expiration dates on SPY!!
wolfman70 FU K D by moo OP : Any plays this week?
FU K D by moo OP FU K D by moo OP : If you follow me on that call. I hope you sold before today, I only sold 1 of 3 and lost about $130 bc I bought last week when it was crankin'..
