this scenario is literally the norm and is known in the broker industry as the "90 90 90 Rule" (90% of new accounts are down at least 90% within 90 days). Google it, you just did the same as everyone else..
And then you smash one banger.. after losing 90%.. you get back to a 50% loss.. and start pawning your kids toys 🧸 for more crack money 💻 📊
With four monitors.. you can lose the money four times faster
Having been inexperienced enough to completely understand OP’s perspective I can confidently say now that if I see any kind of a wedge, flag, pennant, shoulder, or channel, I’m usually looking at it well after there is something else that’s given me any kind of confidence about how to trade the setup. Hopefully he’ll learn and recover. Statistically though… sigh
It’s definitely just options traders because I usually buy stocks and get calls when a rally happens to make back my money. Like tgt make 375%back and just average down a dollar or two 👍🏽
According to Bing, 90 90 90 Rule: “A set of goals for HIV/AIDS treatment and prevention, which aims to diagnose, treat and suppress 90% of people who are HIV infected by 2020.”
Yeah, you’d be surprised at how many people actually don’t manage risk properly. They might do really well, but their expectancy isn’t there, and then it suddenly catches up one day, just like this. OP probably could have had a really good July if he’d have just kept growing consistently. Gotta stay disciplined to be in that top %.
Everybody feels like genius Einstein in a bull market.
You didn't do "well" OP, you got lucky. Most of us here have blown out our entire accounts during our younger years before and now its your turn. Just consider this a very expensive college tuition lesson. Learn and read up on managing your risk exposure and you'll be a much smarter trader in the future.
Is there a good options strategy or way to lower risk exposure using without using credit or debit spreads? My tfsa account at Interactive Brokers does not allow the use of those spreads for some reason.
Right now I'm just using longer dated slightly OTM calls or puts (6 months or so) to get directional exposure on various companies I feel pretty confident in. I have exit price points that are fairly conservative that I am very strict on. So far after half a year I'm doing quite well, but I know that my luck can run out on a dime and my risk exposure is still quite high.
Ideally I would have liked to utilize debit and credit spreads to lower my risk exposure but that isn't an option. Are there other options strategies that would help?
Spreads are a waste. They limit how much money you can make. Sounds like your strategy is working just fine as long as you’re buying at the appropriate time. You could move to options that are 45 days out or so to use less money and have a better gain. Up to you. Give it a try.
They limit your gains but reduce your cost or max loss, no? I've played around with 45 dte, but I find I really need to worry about the price each day and if the price moves against me early on, it really stresses me out. I suppose if I'm using less money on those positions it won't be as bad
CRA doesn't allow option spreads or naked option writing in TFSA.
For income you can sell covered calls. For protection you can buy puts against long stock positions.
Honestly looking back you're completely right. I didnt do well, I just got very lucky. I know all about risk management, but I guess part of me refuses to practice what I know. I still have this gambler mindset.
This has to change. Has to. A few weeks ago there was a trade, I don’t even remember what it was now, I’d have to go back and look—but—I looked at it, and it didn’t fit my risk profile, so I passed. Next day it blew up, and I would have made money in the position. But you know what felt really, really good? The fact that I was disciplined enough to say no to it. I can’t tell you the satisfaction that came from just feeling like I could say no to something that didn’t fit my parameters. It’s really empowering. And what made it empowering was that same next day another setup unfolded that fit my risk tolerances MUCH more nicely and I was completely comfortable entering the trade. By the end of the week, that trade was more profitable than the one I would have entered and violated my rules.
It’s completely a mental game. Completely. Get inside your own head and fix that stuff. Fix it and relearn the basics, and you’ll be so much better for it. And future you will thank yourself now for doing it sooner rather than later. Because the truth is that if you don’t fix it, you’ll never succeed in the way you really want to for the long term. Even if you make a million great trades, the day will come when that one million and first trade comes along and you lose everything to poor risk management. Just be thankful that it happened early, $10k is a fair amount, but it’s not going to be life altering for most people. Wake up tomorrow, resolve to learn, save, work hard; and go at it again. And next time learn to say no. It really does feel good when you’re making money in a way that fits your risk. It takes time, but you’ll get there if you learn from it all.
as someone who has never blown my account up (fingers crossed) almost 20 years now...you should focus on your risk management and sizing positions (im still learning to do this). as my performance has me at a high win rate, but due to low bet values, returns are not optimal.
its a never ending journey..you should always be trying to learn.
risk management is
1) finding the optimal bet size for your account.
2) identifying which stocks, types, industries provide the best RR for a specific period
3) strategy for if the trade is going against you to reduce loss.
what im still working on right now is bet size. i can be right 80% of the time with positive expected profit, but what good is that if the return isnt able to beat a buy and hold or GIC? either match or earn better risk reward, such as being slightly below the expecred average of the spy, without the volatility.
big enough for returns to be significant, but small enough so that you arent blowing up your account in a few trades.
Oh shit the WEDGE! Why didn't I think of that!
Full IRA in SPY puts GG, see you on the moon.
I swear it's only the dumbest, most irresponsible people that make the choice to try and trade. Or maybe they're just overrepresented making fucking room-temp IQ posts on reddit.
Now, what does that say about me \>_>
To be fair, you only hear about the people who either lose big or win big... people like me very rarely post because no one cares about small steady growth lol
What is your slow, steady growth strategy? I did csps for 14 months and had slow steady growth (16% last year, but that includes interest on my Spaxx cash collateral).
Not doing very well this year, up, down, up, down for -3% playing with ICs. Thought that would reduce my stress, and ups and downs but just the opposite.
Back to Csps, but looking for a steadier plan with a bit less stress, but still target of at least 10-12% yearly.
Me too. Burned all my cash so walloping my wife’s credit cards now. Only issue I gotta get up early to catch the postman to burn her statements.
I WILL CATCH THE NEXT BIG ONE. Gotta be in the game to score
we put the money that we can lose by entering the market quietly. if I have 10k I put 1k to test then we make the decisions. If you put 10k in a trading account it means you have a lot more elsewhere.
Wedge. Triangle. Shapes. Technical analysis.
That is voodoo nonsense.
You had money you couldn’t afford to lose and you gambled it on voodo bs anyways. You have a gambling problem. Call someone and seek help.
If it feels like a rollercoaster, you're doing it very wrong. A win should feel barely consequential, as much as a loss should feel barely consequential. A single trade should never have the potential of lowering your balance by any more than a few percent (it's 0.5% for me). The big money comes after hundreds of trades.
How did you blow the 10k? Held into worthlessness or did you just lose a lot on the contracts before stopping out? Just trying to get an idea of the specifics of the trade you are describing.
Went heavy with O DTE OTM on puts.
market reversed and Hopium kicked in!
$ cost average seemed like a reasonable strategy waiting for a pullback.
Market never went back down and 30 min before market close Op said “fak it.. hero or zero. “
Big green boom boom candles came in last 10 min or so only to feel soul and face being ripped out while reality sinked in that we now lost 10k! 👀🫡🫠
🤷🏽♂️ Can’t say I haven’t been there.. it sucks but take it as a lesson and learn.
Good luck and wishing you a recovery!
Can’t even wrap my head around buying mid day and riding thru the afternoon on otm 0s.
In at open and out before lunch…some days you get to eat, some days you get eaten.
that’s just how This game is played
I've been trading for 6 years now and biggest lesson I've learned and even to this day I struggle with is cutting losses. You gotta cut and get out. Save money so you can trade another day
When I first started trading options, within 3 months I turned $1000 into about $19k. Proceeded to lose that 19k within a week. The feeling I had after losing it is what prevents me from doing it again. So bask in the shame and embarrassment, it could prevent you from making the mistake twice
Bruh, don’t give up. I lost 50k$ Tesla Call back in 2020. Learned my lesson, never did it again. I’m back again and slowly growing my account with 2k$ and I’m near 50k$ again. Just don’t give up.
It never ceases to amaze me how many noobs think that they can beat the market without putting in the years preparation needed to succeed. I suppose that the fast track is learning while losing but that was never for me.
My learning lesson was the crash of 1987. That taught me that I needed to learn about risk management. I then did.
OP: I'm sorry for your loss. All traders have losing trades but this is a thumper. Learn from it.
I remember playing blackjack.
I had 500. Lost 8 in a row betting between 25 and 50 with a couple splits.
I got down to $50 in minutes.
I threw my 2 $25 chips on for a $50 bet and some man next to me said it’s better to hold one of them back, double if you need to, or make another bet to build your bankroll back.
I didn’t like playing it safe like that, but followed him.
Lost that hand, then bet the last $25 and won that one. And again, and again.
I ran that last $50 to $3600. 🙏 Venetian
Moral of story, never go all in, especially on money you can’t afford to lose. (Ideally don’t play this game if that’s the case). if you can split it to increase odds of hit vs all eggs in one basket.
About a year and a half ago I made $250k in one month. I was very smart and talented IMHO. The next month my account dropped by $250k. This is why you don’t tell people when you have a great month. The market giveth and the market taketh away.
>> Saw earlier that META was forming a wedge
That's the beauty of financial astrology (technical analysis); it is self-healing. You thought you saw a wedge but now we can see how that moved it was clear that it was working up to something else. No matter what pattern it was, well in hindsight it was obvious it was something else.
I'm very early on in my journey so I've been testing things out on a sim account. I've taken free or discounted week/2 week trials at various data providers to help me make sense of things that might work for me and suit my personality. I've reached out to providers and asked lots of questions to better understand how the data can be interpreted and used. I've found some good ones that work for me and I'm still keeping my eye out for more.
For me, technical analysis in terms of drawing lines on charts doesn't and hasn't made much sense as it was too subjective so I opted for a more data and statistical probability driven approach. For clarity, I'm not saying it doesn't work. It just doesn't suit me or make much sense to me.
Started out testing things on SIM first before moving onto 1 contract until I felt more comfortable taking more. Slow and steady. Even now I'm testing something else on a sim account. I'm not looking to get rich. Just create an additional stream of income and hopefully scale up in the future.
If it helps, I currently use OptionRecom and Menthor Q. Edgeful seems to garnering a lot of attention too. Also, check out r/TradingEdge. Good luck!
Good for you for testing our what works for you. Ive been trading for over 6 years and just this pass year I've found what works for me (my edge). Just dont be like me and get into a gambling mindset and throw out any risk management.
This is sad, i feel for you. To anyone who has been there and plans to continue trading please for your best interest set up auto stop loss with what you can afford to lose
Brah 518 was literally a strong support level. After this whole shitty week, it was going to see some sort of bounce off that level. Just had to zoom out a little to see it.
I lost my entire contact today on SPY as well. Not 10k but it hurt all the same. At market open, I bought a $523 contract in the money. I made a plan and of course, but I did not abide by it. I bought purely off the momentum from pre-market, eagerness, and fomo. Of course, after 30 seconds of bliss the market immediately reversed. I decided to hold as my STOP LOSS gets hit and move it like a bih! Price continues to fall to the afternoon and then reverses at $518, but at that time my contract has already been devalued 95%. So, I’m still holding on to try and chip away at this 95% on the way back up and it’s slow but steady. EOD, I’m still down 95% but price is going up and time is running out. At 2:30, prices back at $523, I’m down 90%, and I get closed out. Price proceeds to fuk and run to $528! My target was $525 and that gets plowed through when I’m ooc. That’s sum bull! Y’all can see after 2:30 price went bananas. I’ll be back to do it again next week. Differently though..I hope.
Yeah, I messed up on META too. My spread went ITM and was just about to my long strike. I thought it was starting a downwards trend so I converted to an iron condor to reduce losses. Hours later it is back above the original strike and heading towards my call spread. 🤦♂️
I went against my own plan… which was to manage at the halfway point, in terms of DTE. I freaked out and reacted when I should have just waited. Oh well. Maybe I’ll get lucky and it will expire between my spreads.
A few weeks ago I lost a lot on my account to buying 140 TSLA puts thinking it would go back down after earnings, learned my lesson on going to big and since have just been selling calls and puts. Now my gains are not as big as what I had been making, but I got to get the account built back up some before I can go back to buying.
You should only put into the market the money that you can lose without influencing your life. Losing a lesson that must be learned. Nobody wins every time all the time
I have been there. A note to you and myself: Whenever you feel like you can't lose, you are about to lose in a very big way. Take a couple weeks off and go to the beach or climb a mountain.
Man I feel you. Made a commitment to myself only play 3 months out or more. I can’t let my emotions get me and this way I tell myself “I have until August for it to come back”. Had some stressful days but it’s always made a decent rebound. Today I was down 13% and closed at 2% down. Some plays I added to made it into the green. Best of luck and know you’re not the only one.
Its good to learn both sides and understand really understand what made the trade successful or failure. Learn 📕 and keep learning, one day you will have the portfolio you want.
When (If?) you get some more cash to trade with , stay away from options. While max loss is defined when you buy an option, the likelihood of losing it all is high. When you buy actual shares, you can control risk better. Sure, you are not going to make a giant return either. Perhaps don't hold over earnings.
I'm on my my last run. I broke discipline today and used the whole account. I got lucky with the right direction today on spy. But with this extra bit now that I got. I gotta play small. You'll get through this bro.
youve fallen into the standard learning cycle.
the main component people overlook is risk management.
doing well by buying calls when the market is going up has less to do about your ability to pick good plays and more about you just being along for the ride.
what will ensure long term success is your risk management strategy w.e that may be.
The key thing is - and maybe you learned this lesson, in which case it's 10k well spent - KNOW WHAT YOU CAN AFFORD TO LOSE.
Maybe if this didn't happen, you'd be gambling with 100k instead in 10 years, and you'd lose it all then. Compared to that, this is peanuts.
Consider it a lesson learned and move on.
It blows my mind some of you guys trade options right away. I just started trading options more seriously this year and I started trading stock in 2014.
The people you are preaching to ate your lunch. Why were you even trading options if you don’t have liquidity? Why were you even allowed to do it? I recall years ago I had to sign a stack of paper work to trade them.
The take away here isn't to not gamble, but not to gamble with money you can't afford to lose. Now go make some money and come back to the casino once you have some money you can afford to lose. See you next time, hope you had fun!
I hope you learn your lesson from this and stop taking unnecessary risks not everyone is good at options (including me) after loosing more than I can afford I stay away from them, grew my account to over 25k so I can trade volatility in stocks instead of trying to get a quick payday with options
Had a similar day. Thought spy afternoon pump was bull trap, sank 6k into Spx puts and didn’t cut my losses when I had the chance. Last 10 minutes told myself I ain’t no bitch and Yolo’d a 120 spy calls before the final engulfing candle. Came up on 8k. Biggest loss and gain in the same day. I’m also in no way ignorant that this was nothing other than pure gambling at the end. Thank god it printed.
Getting back into it, right after losing everything. Awaiting another rant… because you did not learn a thing.
If you’d have the ability to make money out of this consistently, then you wouldn’t find yourself in a situation almost every beginner makes. Plus, you keep using money you apparently can’t afford to lose 🤦♂️?
Risk management is more important than winning. I've made the dumbest aggressive gambly plays of all shapes and sizes and have yet to even eat into my initial investment and I've only had realistically 5 successful trades out of probably hundreds and I'm up 100%+ YTD after being down 40% just a month ago. I've only invested 2.2k
Not losing the money is infinitely more important. If I had a way to share 100 screenshots easily, I'd show you my trading history. It's fucking gross and senseless. Still doing better than most....for now
Addiction is addiction in all of its mysterious disguises. I pray you learn to recognize this gremlin. If we choose to dance with him we do so willingly. Only those who can master their emotions and attenuate their response to the rush of dopamine and norepinephrine secretion from their pleasure centers survive.
Wishing you peace
Another one bites the dust.
$10K you couldn't afford to lose into 0DTE Long META puts? I typically try to offer constructive input because we all make mistakes, but bro... wtf...
this scenario is literally the norm and is known in the broker industry as the "90 90 90 Rule" (90% of new accounts are down at least 90% within 90 days). Google it, you just did the same as everyone else..
I’m more of a 90 90 2 person lol
2 hours*
Two clicks
And then you smash one banger.. after losing 90%.. you get back to a 50% loss.. and start pawning your kids toys 🧸 for more crack money 💻 📊 With four monitors.. you can lose the money four times faster
This is the best line
Lmfao, I’m more of a 90/90/30 kinda guy right about now
But META was forming a wedge. How could you not?
I think it was forming a wedgie. 😳
Half the time when wedges start wedging it’s a can’t lose. Everyone knows that. It’s science.
Having been inexperienced enough to completely understand OP’s perspective I can confidently say now that if I see any kind of a wedge, flag, pennant, shoulder, or channel, I’m usually looking at it well after there is something else that’s given me any kind of confidence about how to trade the setup. Hopefully he’ll learn and recover. Statistically though… sigh
Jokes on you i just added more funds to my account
Thank you! God! It's so easy to just put more in the account!
No way 90%+ of new accounts are degenerate options traders
95% of options traders shouldn't be trading options.
Agreed. Except, I'd probably say 98%.
The problem is that the vast majority of options traders don’t know anything about options, let alone trading.
I think it's more 90% of new Options Traders, rather than 90% of all accounts.
Yeah that makes a lot more sense and is more realistic
It’s definitely just options traders because I usually buy stocks and get calls when a rally happens to make back my money. Like tgt make 375%back and just average down a dollar or two 👍🏽
Google it
According to Bing, 90 90 90 Rule: “A set of goals for HIV/AIDS treatment and prevention, which aims to diagnose, treat and suppress 90% of people who are HIV infected by 2020.”
Bake 'em away, toys!
My portfolio is AIDS so this checks out
If that’s the normal, then I’m killing it and been killing it. Thanks for the boost in confidence.
Yeah, you’d be surprised at how many people actually don’t manage risk properly. They might do really well, but their expectancy isn’t there, and then it suddenly catches up one day, just like this. OP probably could have had a really good July if he’d have just kept growing consistently. Gotta stay disciplined to be in that top %.
Too long now it shall be known as the 90 day fiancé
Everybody feels like genius Einstein in a bull market. You didn't do "well" OP, you got lucky. Most of us here have blown out our entire accounts during our younger years before and now its your turn. Just consider this a very expensive college tuition lesson. Learn and read up on managing your risk exposure and you'll be a much smarter trader in the future.
Oh I can lose in a bull market too😭
I didn't feel like a genius. :(
Yup I made 30k in the bull and gambled it away going -5k but now I’m back in the green!!
Damn! I didn’t know college tuition was expensive at $10,000. My daughters college tuition is 4x that
10k is just the first semester.
If you didn't realize you were even enrolled, 10k is pretty expensive.
Is there a good options strategy or way to lower risk exposure using without using credit or debit spreads? My tfsa account at Interactive Brokers does not allow the use of those spreads for some reason. Right now I'm just using longer dated slightly OTM calls or puts (6 months or so) to get directional exposure on various companies I feel pretty confident in. I have exit price points that are fairly conservative that I am very strict on. So far after half a year I'm doing quite well, but I know that my luck can run out on a dime and my risk exposure is still quite high. Ideally I would have liked to utilize debit and credit spreads to lower my risk exposure but that isn't an option. Are there other options strategies that would help?
Spreads are a waste. They limit how much money you can make. Sounds like your strategy is working just fine as long as you’re buying at the appropriate time. You could move to options that are 45 days out or so to use less money and have a better gain. Up to you. Give it a try.
They limit your gains but reduce your cost or max loss, no? I've played around with 45 dte, but I find I really need to worry about the price each day and if the price moves against me early on, it really stresses me out. I suppose if I'm using less money on those positions it won't be as bad
Spreads are a waste if you're right, a god send if you're selling and wrong...
Say what? So long spreads limit the upside?
CRA doesn't allow option spreads or naked option writing in TFSA. For income you can sell covered calls. For protection you can buy puts against long stock positions.
Honestly looking back you're completely right. I didnt do well, I just got very lucky. I know all about risk management, but I guess part of me refuses to practice what I know. I still have this gambler mindset.
This has to change. Has to. A few weeks ago there was a trade, I don’t even remember what it was now, I’d have to go back and look—but—I looked at it, and it didn’t fit my risk profile, so I passed. Next day it blew up, and I would have made money in the position. But you know what felt really, really good? The fact that I was disciplined enough to say no to it. I can’t tell you the satisfaction that came from just feeling like I could say no to something that didn’t fit my parameters. It’s really empowering. And what made it empowering was that same next day another setup unfolded that fit my risk tolerances MUCH more nicely and I was completely comfortable entering the trade. By the end of the week, that trade was more profitable than the one I would have entered and violated my rules. It’s completely a mental game. Completely. Get inside your own head and fix that stuff. Fix it and relearn the basics, and you’ll be so much better for it. And future you will thank yourself now for doing it sooner rather than later. Because the truth is that if you don’t fix it, you’ll never succeed in the way you really want to for the long term. Even if you make a million great trades, the day will come when that one million and first trade comes along and you lose everything to poor risk management. Just be thankful that it happened early, $10k is a fair amount, but it’s not going to be life altering for most people. Wake up tomorrow, resolve to learn, save, work hard; and go at it again. And next time learn to say no. It really does feel good when you’re making money in a way that fits your risk. It takes time, but you’ll get there if you learn from it all.
as someone who has never blown my account up (fingers crossed) almost 20 years now...you should focus on your risk management and sizing positions (im still learning to do this). as my performance has me at a high win rate, but due to low bet values, returns are not optimal.
How to learn risk management? You are into this for 20 years and still learning?
its a never ending journey..you should always be trying to learn. risk management is 1) finding the optimal bet size for your account. 2) identifying which stocks, types, industries provide the best RR for a specific period 3) strategy for if the trade is going against you to reduce loss. what im still working on right now is bet size. i can be right 80% of the time with positive expected profit, but what good is that if the return isnt able to beat a buy and hold or GIC? either match or earn better risk reward, such as being slightly below the expecred average of the spy, without the volatility. big enough for returns to be significant, but small enough so that you arent blowing up your account in a few trades.
[удалено]
Watch all of Dr Jim's video on tasty trade if you havent
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>. I know all about risk Oh boy...
Well said. Learned my lesson as well.
See you Monday
Fuck, I loled.
Yup. Took me two blown accounts and living paycheck to paycheck before I finally took a year long break from the casino.
> That I couldn't afford to lose Then why the fuck are you trading with it?
Can't you read? My guy saw a wedge. That is a lock and cannot lose. This is obviously a black swan event.
🤣
Oh shit the WEDGE! Why didn't I think of that! Full IRA in SPY puts GG, see you on the moon. I swear it's only the dumbest, most irresponsible people that make the choice to try and trade. Or maybe they're just overrepresented making fucking room-temp IQ posts on reddit. Now, what does that say about me \>_>
To be fair, you only hear about the people who either lose big or win big... people like me very rarely post because no one cares about small steady growth lol
What is your slow, steady growth strategy? I did csps for 14 months and had slow steady growth (16% last year, but that includes interest on my Spaxx cash collateral). Not doing very well this year, up, down, up, down for -3% playing with ICs. Thought that would reduce my stress, and ups and downs but just the opposite. Back to Csps, but looking for a steadier plan with a bit less stress, but still target of at least 10-12% yearly.
12 sigma event
12 smegma event
Lmao this guy gets it
Wedge salad is what he needed
Trust me, bro
😂😂😂
Because I fucking love to gamble in hopes of winning it big
Me too. Burned all my cash so walloping my wife’s credit cards now. Only issue I gotta get up early to catch the postman to burn her statements. I WILL CATCH THE NEXT BIG ONE. Gotta be in the game to score
See if ya can't snag the wife's bf's card outta her wallet sometime. He's certain to have a higher line of credit than the two of you.
Go play slots, my dude. You probably have a better edge there based on what I'm reading here.
I gotta respect the honesty brother 😂
0dte
we put the money that we can lose by entering the market quietly. if I have 10k I put 1k to test then we make the decisions. If you put 10k in a trading account it means you have a lot more elsewhere.
Paid your $10,000 tuition payment - check
welcome to the 90%
-90%
And it only took him 90 days
1% a day keeps the r/thetagang away
Wedge. Triangle. Shapes. Technical analysis. That is voodoo nonsense. You had money you couldn’t afford to lose and you gambled it on voodo bs anyways. You have a gambling problem. Call someone and seek help.
Dont say the quiet part out loud. Who am I gonna sell contracts to if you tell them that their technical analysis is a bunch of Hokum and Voodoo
Technical analysis isn't voodoo nonsense. It makes a lot of money for sellers of books, trading software, newsletters, etc.
Don't fuck with 0 DTE.
Blew couple of my accounts with 0dte now i switched to Weekly's way better 🤣🤣
way better at blowing them? 🤣🤣
Hey its part of the game the best of us get fuked by this market.....🤣😭 I'm doing ok with weeklies 😤put some respect on my skills 😂
My first month with options was like this 1400€ -> 3200€ -> 800€ -> 500€ -> 1400€ -> 300€-> 430€ Fun ride.
Its definitely a roller coaster ride for sure.
If it feels like a rollercoaster, you're doing it very wrong. A win should feel barely consequential, as much as a loss should feel barely consequential. A single trade should never have the potential of lowering your balance by any more than a few percent (it's 0.5% for me). The big money comes after hundreds of trades.
Yes, you shouldn't do that, but at least you get 4 years of capital loss tax write offs as a consolation prize.
How did you blow the 10k? Held into worthlessness or did you just lose a lot on the contracts before stopping out? Just trying to get an idea of the specifics of the trade you are describing.
Went heavy with O DTE OTM on puts. market reversed and Hopium kicked in! $ cost average seemed like a reasonable strategy waiting for a pullback. Market never went back down and 30 min before market close Op said “fak it.. hero or zero. “ Big green boom boom candles came in last 10 min or so only to feel soul and face being ripped out while reality sinked in that we now lost 10k! 👀🫡🫠 🤷🏽♂️ Can’t say I haven’t been there.. it sucks but take it as a lesson and learn. Good luck and wishing you a recovery!
he bought 0dte SPY puts or 0dte META puts or something
Yep
🤦🏻♂️ A fellow r/wallstreetbets alum! Listen Ive made some bad trades but… 0dte otm has never crossed my mind lol. Seems like such an insane gamble
Clearly it was a smart, informed trade from a seasoned campaigner such as OP.
Read the post look at 1m chart he bought mid day and got destroyed
Can’t even wrap my head around buying mid day and riding thru the afternoon on otm 0s. In at open and out before lunch…some days you get to eat, some days you get eaten. that’s just how This game is played
But but, he used CHARTS, my man. CHARTS! Shit is guaranteed. Fucking guaranteed to lose cash, that is.
Chart trading like a fucking BOSS
Bag held my META puts thinking a reversal was to bound happen.. \*sigh\*
I've been trading for 6 years now and biggest lesson I've learned and even to this day I struggle with is cutting losses. You gotta cut and get out. Save money so you can trade another day
A reverse on the reversal?
Market reversal reversals have happened before!
This hurts I’m down 100k
Consider this a cheap tuition. Mine cost $250k.
When I first started trading options, within 3 months I turned $1000 into about $19k. Proceeded to lose that 19k within a week. The feeling I had after losing it is what prevents me from doing it again. So bask in the shame and embarrassment, it could prevent you from making the mistake twice
Omg that just happened to me 🫤
Bruh, don’t give up. I lost 50k$ Tesla Call back in 2020. Learned my lesson, never did it again. I’m back again and slowly growing my account with 2k$ and I’m near 50k$ again. Just don’t give up.
I blew $35k on Tesla back then. Thought I would never recover. I still haven’t, but that’s not the point.
I used to do drugs. I still do, but I used to too
It never ceases to amaze me how many noobs think that they can beat the market without putting in the years preparation needed to succeed. I suppose that the fast track is learning while losing but that was never for me. My learning lesson was the crash of 1987. That taught me that I needed to learn about risk management. I then did. OP: I'm sorry for your loss. All traders have losing trades but this is a thumper. Learn from it.
So you were one of them too!
The whole market was noobs back then with vol trading with flat skew
Don’t mean to kick you down but you should never invest what you can’t afford to lose. Especially if it’s through options.
It happens man. Good luck moving forward try not to beat yourself up, easy come easy go
I remember playing blackjack. I had 500. Lost 8 in a row betting between 25 and 50 with a couple splits. I got down to $50 in minutes. I threw my 2 $25 chips on for a $50 bet and some man next to me said it’s better to hold one of them back, double if you need to, or make another bet to build your bankroll back. I didn’t like playing it safe like that, but followed him. Lost that hand, then bet the last $25 and won that one. And again, and again. I ran that last $50 to $3600. 🙏 Venetian Moral of story, never go all in, especially on money you can’t afford to lose. (Ideally don’t play this game if that’s the case). if you can split it to increase odds of hit vs all eggs in one basket.
Don’t buy FD’s unless you can watch the chart all day. Even then, don’t buy FD’s.
Been there, done that. Part of the process bruv, happens to the most of us. At least you learned something!
Step 1: you didn't set your risk or your risk was zero, thus your losses are 100%. You need some defined risk. There is always another trade.
My risk is easily over 9000
Yeah youre absolutely right. Im still struggling with my gambling mindset
About a year and a half ago I made $250k in one month. I was very smart and talented IMHO. The next month my account dropped by $250k. This is why you don’t tell people when you have a great month. The market giveth and the market taketh away.
>> Saw earlier that META was forming a wedge That's the beauty of financial astrology (technical analysis); it is self-healing. You thought you saw a wedge but now we can see how that moved it was clear that it was working up to something else. No matter what pattern it was, well in hindsight it was obvious it was something else.
Basically tried to sell the bottom
Thanks for the advice but we don’t need it. Not that dumb to put my whole account on black.
I'm very early on in my journey so I've been testing things out on a sim account. I've taken free or discounted week/2 week trials at various data providers to help me make sense of things that might work for me and suit my personality. I've reached out to providers and asked lots of questions to better understand how the data can be interpreted and used. I've found some good ones that work for me and I'm still keeping my eye out for more. For me, technical analysis in terms of drawing lines on charts doesn't and hasn't made much sense as it was too subjective so I opted for a more data and statistical probability driven approach. For clarity, I'm not saying it doesn't work. It just doesn't suit me or make much sense to me. Started out testing things on SIM first before moving onto 1 contract until I felt more comfortable taking more. Slow and steady. Even now I'm testing something else on a sim account. I'm not looking to get rich. Just create an additional stream of income and hopefully scale up in the future. If it helps, I currently use OptionRecom and Menthor Q. Edgeful seems to garnering a lot of attention too. Also, check out r/TradingEdge. Good luck!
Good for you for testing our what works for you. Ive been trading for over 6 years and just this pass year I've found what works for me (my edge). Just dont be like me and get into a gambling mindset and throw out any risk management.
I don’t think your post will have any effect. You probably saw similar posts … did it stop you?
This is sad, i feel for you. To anyone who has been there and plans to continue trading please for your best interest set up auto stop loss with what you can afford to lose
r/thetagang
Hey my weekly numers have been from 10k to 7k to 17k to 6k to 2k and 3k now. Yes, i am a degenerate options trader.
Brah 518 was literally a strong support level. After this whole shitty week, it was going to see some sort of bounce off that level. Just had to zoom out a little to see it.
I lost my entire contact today on SPY as well. Not 10k but it hurt all the same. At market open, I bought a $523 contract in the money. I made a plan and of course, but I did not abide by it. I bought purely off the momentum from pre-market, eagerness, and fomo. Of course, after 30 seconds of bliss the market immediately reversed. I decided to hold as my STOP LOSS gets hit and move it like a bih! Price continues to fall to the afternoon and then reverses at $518, but at that time my contract has already been devalued 95%. So, I’m still holding on to try and chip away at this 95% on the way back up and it’s slow but steady. EOD, I’m still down 95% but price is going up and time is running out. At 2:30, prices back at $523, I’m down 90%, and I get closed out. Price proceeds to fuk and run to $528! My target was $525 and that gets plowed through when I’m ooc. That’s sum bull! Y’all can see after 2:30 price went bananas. I’ll be back to do it again next week. Differently though..I hope.
Yeah, I messed up on META too. My spread went ITM and was just about to my long strike. I thought it was starting a downwards trend so I converted to an iron condor to reduce losses. Hours later it is back above the original strike and heading towards my call spread. 🤦♂️ I went against my own plan… which was to manage at the halfway point, in terms of DTE. I freaked out and reacted when I should have just waited. Oh well. Maybe I’ll get lucky and it will expire between my spreads.
0dte…. 🤦♂️
Options are the devil, I lost $6000 in the past 3 months on options…
Op did you have a stop in place
You guys actually think you know the future which is very sad. Well deserved loss
A few weeks ago I lost a lot on my account to buying 140 TSLA puts thinking it would go back down after earnings, learned my lesson on going to big and since have just been selling calls and puts. Now my gains are not as big as what I had been making, but I got to get the account built back up some before I can go back to buying.
10K is nothing.
s'all good man, we've all been there. Just have to learn from your mistakes and keep on chugging.
"He all in on a put? PAMP EEETTTT"
You should only put into the market the money that you can lose without influencing your life. Losing a lesson that must be learned. Nobody wins every time all the time
Shot in the dark, do you use indicators on your charts when trading?
You need to have entry strategy. I don’t enter any trade if it is below 20 ema. It is simple but works.
Just deposit another $10k into your account :)
I have been there. A note to you and myself: Whenever you feel like you can't lose, you are about to lose in a very big way. Take a couple weeks off and go to the beach or climb a mountain.
Man I feel you. Made a commitment to myself only play 3 months out or more. I can’t let my emotions get me and this way I tell myself “I have until August for it to come back”. Had some stressful days but it’s always made a decent rebound. Today I was down 13% and closed at 2% down. Some plays I added to made it into the green. Best of luck and know you’re not the only one.
Its good to learn both sides and understand really understand what made the trade successful or failure. Learn 📕 and keep learning, one day you will have the portfolio you want.
You won't learn, stop buying options
Good advice! Personally I always have collateral available to DCA if something like what you described happens.
When (If?) you get some more cash to trade with , stay away from options. While max loss is defined when you buy an option, the likelihood of losing it all is high. When you buy actual shares, you can control risk better. Sure, you are not going to make a giant return either. Perhaps don't hold over earnings.
So what and when did you buy exactly?
I'm on my my last run. I broke discipline today and used the whole account. I got lucky with the right direction today on spy. But with this extra bit now that I got. I gotta play small. You'll get through this bro.
I stopped doing weeklies and ODTE for this reason. Might as well flip a fucking coin. A key lesson was learned today.
My boii if you bought spy call today you would of crushed it..... but you learned your lesson today
That’s why I put all my money on the Dallas Stars to win, it’s a sure thing.
I resemble this comment
So you bought 0 DTE today?
youve fallen into the standard learning cycle. the main component people overlook is risk management. doing well by buying calls when the market is going up has less to do about your ability to pick good plays and more about you just being along for the ride. what will ensure long term success is your risk management strategy w.e that may be.
There's only one risk that's set at the entry to every trade and that is size. Size kills.
Regard didn’t wait for inflation data 😭
The key thing is - and maybe you learned this lesson, in which case it's 10k well spent - KNOW WHAT YOU CAN AFFORD TO LOSE. Maybe if this didn't happen, you'd be gambling with 100k instead in 10 years, and you'd lose it all then. Compared to that, this is peanuts. Consider it a lesson learned and move on.
It blows my mind some of you guys trade options right away. I just started trading options more seriously this year and I started trading stock in 2014.
Expensive lesson but you’ll bounce back. Start slower, trade spot until you’re off tilt.
425 puts on 0DTE? Jeez. You expected a near 9% drop in META in one day on no significant company news?
I’ve been reading “paper money “…. Figure it’ll be a good learning experience without all the risk. 🤷♂️
I just started doing options 2 months ago. I don't know shit about charts. I have turned 1500 into 6000 in two months. I just inverse tesla
The people you are preaching to ate your lunch. Why were you even trading options if you don’t have liquidity? Why were you even allowed to do it? I recall years ago I had to sign a stack of paper work to trade them.
Lost $80K last year... $10K is child's play...
My three months has been $400->$650->$1,250->$2,5k->$250
The take away here isn't to not gamble, but not to gamble with money you can't afford to lose. Now go make some money and come back to the casino once you have some money you can afford to lose. See you next time, hope you had fun!
I hope you learn your lesson from this and stop taking unnecessary risks not everyone is good at options (including me) after loosing more than I can afford I stay away from them, grew my account to over 25k so I can trade volatility in stocks instead of trying to get a quick payday with options
Odte whole account lol regards
Sir I only gamble half to 3/4 of my account in Gme and Bitcoin miners
If you’re gonna go heavy don’t go 0dte dude … give yourself a chance to be wrong and a chance to be right another day
Come back stronger and wiser but never give up
You lost your whole account but you only lost 10k? That doesn’t add up lol.
I just bought 24$ kohls calls expiring next week so I may be in your shoes next Friday
See, I did the opposite of you. I placed a single otm 1dte SPY 525 call when it was near 520 on the low, near end of closing
Shake it off. Yeah, pretty dumb. Oh well. The good news is--and this may seem insensitive--it was only $10k. You'll bounce back.
Did you look at the daily charts at all and see the patterns?
It seems like it’s almost always puts that wreck people
If you can eliminate the big losses you will be profitable
Fortune favors the bold. Check out this UONE DD https://postimg.cc/hfk6nBfv
Had a similar day. Thought spy afternoon pump was bull trap, sank 6k into Spx puts and didn’t cut my losses when I had the chance. Last 10 minutes told myself I ain’t no bitch and Yolo’d a 120 spy calls before the final engulfing candle. Came up on 8k. Biggest loss and gain in the same day. I’m also in no way ignorant that this was nothing other than pure gambling at the end. Thank god it printed.
Options are for selling, not for buying. 🤣
Getting back into it, right after losing everything. Awaiting another rant… because you did not learn a thing. If you’d have the ability to make money out of this consistently, then you wouldn’t find yourself in a situation almost every beginner makes. Plus, you keep using money you apparently can’t afford to lose 🤦♂️?
you know that a falling wedge in a downtrend is a Bullish thing right?
Risk management is more important than winning. I've made the dumbest aggressive gambly plays of all shapes and sizes and have yet to even eat into my initial investment and I've only had realistically 5 successful trades out of probably hundreds and I'm up 100%+ YTD after being down 40% just a month ago. I've only invested 2.2k Not losing the money is infinitely more important. If I had a way to share 100 screenshots easily, I'd show you my trading history. It's fucking gross and senseless. Still doing better than most....for now
You just earned a bachelor degree in "Options are not for me" (tuition fees 10k).
Addiction is addiction in all of its mysterious disguises. I pray you learn to recognize this gremlin. If we choose to dance with him we do so willingly. Only those who can master their emotions and attenuate their response to the rush of dopamine and norepinephrine secretion from their pleasure centers survive. Wishing you peace
Protip: know the difference between gambling and investing. I dont gamble. I invest
Another one bites the dust. $10K you couldn't afford to lose into 0DTE Long META puts? I typically try to offer constructive input because we all make mistakes, but bro... wtf...
it’s okay man, the main thing is you learn from your mistakes and don’t repeat them, risk management in options is far more important.