Lucid MotorsPymParticl

Cautionary tale: Options - don't overdo your luck

I have been swing trading last 3 years and modestly have made in between $2K-$3K in profit every month (no day trades - I have a separate acct for swing trading and keep it a no round trip on same day acct) Nearly all my wins had been below $500 with no more than $5K on the line. Win ratio in between 75-80% because I am ultra careful and sometimes even got away with less than $20 profit on 1 contract. Was till NVDA. I made a $300 ITM call with 10 contracts 2 weeks before earning to be held 1 week after earnings (Friday expiry a week later). Made nearly $80K - very comparable to my entire 3 years win. Got greedy. Increased contracts and played what was pretty risky IMO calls. But market kept going up and made $17K approx more in 2 months after that. On Monday despite my inner voice telling me not to do so , played 15 NFLX calls at $470. Down $55K in a flash. I think it's going down more - so took my losses. Still up for the year, but wondering how I could be so blinded by greed against my better judgement.

ServiceNow @Admin. Jul 21, 2023

Position screenshots or gtfo

JPMorgan Chase BEyq24 Jul 21, 2023

Il pretty sure his story is legit. OP needs to join wallstreetbets if not there already

Meta chat2 Jul 21, 2023

Don't gamble at all, options is gambling and guaranteed loss

Qualcomm iCeF21 Jul 21, 2023

Never hold through earnings unless it's an amount you're comfortable losing.

Adobe notgmi Jul 21, 2023

The key with options is turning the table and becoming an options seller, not a buyer. You can still buy for hedging and risk mitigation, but it is easier to achieve steady results 0.5-1% per week by selling cash secured puts and covered calls.

Google noscii Jul 21, 2023

Option selling still can't beat the market, right? Better to just invest and stay peaceful?

Google noscii Jul 21, 2023

Why couldn't you take more safe bets ?

Lucid Motors PymParticl OP Jul 21, 2023

I had been successful once Greed and emotions from greed are powerful things - in post mortem

Google noscii Jul 21, 2023

I bought 22k worth of lucid. Should I sell before earnings?

IBM wfhnopants Jul 21, 2023

Some of life’s best lessons are learned the hard way. Take your lumps and you’ll be fine.

LinkedIn EHVl52 Jul 21, 2023

What kind of strategies do you use?

New
TronalDump Jul 21, 2023

Hello fellow wallstbets regard

Walmart mANY33 Jul 21, 2023

This is why I only do strangles

Google noscii Jul 21, 2023

Isn't there infinite risk with strangles on the short call side ?

Walmart mANY33 Jul 22, 2023

No, on strangles your max loss is predefined. Max profit is infinite

Hulu AN0NImouse Jul 21, 2023

Still up over 42K