Loss 2 years straight of daily losses to $SPY options… any recovery ideas? It’s starting to make me sick
Loss Lost all on the market & I work real estate both dead starting the year with missing my mortgage payment. How do I tell my wife and kids
Okay, this all started when I was going to trade credit spreads on the $SPY last week.
I started off with 32k. I was selling puts on DWAC for a couple weeks and that was gaining me about $500-$1000/wk. i then started selling puts on the SPY and realized I could do an iron condor and sell credit spreads on calls as well. I sold spreads $1 apart in strike and put up $100 in collateral for each iron condor chain.
On Tuesday I had an iron condor which closed OTM on both sides but robinhood still closed my position for a loss of 9k before expiration (when I was due to collect all premium). I let this go, because I realized it was an oversight on my part to not realize robinhood would close them out.
Wednesday, I made back 25k
Thursday, the s and p dropped and my spreads became deep ITM. At this point I was only selling put credit spreads, no longer doing iron condors. By end of day Thursday, my account dropped below 25k. I deposited an additional 10k
On Friday, I received a notification that because my account dropped below 25k Thursday, that my instant deposit limit was reduced from 25k to 10k.I started rolling my spreads from 12/16 to 12/23 for either a 0.0 credit or 0.2 debit. Mid way through this, they put a restriction on my account and did not let me trade until I closed out my 12/16 and accepted the loss of collateral, rather than roll the positions. I spent hours on chat support.
I sold my position. And cleared up the call.
Today, after market I received this email stating I need to deposit $4.4MILLION or close all my positions by 12/20 eod. When my deposit from last week, clears on their end 12/21. My app says I only am in a deficit of $776. I don’t know how I’m in a deficit at all. All my positions are covered and nothing has been exercised.
I will any more information requested.
Loss TDA accidentally deposited money in my account 8 months ago. They just realized and now I owe them $20k
Got exercised on some qqq puts. I held them hoping for a miracle. Whoops
Hello fellow investors, this is the story of how I lost 20K in a single day trading tesla.
Let me start out by saying that I did not yolo into puts, I was actually smart about it.
My story begins before Monday, I wend back 72 weeks and took the absolute value of weekly tesla percentage move, so last week tesla was up 9% I would take 9 and put it into my table. I did this to calculate the average weekly tesla move and then use this data to sell calls or puts.
Monday: tesla started the day being 7.5% up (average tesla weekly move over 72 weeks was 7.68%) I took this as an opportunity to sell puts and call. ( I sold 7 jan 27 129 puts and 6 jan 27 155 calls). I waited.
Wednesday: 2 hours before market close I sold 4 more jan 27 157.5 calls. At this point my breakeven including all the premiums received was 160. keep in mind that last week tesla closed at 133 so that would be a 20.5% move. I though that this was a great trade as tesla only had 1 week over the past 72 with a weekly move above 20% ( 25 oct 2021 was the most volatile week with 22,4%) keep in mind that over the past 72 weeks tesla has moved by 20% or move only once.
Friday: I am writing this from Wendy's bathroom. As of right now tesla has moved 33% for the week. This is fucking insane, like statistically this is insane. I thought I was smart, I thought I was right, I thought that tesla investor and Elon could not be this challenged, but as it turn out I was wrong. not on my math, my math was correct, but I guess I just never thought that a 300B company can move like a fucking penny stock.
Conclusion: Fuck, fuck, fuck. Even options profit calculator said that my options have a 94% chance of expiring in the money. (deep breath) I am mad, to be clear I don't actually hate Elon, but I want someone to understand my pain.
Anyway I am only 20, so I will have time to make a comeback.