Shared by
Sinbad
So this was a big L for me, first of all I didnt wake up oin time bc I slept to late. But with trade I reconzied that we were coming to a support and wanted to enter. I enetred at about 425 a key demand zone. Now if I had actully planned my trade, makde me take profit and stop loss levels this would have gotten differently, becasue my exit was oh so terrible. Now my emeotion stook over becasue I didnt have a plan, and wasnt condifent thats why. With every trade I must have my trade plan down and excute it. As you can tell this trade i exited to early nad paniced sold whci casued me to loase a 300 dollar proift. I will make sure I have a plan and im on my setup while trading and will be codnifdcnt enteringa trade bc no matter what "I have a plan to limt loss and maxmize profit".
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-10-02 14:58:01 | OCT02 23 426 CALL | buy | $0.2300 | long |
| 2023-10-02 15:06:15 | OCT02 23 426 CALL | sell | $0.1300 | 0 |
Comments
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Don't feel too bad about this, because you stopped out at a 10 cent loss, and the spread had to be at least 5 cents, right?
I day trade mid cap stocks now, but when I did options a few years back I would always buy one strike in the money, with a delta of around .6 or so. It cost me more, but I had better move on the option since I had a little intrinsic value to sell. If you like, maybe you could paper trade that along side of one of your real trades and see if there is any difference in profit. :)