I regret to inform you that this trader lost money today because he was STUPID!
Last week I sold to open a FB $49.50 weekly put collecting a $69 credit. The position has been underwater all week long. Well... this morning FB popped up over $79 and for about 10 minutes the trade was actually green. Albeit not by much, but profitable nonetheless. Of course I thought FB was about to run. So my thinking was why only make $10 closing the trade early when it's possible FB could close OVER $79.50 and allow me to collect the full $69 premium.
FREAKING GREED... and over $69?!?!?!?! WTF!
So I passed on the chance to close out the trade... and guess what??? Yep, FB reversed and went down pretty much ALL DAY LONG!
Instead of making $5, $10 even $20... I lost $70! Now, I get that these totals are very very small, but it's about the execution. I failed terribly!
Moving on... I was stopped out of CSIQ for a small loss. Then I opened a new long in TXMD. I like this one for a move to $6.20.
I put on two new directional option trades. I bought 3 XLU April $44 calls, following a WallStJe$us alert to wiseguy activity in the name. I also bought 2 SUNE April $25 calls.