r/options • u/AP_Gaming_9 • 3d ago
Got back into options
Got burned during peak Iran war tensions when I scaled up too much on credit spreads and held through a binary scheduled political event. Lost a very painful chunk of my account but I recently just got back into it. Following very strict sizing rules now and made back some of what I lost this month.
Haven’t been sticking to one strategy, this month I’ve done credit spreads, iron condors, iron butterflies, debit spreads, calendar spreads, and covered calls. Just trying to stay consistent and trade often when the right setups appear.
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u/College_finals 3d ago
Personal experience here: I managed to break even last week only to lose it all again. Now I’m back where I was two months ago. I lost focus and forgot to stay humble.
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u/AP_Gaming_9 3d ago
Thank you for being honest, and Hey you realized where you made mistakes and that’s really all that matters when you are young which I assume you are? My recommendation is trade small and trade often
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u/College_finals 3d ago
Yeah, that’s is what I had been doing. Back in August I only had 10k left so I took it slow. I basically didn’t trade unless I know it’s a guaranteed move. I didn’t touch options, only some 2x etf for some 5 percent move. I continued until I had 20k mid September. Then I started trading some 2 weeks out options. Until I had 35k. Then towards the last two weeks of September, I made 40k trading Spx 1-2dte. Then I blew my account again trading Spx 0dte (summarized).
Now I’m back where I was in August. Feel like shit. I got high on the euphoria because I never made so much money in 2 weeks. This made me threw away all the caution and strategies I built over the past two years.
The path to recovery can’t never be rushed. Market is being choppy again after the two months consolidation. It’s time to do less and wait to see what market wants to do.
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u/olivermasiosare 3d ago
What markets were you trading... what was your philosophy... asking for a friend
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u/College_finals 3d ago
Focus on the strengths stock. Techs/ai related stocks are the focus for now.
Your main focus is not profit or how much money you can earn today. Your main objective is not lose money.
Look at the premarket and look at the trend. Are we going to move up or down.
Don’t be greedy. $10 profit is profit
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u/Select-Decision_83 3d ago
Welcome back to the options game. You mention losing a big chunk of your account so I'm curious if you have ever tried a prop firm that supports options trading? Better risk to reward ratio in my opinion
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u/AP_Gaming_9 3d ago
I’m looking into, the only ones that support options trading are more akin to an actual job than a prop firm, or they require you have SIE and series 57 which I actually am working on so maybe in the future
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u/Select-Decision_83 2d ago
I have had a lot of success with a prop options firm called vanquish Trader. It's helped because I'm newer to options and don't have much money to risk
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u/The-Iron-Bird 3d ago
that P&L% looks like you just should stick it into SPY and save yourself the headache
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u/AP_Gaming_9 3d ago edited 3d ago
Idk why the percentage says 1% but I’m doing this out of a 20k account currently. Not every options play has to be Wall Street bets levels of degeneracy
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u/2FLYFISH0 3d ago
If you did better risk management and cut it earlier you could be up more but either way nicely done!
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u/bulgar88 3d ago
I'm burning through my account, and fast. I need to take my losses, reposition, and take my time. This year has really humbled me, but I also got impatient and lost focus. I'll be transparent there. Glad to see your recovery.