... In total he wanted to sell ~20m. Monday was not even 1m.Dang, it’s a good thing he sold on Monday! He just missed that sell off the next morning
Let's see if we get another filing tomorrow..
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... In total he wanted to sell ~20m. Monday was not even 1m.Dang, it’s a good thing he sold on Monday! He just missed that sell off the next morning
Yes!! Thank you so much! It makes a lot of sense and I'm happy where my placements are. Now that Elon has sold his shares, looks like the stock is roaring back up!I try to not allow rolls to get more than a week out. Unless they're extremely DITM there's usually not the need to go beyond a week. This avoids the frustration of watching a week go by that your BPS would have expired if they hadn't already been rolled out a further week.
I'd also make the comment that people trading options need to avoid panic at all cost and learn to take a more considered approach with moves. While a quick action can often be good, panic moves can be very harmful. There is always another course of action available and sitting down and planning out the next move can avoid damage and often gives a better result.
Edit: I just saw the jump in share price and checked Tesla ir to see Elon's Form 4. But @bkp_duke beat me to it.
I'm with you there. I have been waking up every other hour with my heart racing. In some ways, I'm not sure options are the way for me to go. Buying and holding shares have worked for me, with less stress, so I am reconsidering my approach. Speaking for myself of course and you do you. Just wanted to empathize with your situation.Now I don’t know what the hell to think. I was convinced there was no business reason for a $200 drop. Then Elon tweeted and we got it. Then I thought I was an idiot for thinking it needed to be a business reason when things unrelated to Tesla’s performance can deliver the drop. Now Elon files the paperwork and we’re nearly $100 back up and I think I wasn’t mistaken. I feel dumb for rolling and taking steps to manage my margin instead of sticking it out and collecting the usual profit. My head is spinning.
Heres what I do know: I slept poorly last night, and I’ve been exceeding my income goal week after week. I need to leave more margin unused. Maybe also work farther OTM or look at the @PastorDave plan of big percentage gains on acceptable total losses (though to be honest I still find it hard to believe that works long term). If I used half as much margin, I feel that I could put an entire week’s trades into the eternal roll holding pattern and go to work with the other half at the new low… but I’m not normally doubling my income goals yet.
If we stabilize around $1100, I think I’ll still end up better off financially than if I had sat out the whole week. But the sleep thing wasn’t pleasant.
I might just be too close right now. Hopefully I’ll be clearer on all this tomorrow.
And I thought I was cowboy with my 1300 CCs.Yep Crazy, right?
It might help to know that I opened them when the shares were aroudn 1000 this morning - they'd be 1150s instead as the final position of those that I opened.
So you lowered your strike price by $150 dollars? That's not nothing. Good practice, and you'll sleep better the next two weeks. And you can make money by rolling again soon.And I thought I was cowboy with my 1300 CCs.
you have balls of steel my friend being 0.1% away from being ITM :X
I had sold my 995 12/11 puts for 9.50 this Monday
tried to buy back this morning at 7.50 but the order didn’t go through.
when the stock was going back down I tried to buy them back at 12.25 and sell 845 26/11 puts for 12.25
The BTC buy order for the 995 12/11 puts for 12.25 went in but not the STO for the 845 26/11 puts. It went through 1h after when the stock went down.
My broker doesn’t offer to roll in a single 2 leg transaction. I have to call to set up those. Really terrible trading platform. Glad it was only 2 contracts and not 100 of them. At first, only the buy back at a loss did go through, then 1 hour after the STO went through. I would have to roll by STC and BTO at market value to be sure both orders pass at the same time but with 2 suboptimal prices.
Yes, I know I rolled for absolutely nothing. Just practice when the stakes will be higher.
Have the trading weeks been this calm before? It’s almost more exciting than driving a Plaid Model S.
Sounds good to me. What sounds even better to me right now is waiting for a lull tomorrow and loading up on EOY calls. Wish me luck.So, speculating, with most EM selling out of the way and AH action, what you guys think for 10/19
+850P/-950P for $8.62
This is a tremendous idea. While I like the concept of “Being the house”, it seems like my best results have been with buying vertical call spreads. I can usually get a double or triple in just a few months. The obvious downside is you get wiped out if you get greedy.Sounds good to me. What sounds even better to me right now is waiting for a lull tomorrow and loading up on EOY calls. Wish me luck.
Latest: breaking ....
He even sold today and yet we end green!!! We gonna be so good coming days. Back to $1200 immediately.
Now I don’t know what the hell to think. I was convinced there was no business reason for a $200 drop. Then Elon tweeted and we got it. Then I thought I was an idiot for thinking it needed to be a business reason when things unrelated to Tesla’s performance can deliver the drop. Now Elon files the paperwork and we’re nearly $100 back up and I think I wasn’t mistaken. I feel dumb for rolling and taking steps to manage my margin instead of sticking it out and collecting the usual profit. My head is spinning.
Heres what I do know: I slept poorly last night, and I’ve been exceeding my income goal week after week. I need to leave more margin unused. Maybe also work farther OTM or look at the @PastorDave plan of big percentage gains on acceptable total losses (though to be honest I still find it hard to believe that works long term). If I used half as much margin, I feel that I could put an entire week’s trades into the eternal roll holding pattern and go to work with the other half at the new low… but I’m not normally doubling my income goals yet.
If we stabilize around $1100, I think I’ll still end up better off financially than if I had sat out the whole week. But the sleep thing wasn’t pleasant.
I might just be too close right now. Hopefully I’ll be clearer on all this tomorrow.
If we are at 1100, 950 is only 14% away. Given the volatility, I'm not a fan. My closest it 900/700, and it makes me a little nervous.So, speculating, with most EM selling out of the way and AH action, what you guys think for 10/19
+850P/-950P for $8.62
I'm with BTF here, don't get carried away with the general euphoria of Elon selling (how weird is that to say!), I expect the stock to remain frothy and volatileIf we are at 1100, 950 is only 14% away. Given the volatility, I'm not a fan. My closest it 900/700, and it makes me a little nervous.
I'm with BTF here, don't get carried away with the general euphoria of Elon selling (how weird is that to say!), I expect the stock to remain frothy and volatile
Bottom line is we have no idea, so just, well, err on the side of caution
Is an advice
I'm mostly with you on that and could have said the same until relatively recently. The only times I've really come unstuck is with spreads close to expiry that I'm expecting to expire worthless but go ITM with a rapid and counter intuitive change in the share price. In this situation there is little prospect of rolling a spread and when you can roll it's going to be to a relatively poor position.A lot of people report closing positions with a loss (sometimes while panicking). Am I the only one who has never closed a position with a loss? I simply refuse to take one! I've been selling TSLA options for 1,5 years now and been through some big drops and rises, been under water on plenty of occasions, but have always waited for the stock to go my way again (back to the mean, which somehow it always does).
Knocking on some wood now.
I only sell naked options and those are definitely easier to handle than spreads. And I don't dip too deep into margin. But I found that trying to stay detached from the money involved, trying to looking at it as extra money I can afford to lose, helps me to not worry if a position turns deep red and helps me make the good decisions. If I see the stock going the wrong way I try to pro-actively roll a position (always trying to receive extra premium, absolutely never paying premium).
Avoiding a loss at all costs may not always be the best decision. Sometimes taking a loss can open the opportunity to collect more premium in the future with better positions. But still, taking a loss simply doesn't feel right.
I'm mostly with you on that and could have said the same until relatively recently. The only times I've really come unstuck is with spreads close to expiry that I'm expecting to expire worthless but go ITM with a rapid and counter intuitive change in the share price. In this situation there is little prospect of rolling a spread and when you can roll it's going to be to a relatively poor position.
So these days if I'm put in the same position again (hopefully rarely if ever) then I just close them out and take the loss and then choose the time and nature of the option I want to replace them with and when. Rolling always involves taking a loss anyway as the first step in the process. Just blindly rolling to whatever position gives you a neutral premium or small credit can just be jumping out of the frying pan into the fire.
Ah, but that means sticking with the original strategy vs picking a new one which may be more profitable.You're absolutely right: rolling a position means taking a loss first. I should have said: never closing a position with a loss and then not immediately opening a new one for more premium than the loss.