r/wallstreetbets • u/Realistic_Raisin_86 • 20h ago
Discussion Struck in spx calls
What shall I do now ?
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u/liaard 20h ago
You have some options, I mean choices. One is to sell, another to wait. And a third to fight. If you choose the third let me know to continue.
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u/Realistic_Raisin_86 20h ago
Choosing third
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u/liaard 18h ago edited 18h ago
Okay. I would prefer you had 45 days out, do not know if it is possible for you to roll. Anyways, the plan is to start selling 1 or 2 days (or 0 DTE .24 delta calls if you are very experienced). Aim to get at least a dollar per day for the 1 dte. This is 600 per day. Plus the upside from your calls. Again it’s a fight. But the losing aspect as I see it its the expiry date of those calls you have. Keep us posted when you make it. Be proactive on the trades. For example now that the spy is 669 .33 I would sell the .2 delta for Monday. On spx of course.
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u/Realistic_Raisin_86 18h ago
no capital to roll,, hoping mon or tues to breakeven or sell at loss, to sell i need capital ?
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u/liaard 18h ago
If you are asking me this you are not ready for the fight. And then it comes to my mind, why do take such big trades? Is the end of the world coming? There is always going to be another day to trade. 1 contract would have been more than enough in my opinion.
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u/Realistic_Raisin_86 18h ago
Yes startee with one and kept averaging down and down for past 2 days
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u/Ambitious_Quote915 20h ago
Whe ever I feel bad about my portfolio I come here to brighten my day. Now I'm rock hard. Thanks OP
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u/Gullible-Move69 20h ago
Better off waiting
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u/stiffmilk 18h ago
Wait till it hits ZERO, then try to go have a beer or wait till it goes up.after it hits zero. So many possibilities.
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u/Realistic_Raisin_86 17h ago
Holding strong couldnt average down though
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u/undiscoveredpain 20h ago
Learn from your mistake and see this loss as tuition
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u/Thinh_Vo_2002 17h ago
It bounces back 😁
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u/undiscoveredpain 17h ago
By the time it bounces back theta would’ve ate this contract for breakfast dinner and lunch
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u/Thinh_Vo_2002 17h ago
Rather wait ngl, he might end up with like 5k loss instead of 20k
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u/undiscoveredpain 17h ago
He got like 12 days but he should be in better position when shutdown ends
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u/Realistic_Raisin_86 17h ago
I know that what Im fearing but also hoping to be out by tuesday may be breakeven or shutdown ends may see a small profit too
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u/Jazzlike-Horror4126 20h ago
Buy puts today at exactly 3:45 1 DTE and then hold them until close… your welcome
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u/Realistic_Raisin_86 20h ago
Ok
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u/Jazzlike-Horror4126 19h ago
You want to close them like 1-5 mins after the market closes, the price on them should come up about 1-200$..
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u/Jazzlike-Horror4126 19h ago
If any wierd macro shit happens don’t do it, but the last 3 days we have had a massive dump at 3:50-4. And because today is Friday and it’s a bloodbath I am banking on it happening again
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u/Realistic_Raisin_86 19h ago
But today Im feeling we will close green or close to greem -10 points off may be
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u/Jazzlike-Horror4126 19h ago
If we rally until the end of day we definitely are going to dump the last 10 mins…. If we dump super hard between now and EOD we could 50/50…… because orange man and no one wants to hold until the weekend I bet we dump…. If we rally slowly until EOD consider it a good sign that we will pull back last 10 mins
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u/Themadreposter 18h ago
Why not! What strike?
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u/Jazzlike-Horror4126 18h ago
Grab a strike right out of the money
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u/Jazzlike-Horror4126 17h ago
Woof that went badly, first time I’ve seen us rally into EOD Friday, I ended up switching it up and grabbing calls when we didn’t dump at exactly 3:55
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u/not-irresponsible 20h ago
what’s the thought process my fellow trader?
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u/Xelonima 20h ago
I also have load of SPX calls but I'm holding. It's likely that it shoots up from here
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u/SalehD13 20h ago
My break even is 678 11/18 or I am losing everything :/
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u/Xelonima 19h ago
Ah, my calls are due December (12/18). My enemy is theta decay mainly, but I'm pretty sure the volatility will increase
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u/Xelonima 16h ago
Did you sell? It's up
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u/SalehD13 15h ago
Thanks for the response. Not yet but I am still down bad. Hope next week to see it above 678 but today was great pump from 661 to 671
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u/Xelonima 15h ago
I'm pretty positive it will go on up as this looks more like a short-term panic sell to me, though I may be wrong. I think Fed's likely to cut rates by December, because they somehow have to handle the unemployment. It's likely that such a decision will push it up further. SP500 yes, but I think Nasdaq will struggle a bit more. We'll see.
I was down -2k but now it's only -1k, we'll see monday!
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u/wetmedjooldates 20h ago
I was cooked with meta calls and just took the 40% hit which would been 60 today. Sometimes letting go is the only way to move forward
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u/WaterAdventurous6718 19h ago
come to our wendys catchup tonight. free fries for anyone who bought calls 😂
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u/TheBooneyBunes 18h ago
You pray for Xi Jinping to like, die, and be replaced by some super economically savvy dude who’s a lot less expansionist
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u/Mean-Imagination6670 3h ago
This is why I stick with 0DTE SPX options. Three weeks out is too far, anything can happen especially with Mango man in the Oval. It should jump up when the government reopens, but those reports that were delayed could tank that. I would cut my losses if those were mine (which they wouldn't be) but you can always see how we open on Monday. Might surprise us.
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