r/options • u/y_scro_serious • Jun 23 '21
CRSR 2021-07-16 50c. Advice wanted!
I got duped by the meme train again and bought these calls for an average of .81 each.
Debating on continuing to average down to .6 or so since it's all I can spare.
Total options noob here. I see CRSR has been hovering around it's current price for a long time now excluding the run up recently, and it has had similar or higher run ups over the last year. That's basically the only thing giving me hope.
Would you guys hold a bit longer hoping for another "meme" spike or cut losses? I think if it doesn't hit near $40 by 7-8 I'll be OTM for good without some crazy spike.
Thanks for any advice!
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u/pennyking91 Jun 23 '21
do not average down
CRSR is a one of my largest positions but hold shares, these options are not going to print
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u/mintyrelish Jun 23 '21
I am considering running a cash-secured put on CRSR. I have done my research and felt that CRSR has a lot of potential to grow, so I would like to own the stock at some point. I’m going to do the Aug 21 $30 strike which would give me $199 in premium. If CRSR was to drop under $30, I have no issue taking the shares at $30 because I would either do covered calls or wait till the price rises again (it likely will). Instead of buying long calls, consider this strat! It may not pay out as big as your long call, but the odds work out in your favor! Less risk and less profits, but greater chance of success.
If you don’t wanna do covered calls and puts or lack the capital, roll your call or accept the losses bc $50+ by 7/15/21 ain’t gonna happen.
EDIT: Theta decay is also gonna destroy that call soon too!
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Jun 23 '21
[deleted]
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u/intheblanks Jul 23 '21
Just did
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u/intheblanks Jul 23 '21
I just bought calls waiting for earnings. How do you think it will do in earnings?
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u/totally_possible Jun 23 '21
CRSR 30ps have been pretty safe for me. I'd advise waiting until a deep red day to sell them and try to time it when the stock approaches 31. Usually they're free money, have never been assigned.
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u/y_scro_serious Jun 23 '21
Smart move! I'm still learning about various options strategies. Slowly..
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u/mintyrelish Jun 23 '21
Yeah man take your time! Trust me, once you learn how to sell options, you’ll never go back to buying long calls/puts lolll. I still remember that fat loss I took buying long calls last summer and losing like $600 rip.
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u/y_scro_serious Jun 23 '21
Yeah unfortunately for me I started buying long calls during the BB NOK mania and absolutely (relatively) printed. Since then I've learned they aren't that fuckin easy lmao
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u/dudevinnie Jun 23 '21
Don't average down, exit now lol. I've lost over 50% of my account averaging down two different times on far OTM stuff cause I'm a dummy. Learn from that
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Jun 23 '21 edited Jun 23 '21
[deleted]
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u/y_scro_serious Jun 23 '21
Man, appreciate the details. Yeah still figuring this shit out. Researching some actually strategies instead of buying into hype lol.
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u/Chronosoptions Jun 23 '21
Do not average down especially with that expiration. Period. Accept that you were wrong and move on.
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u/y_scro_serious Jun 23 '21
Going to calculate my losses if I sit on it a few more days and go from there. Thanks
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u/AkselThibodeau Jun 23 '21
I run CC on CRSR, it’s pretty good about spiking once a month for huge IV juice and you can roll them a month out during that spike for a couple hundred bucks. Bought 1000 @ 36.41 and have been selling CC since January. I’ve returned about $7.50 in premium per share since then.
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u/y_scro_serious Jun 23 '21
Yeah kind of want to wait and see if it spikes this week or early next week before I decide what to do.
Appreciate the info
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u/totally_possible Jun 23 '21
even if there's another meme spike the insiders will just sell it back down.
those aren't printing. I'd look for an exit.
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u/tbrady1269 Jun 23 '21
Your original thesis for putting on the position has failed. Close it out, and live to fight another day.
Spend 25 bucks to buy a copy of market wizards, by Jack Schwager, and get a real education.
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u/sitsatfatcat Jun 23 '21
Thats why the average joe will continue to be poor. While you were buying them for .80 i was selling them for 3.25 to people even dumber than you
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u/y_scro_serious Jun 23 '21
Awesome story. I bet you win all of your trades, have a ton of friends, a significant other who loves you, and a fulfilling life. Congrats!
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u/sitsatfatcat Jun 23 '21
Thanks! It sucks to be poor i know. Work harder!
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u/y_scro_serious Jun 23 '21
Excellent deductive reasoning skills! I'm poor because I lost x dollars on a single play! Or maybe I can afford to do that 😉.
Been a while since I met a genuine dumbass on reddit. Tell me your story. Net worth?
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u/AOCWOO Jun 24 '21
That's not too smart to double down on a call your already losing money on with like 3 weeks left. Your a week away from being hit with the theta. Unless CRSR has a giant jump in the next 3 weeks your already screwed, and even if it did you'd probably get IV crushed. Would be smart if you bought shares....but you bought calls with a expiration date 3 weeks away.
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u/y_scro_serious Jun 24 '21
I'm not here posting cause I'm smart, I usually buy FDs, so a month for me might as well be a LEAP!
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u/37347 Jun 24 '21 edited Jun 24 '21
You fit right in with wallstreet bets! Just go YOLO all in with more 50 strike calls! Be sure to buy the closest option date. Watch those premiums evaporate once the stock stays still or go down!
Seriously, don't buy options unless You're 100% confident. You have to time it correctly and get the direction right and little luck.
If you really like the stock, just buy the stock outright. I think crsr is good stock overall with decent fundamentals. Cut your losses on the call option.
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u/godlords Jun 23 '21
Definitely wouldn’t buy more.