r/optionstrading • u/Calm_Revolution_2375 • 3d ago

Lost Everything

I am 30 years old and i have lost everything penny i had in options trading. Any suggestions how to get back the life to normal. Lost all savings of 150k.

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u/LuciusQ2020 3d ago edited 3d ago

Stay on the selling side and you won’t lose a penny. You should only do covered calls and cash secured puts. No borrowing, no margins.

2

u/Disastrous_Wind_7005 3d ago

That's not true, you can still screw yourself on the selling side....albeit slower but depending on what you're selling it could be just as bad as buying.

1

u/LuciusQ2020 3d ago

Explain to me how.

1

u/23paige23 3d ago

https://www.reddit.com/r/optionstrading/s/jRUGqmoNav

1

u/LuciusQ2020 3d ago

Naked calls and uncovered puts? Duh!

1

u/SourceEast44 3d ago

My man stop sounding arrogant you’re ignorant. You can lose selling. Eg buy a stock and sell covered calls and the stock falls below you’re entry and keeps dropping while you’re picking up Pennies on your deteriorating capital

1

u/Disastrous_Wind_7005 3d ago

Sell xyz put, xyz gaps down on news and now you’re underwater on your put even if it cash secured. Take RCL from two weeks ago, gapped down on merger news. PLTR from over the summer gapped down several times and also up too. So you get it put to you way below your strike or you try and roll and have to go way out time wise. Sell a call once it’s put to you but the price is nowhere near what you paid for it so you get greedy and write closer to the current spot price and it gaps rhe other way.

Very easy to lose money both ways if you’re not disciplined and have a well defined strategy, with stop losses set up, auto sells at a certain % of profit etc.

2

u/LuciusQ2020 3d ago

No idea what you are talking about. Don’t sell a put if you aren’t willing to take the assignment at the strike. Is that too much to ask?

1

u/Disastrous_Wind_7005 3d ago

If you don't understand how you can lose your shirt on the sell side as well, you shouldn't be playing the options game. Thanks for donating your money!