Can anyone calme saving this trades?

[PaulAU12345]

How can I save my losing position? (And this otheratock positions?). I bought a put option of SPY ETF like 5 months ago. I bought 3 @ $18.06 (strike 191) and they worth today (24th of july ) $.0.49 the expiration time date is Sep 16th. The current SPY price is $217.

I dont have a lvl 3 trading account (cant issue calls or puts - but can get one withn 2 weeks). Any idea how i can reduce my losses? Without lvl 2 trading?

Thanks, any thought helps

 

[Handle123]

How can I save my losing position? (And this otheratock positions?). I bought a put option of SPY ETF like 5 months ago. I bought 3 @ $18.06 (strike 191) and they worth today (24th of july ) $.0.49 the expiration time date is Sep 16th. The current SPY price is $217.

I dont have a lvl 3 trading account (cant issue calls or puts - but can get one withn 2 weeks). Any idea how i can reduce my losses? Without lvl 2 trading?

Thanks, any thought helps

It too late for this position, you need to have a time limit when you use any instrument, if it doesn't go your way. And think in terms of risk first and not greed(profits), you can start as Debit spread to limit loss and when at some point not doing what to want, exit the long Put and keep short Put to make up losses on the short put or keep and see if it expire worthless. People who constantly think only in terms of how much they can make, seldom make it, always always always do back testing, and if your Trading Plan does not have an answer for any question that can come up, you can't trade. If you have to ask a question on this form as you have, shows this has to be in your Trading Pan as what never to do.

I wish you luck.

 

[Cswim63]

Take a loss. That's how you save the position. Any other questions?

 

[CyberWarrior]

The best way is to do meditation in the early morning, it could be the best way to keep your mind cool. This helps a lot.