Critique my Brexit option play

[lindq]

Feedback from senior traders would be super useful.

Keep in mind that cash is a position. There is nothing wrong with taking a neutral position when you know that there's a significant event coming up over which you have no control.

The decision to stand aside and not put on a trade is a sign of maturity.

 

[sss12]

Totally disappointed with how results turned out and lost money. I would like experience senior option players to give me some brutal feedback and help me improve.
1. I sold a vertical put spread this Tuesday on the weekly expiry, Sold 205 SPY put and bought 203 put, trying to capitalize on Volatility
2. I was hoping for a stay in brexit but things turned out other wise and closed the position for a loss. I was waiting for recovery, but i was not happy with the way SPY is turning out.

So atleast for me the lessons on looking back are, I should have just sit this one out.
But willing to see if there is any better ways.
- Are there any other spreads for these types of scenarios?
- Any input on entry and exit timelines

Feedback from senior traders would be super useful.

I'm not the most experience, but I do trade credit spreads, which was probably the wrong vehicle in this bianary situation. CS work when things (vol) are calming down, not heating up. Also there was good support at 204 (not that it matered), I would have at least set my short strike at 203 or below. A debit spread may have been better, but you still have to get the direction of the delta somewhat right. On Monday you may be very glad you took a quick loss, which is the hardest part for traders to learn and do.

 

[Jones75]

Totally disappointed with how results turned out and lost money. I would like experience senior option players to give me some brutal feedback and help me improve.
1. I sold a vertical put spread this Tuesday on the weekly expiry, Sold 205 SPY put and bought 203 put, trying to capitalize on Volatility
2. I was hoping for a stay in brexit but things turned out other wise and closed the position for a loss. I was waiting for recovery, but i was not happy with the way SPY is turning out.

So atleast for me the lessons on looking back are, I should have just sit this one out.
But willing to see if there is any better ways.
- Are there any other spreads for these types of scenarios?
- Any input on entry and exit timelines

Feedback from senior traders would be super useful.

I'm not a senior trader, but here's my two cents worth:

If you're coming in that late, I would consider a long delta neutral straddle of some sort. Like someone else has said, the stay side was already baked in the price.