I told you guys...closing positions for a loss is for fools.

taowave said:
The same could be said for stocks by your analogy.

All stops are useless when the market isnt open...

Do you also not use profit stops because the market isn't open on weekends or overnight?

Fwiw,I could see why you wouldn't stop yourself out on a single leg long position or if you are an investor.

But I would run backtests
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The difference with stocks is you don't have a time limit forcing you to take a loss. With options closer to expiry the delta can be obliterated overnight making your position worthless, even if its just a temporary downturn. So you might be out 8k over night on a dip that barely moves the needle on your stock position, which recovers anyway.
 
taowave said:
You dabble with 100 contracts??
As in short??
On what??
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First 0 dte trade I took was 100 long. I was up 8k in 5 minutes trying to sell but the sell order was throwing errors. I don't even know if I was entering it wrong or what the problem was...I ended up wasting time having to call in. (I was new to the platform) I ended up closing for a 5k profit...never been so pissed at making 5k.

Anyway I swear 50% of my losses come from clerical errors not trading errors. I should also include gains because my first big win (70k) came from placing a buy order for 5000 thinking it was $5000 not shares.
 
I get the fat fingering mishaps,but the second half of your story is a bit of a stretch...

You thought you were filled purchasing $5000 worth of stock.which is a tiny notional,yet accidentally bought 5000 shares which must have been apx 700k-1.5 mil worth of stock as you made 70k on the trade...

Your broker didnt notice it,you didnt notice it?

On a million notional,you sat back and rode the stock up 7%??

I call BULLSHIT


wxytrader said:
First 0 dte trade I took was 100 long. I was up 8k in 5 minutes trying to sell but the sell order was throwing errors. I don't even know if I was entering it wrong or what the problem was...I ended up wasting time having to call in. (I was new to the platform) I ended up closing for a 5k profit...never been so pissed at making 5k.

Anyway I swear 50% of my losses come from clerical errors not trading errors. I should also include gains because my first big win (70k) came from placing a buy order for 5000 thinking it was $5000 not shares.
More...
 
taowave said:
I get the fat fingering mishaps,but the second half of your story is a bit of a stretch...

You thought you were filled purchasing $5000 worth of stock.which is a tiny notional,yet accidentally bought 5000 shares which must have been apx 700k-1.5 mil worth of stock as you made 70k on the trade...

Your broker didnt notice it,you didnt notice it?

On a million notional,you sat back and rode the stock up 7%??

I call BULLSHIT
More...

i think it was doge.
 
taowave said:
I get the fat fingering mishaps,but the second half of your story is a bit of a stretch...

You thought you were filled purchasing $5000 worth of stock.which is a tiny notional,yet accidentally bought 5000 shares which must have been apx 700k-1.5 mil worth of stock as you made 70k on the trade...

Your broker didnt notice it,you didnt notice it?

On a million notional,you sat back and rode the stock up 7%??

I call BULLSHIT
More...


I call it falling backwards into profits I call it :)

The stock was about $5. I averaged down as the price dropped until I had about 15k shares. My rationale was that the company would rebound and return to its highs someday. A couple weeks later I woke up to a 70k profit because of a hostile take over :)

I was so dumb, that I was almost disappointed that I didn't get to ride the stock back up to its highs lol.

This is why I say, sometimes you can be too smart to make money in stocks.
 
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