When do you admit you are wrong?

[newwurldmn]

Said from you it's a bit surprising. I thought that all the pro boys ͭ ͫ had a stop embedded in the option spread. Interesting. So you are adjusting stops based on vols? Do you use things like local volatility to model possible worst-case scenarios?

Please don’t use the phrase “pro boys”

I sell vol at 30, calculate my pnl if vol were 40 and that’s my stop.

 

[Baozi]

Please don’t use the phrase “pro boys”

That's why I was very careful in putting a "TM" after it

 

[drcruz]

When my broker margin calls me

Now that's funny

 

[drcruz]

I trade /ES and TOS does not let me put a GTC Stop-Loss on Options on Futures, so I have mental stops. I've learned to be disciplined enough to "Get-the-F-out" when I hit either a certain price level based on my short structure or 1x loss on premium collected. My stop price levels are kept track using a spreadsheet. So far (and I am only a new-ish options trader) my negative vega positions haven't been whipsawed too often (IOWs still overall profitable). Monitoring closely to closeout positions on quick down moves due to my sideways bullish assumption of the market.

 

[Wheezooo]

I start wondering if I’m wrong before I even place the order...maybe this is a sign to quit for good.

Whatever I had on, all I did was think about what was going to go wrong. It's a good thing.

 

[Wheezooo]

How emotionally attached are you to trading? It seems like this board has a problem with losing money. A loss is a loss man, cut it when you know you fucked up and move on to the next. Re-deploy that capital like its nothing, also with my structure a loss isn't even a consideration. I build positions using 10, 20 trades, depending on the environment it takes weeks to build inventory. So out of those 20 I know 5-6 will lose, its apart of the game and inherent mathematical movement of the market.

I once calculated my emotional response to wins vs. losses at about 10:1. I think the common accepted textbook psych evaluation on that suggests it should be 2:1. Ya deal with 'em, ya got no choice, but ya ain't gotta like em. Losing SUCKS!