Entered SPY 656 0dte puts at 10:10 AM. Bought 100 @ 1.75 and saw no upside. Bought 85 @ 1.15 as an avg in. 1.47 overall. At 10:45 they were worth .89 -38% -$10,400. Knew the drop was coming and wanted minimum of 2.00, however I was using margin and was getting at risk of being margin called around this point.
This was bad psychology, I took an unnecessarily large yolo today which I don’t typically do (Maybe once a month 😉). But seeing the risk I was at I truly started pacing worried lol. By 11:00 it dropped to .69 valued at $12,750. As a family of 4 where I’m the only income earner, being down 14.5k - 7 months rent; I was truly crapping my pants.
Come 11:11 my wish came true and I saw green! I can’t lie to you all, I wussy handed 95 cons out at 1.43. It was getting very bouncy around here and with the aforementioned I had to derisk.
Moments later…. F’ing paid degen I am!!! Sold 80 contracts at 2.00 $16k. Sold 8 more at 2.11 and the final 2 at 2.48 115%.
At the top it reached 3.06 briefly, massive opportunity, didn’t squeeze it all but I am BLESSSED to have made it out alive and decently paid today.