All,
OK I am getting a little bervous about my April Crash Puts with all this talk about 4/20 cycle day. I am wondering if the F8 Fractal might iterate and stretch out to 4/20 before the Crash begins. I am still a novice trader and need some advice from the experts on what you see right now.
First, please only reply in this thread IF you were correctly short during the 2/27 for the Crash.
If you are one of the smart guys who was short for that Crash then I need to know if you are also short now and are looking for a big down move into 4/20 date or if you are long and think that this pig will hold up until 4/20?
Please answer honestly because I really need some advice to learn from the Pros since I have very large stake riding on my April puts and don't want to screw this up.
Many Thanks!
-Greg
A quote on ur position as of todays close:
43.00 QQQPQ.X 0.06 Down 0.05 0.06 0.07 10,286 337,614
You already have a 25% loss, as you stated your entry price was .08, you have to exit on the bid so that is .06 so you lose .02 or 25% of total position value. At about 10 to 15 min after market open on Friday, the time decay will set in and your puts will be worth about .04 +/- .01 If you do not close out tomorrow, they will be worthless Monday morning. Time is your enemy.
You broke the #1 rule in trading my friend. NEVER LET A WINNING TRADE GO NEGATIVE. You should have put a stop loss order at break even (when you were in the money) and exited the trade at .08 when the market reversed today. Exit the position at market open tomorrow.
I am a contrarian trader. I buy when others sell. I sell when others buy. I missed the 2/27 top by 100 points as I shorted at 12,700 and got stopped out. I thought the architects would take the DOW to 13K. I will reload shorts when DOW makes new high. Made a nice profit on my DIA short that I closed today. The QQQQ's are not ideal for options trading as they don't move far enough fast enough. Better to trade DIA, SPY and MDY.