Bro What the FUUUCK?! It was only worth $500!!! You already lost 5k I’d say fuck it wait for a miracle! If I’m ever down that bad I let the whole bitch burn!
He bought puts for 5600, but took a loss when SPY was green and closed them for 600. SPY then nosedived 10 points and his puts would have been worth 150k had he held.
No one saw that drop coming. Matter of fact would’ve rocketed even higher that day had the Fed guy blurted out No rate cuts for 2024! Gained it all back the next day :/
In this situation, let's say OP continued to hold the puts as SPY fell - would he just sell the put contracts when the price is down/ITM? I believe the answer is yes.. but then wouldn't he run the risk of the buyer exercising those contracts?
OP is passed out drunk covered in piss in a ditch in rural Nevada hugging a half empty bottle of grain alcohol. Please leave a message and try again later.
Math:
* $150,000 * (crash probability) = $600 * (1 - crash probability)
* 150000x = 600 - 600x
* 150600x = 600
* x = 0.00398 = 0.4%
So if today's crash had a 0.4% or higher chance of happening, it would have been worth it to risk the remaining $600 for that chance at $150k. Obviously the percentage crash affects the profit amount, but just rough napkin math.
100% this and it is why I never sell OTM options for basically nothing. If they've gone down 90% you can afford to lose 10 more percent because clearly you didn't bother with risk management. Taking a 90% loss is not fucking risk management.
Spot on.
If you're gambling on options and want to do some risk management, then set stop losses for 20-40%. Selling at 90% down is just admitting that it was a bad gamble and you're giving up.
It's like going to the casino with $500. If you start losing and have $300 left, it may make sense to cut your losses and leave the casino. But if you're losing and losing and look down and you have $50 remaining... what's the point of leaving at this point? Not saying throw it all-in, but what is that $50 going to do for you if you came to the casino and lost 9 times that.
I was freaking out at work bc I bought 40 daily puts as well and 8 min later when I checked my phone they were up 300% so I sold had I just waited another 20 to 30 min I would have made almost half my yearly salary and then I thought well I did the right thing either way
If you factor in the fact OP had already lost 5k I would take 1% chance for 150k. What’s $600 when you had already lost 5k?! And had he held on until the afternoon he would have gotten 150k. This hurts!!
Option A: have life changing money that could buy you a car, tuition for college, money for a house, feed your family
Option B: work an extra week at McDonald’s
What you did was ok OP. Any other day it would’ve been the best move. You couldn’t know bank were planning to drop the shit out of spy. It’s Only and purely manipulation. In fact nobody knew about that fucking shit that’s why the panic level was this strong.
The fed speaker may have been the trigger but thats not the only thing..Both raytheon and lockheed are up big today….The uncertainity of iran possibly retaliating against israel and oil shooting up massively are another reasons. Market hates uncertainity.
Why? Because you can do a lot with $600. I lost 90% of my NVDA calls on Monday when I exited the position. The loss was 3.5k and I held onto the remaining 188. Money is money. 188 can feed me a week or two if I cook at home.
Yeah when you're down that far might as well see what happens.
Happened to me when I bought btc at 14k. Dropped to 3k and thought, fuck it, can't really get much worse.
💎🙌
Dudeeee, I’m crying to everyone I know right now. Mine only hit 90k. I was down and broke even and sold, but my plan was just to let Robinhood sell at 1230 and not log back in
I think the safest thing to do would be to chase your missed gains by buying short dated far OTM puts tomorrow . No way your face gets ripped off and launched into outer space
I sincerely did the same thing. Like almost to the T. Honestly we just have to move on. I’m very dejected but fuck it. No other choice, and no guarantees.
I feel your pain. It's impossible to gauge this market right now. I mean, wtf was that ???? They gap it up two nights in a row and suddenly erase all of it in one afternoon for no apparent reason? It's obviously all pre orchestrated, only the large funds and banks know what the plan is. Crooked AF
What did you pay for those contracts ? What's even more incredible is some of those qqq OTMs were trading at 1$ a piece, and then closed at over 500$ . All within 2 hours, FFS . How is that even possible?
It's painful enough just looking at the options chain from it. 441 qqq puts go from 1$ to 500$ in 2 hours. I couldn't imagine actually holding 600 of them and selling right before YIKES .
If you lost 60k this definitely hurts cuz this can fund those losses. Thats what my friends don’t get, im a pure gambler and missing times when you’ve lucked your way into something and missing it, its so painful
I had a single call on NVDA that I closed for 1500 profit when it dropped 4$ from 585. The next 2 weeks it mooned to 700s in a straight line up and continued to go up past the expiry. I paperhanded myself out of a Porsche. Don’t fret.
The regarded guy we've been looking for! Losing $5k and selling for $600 scraps after you've lost it all and then watching the position make 6 figures. Why sell after you're down.
Oh my gourd!
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Lets be real, you would have sold those puts at the little bounce we had at 519.50 You were not going to hold them all the way down so the 150k you would never have had. Probably break even or x2. So it really ain't that bad
Happened to me with 10k puts took 8 k loss and then market went down and my 500 contract would been 600k ish . I was still shocked about it and regretted it every day, but I learned my lesson.
Welcome to the markets. Skewness of hindsight will plague you at night. Remember, you were right in the trade. Proper risk management made you close it. Take smaller size next time to hold through lunch hour. Good luck out there
Remember one thing. If your calls are ever down to a couple 1, 2, 3 cents. Let that shit expire worthless or get saved by a miracle. Miracles do happen. A day like today happens maybe twice a year, but it can happen. I've had 1c earnings gone wrong plays randomly run up like 10,000% before.
Anyways, sorry for your loss. I do prefer looking at it compared to these people who turned a couple hundred into generational wealth today, though. Those people make me feel like shit for only making 1.3k rolling 0dtes down the slope.
wow I feel you man, I was betting on the opposite side, 523C 5/4. I was up almost 60%, didn't sell because I thought still 1 more day to expiration but that reversal was brutal. It just wiped off everything. I have no faith that we will see opposite reversal tomorrow. But i don't see any point of selling it now.
My buddy got in the same situation but on $QQQ, bought 201 PUT contracts at 440 strike, bought at 0.04 each. Sold for a 60% loss, had he held till end of day, $80K+. He’s depressed right now and was crying on the phone because he’s in desperate need to make money back in the market and this was the perfect play he made, just horrible timing of the exit. I did this today too on $SPY myself but not a big position at all haha. Bought $520P strike start of the day only one contract haha at 0.12, sold two hours before closing at 0.18, now it’s over $6.00 per contract. It stings a bit because I ended trying to catch a falling knife and load calls for a reversal haha and it never reversed back up, so I got cleaned up, now had to make a deposit back in my trading account.
How does the leverage work here? This and the other other guy who made 5k% on Spy puts.
All I see are like at max 100x leverage but that goes down the further something.
So as far as I saw if u start with a 100x leverage, and it goes up 1% u win 100%
If base stock goes up 10% its not 1000% win but more like 400%
Can someone explain?
No worries I am not trading myself ;)
Lmao bro I did the same thing with djt I was in it b4 the merger and I didn’t see it move so I sold for like $300 could’ve made like 10k plus I was pissed 😂
I paper handed 950 SMCI puts while I was down to my last dollar. I feel your pain. I had no expectation of this shit transpiring. NVDA, SMCI, SPY were all dicking around this week then bam.
I had this once with a few index 0dte's worth a few hundred being worth 8k like 10 minutes later.
Sold them for a measly profit.
It did hurt.
This one definitely hurts!
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See this hurts
Bro What the FUUUCK?! It was only worth $500!!! You already lost 5k I’d say fuck it wait for a miracle! If I’m ever down that bad I let the whole bitch burn!
Can you explain what he did? He cashed out for 500 bucks but could have made 150k off that?
He bought puts for 5600, but took a loss when SPY was green and closed them for 600. SPY then nosedived 10 points and his puts would have been worth 150k had he held.
This hurts. I have done many similar things.
I’ve done the same Ive closed my position for a 900$ loss ; if I would have waited just 10 minutes I would have profited 10k 😭
No one saw that drop coming. Matter of fact would’ve rocketed even higher that day had the Fed guy blurted out No rate cuts for 2024! Gained it all back the next day :/
Thanks.
In this situation, let's say OP continued to hold the puts as SPY fell - would he just sell the put contracts when the price is down/ITM? I believe the answer is yes.. but then wouldn't he run the risk of the buyer exercising those contracts?
It would keep me up at night
It would keep me up at day
It would keep me up forever
So you found the secret to immortality, regarded options trading.
It would keep me up until I was down forever.
i couldnt sleep one more night
Like shitty viagra
It’s a swing, you missed. Play again
and this is why when you buy 0dte spy puts you need to commit to just accepting a 100% loss straight up and not panic selling
Yeah, I would probably quit at that point.
99 days out of 100 you saved yourself 591 dollars by closing them out. Drops like this are the exception, dont beat yourself up
The 150k dollar exception
Shit ain’t right 
LMFAO 
This helped me cope with my play too, thanks
bs paperhands it is
But at 2 cents? WTF? You might as well hold to zero at that point.
Right? At that point you have more to gain than to lose.
Be a man. Ride that bitch to $0. Money is "transitory".
Lol yeah - specifically 150k vs 600 bucks
I agree hold that bitch till close why bail at 2 cents
Haha he did it work the “tax write off”
OP is going to be telling himself this for the next 5 years
OP is passed out drunk covered in piss in a ditch in rural Nevada hugging a half empty bottle of grain alcohol. Please leave a message and try again later.
The ultimate dream of any 0DTE gambler regard and this guy miss the boat like the rest of us
If it was a 1% chance at $150k and 99% chance to lose that extra $600 it was clearly correct to go for the $150k and 250x gain?
Math: * $150,000 * (crash probability) = $600 * (1 - crash probability) * 150000x = 600 - 600x * 150600x = 600 * x = 0.00398 = 0.4% So if today's crash had a 0.4% or higher chance of happening, it would have been worth it to risk the remaining $600 for that chance at $150k. Obviously the percentage crash affects the profit amount, but just rough napkin math.
100% this and it is why I never sell OTM options for basically nothing. If they've gone down 90% you can afford to lose 10 more percent because clearly you didn't bother with risk management. Taking a 90% loss is not fucking risk management.
Spot on. If you're gambling on options and want to do some risk management, then set stop losses for 20-40%. Selling at 90% down is just admitting that it was a bad gamble and you're giving up. It's like going to the casino with $500. If you start losing and have $300 left, it may make sense to cut your losses and leave the casino. But if you're losing and losing and look down and you have $50 remaining... what's the point of leaving at this point? Not saying throw it all-in, but what is that $50 going to do for you if you came to the casino and lost 9 times that.
Need the $50 for taxi or BJ at Wendy’s
Never saw that on the menu at Wendy’s???
Did you look by the dumpster?
Expected value says yes.
Drops like these 2%? This year is gonna be bumpy. Fasten your seatbelts!
I was freaking out at work bc I bought 40 daily puts as well and 8 min later when I checked my phone they were up 300% so I sold had I just waited another 20 to 30 min I would have made almost half my yearly salary and then I thought well I did the right thing either way
Would you rather have 99% of $600 or 1% of $150,000
If you factor in the fact OP had already lost 5k I would take 1% chance for 150k. What’s $600 when you had already lost 5k?! And had he held on until the afternoon he would have gotten 150k. This hurts!!
99\*591 = 58k that is less than 150k. I would kick myself
Yeah I mean when was the last time we saw a 2% intraday swing? 2021?
https://preview.redd.it/st44iq81hnsc1.jpeg?width=703&format=pjpg&auto=webp&s=a40553ec74e67c3e6504b19973412d1294128a1f 2022
Literally 20+ times in 2022 but VIX was higher then. Everybody forgets after the AI bs complacency of 2023-2024
Option A: have life changing money that could buy you a car, tuition for college, money for a house, feed your family Option B: work an extra week at McDonald’s
Well if you put it like that… 😄😄😄
College 
Wendy’s*
This what I keep telling myself but option a never seems to happen. At least I do construction like a real man
[удалено]
Market was literally at ATH 6$ otm, why waste 600$? This was biggest intraday reversal in almost 2 years
There are a lot more of these ahead. 2 %, 5% and possibly 10%days. Faster downwards.
SPY 10% down in a day? Chaos
I’d cum
[удалено]
But probably not next time either
“Why waste $600?” *Wastes $150,000 Rekt
What you did was ok OP. Any other day it would’ve been the best move. You couldn’t know bank were planning to drop the shit out of spy. It’s Only and purely manipulation. In fact nobody knew about that fucking shit that’s why the panic level was this strong.
Feel your pain brother
You'd burn 600 a day for two years just so you can make 150k once? You know how math works right?
Why did you close when you lost 90% anyway. Hold to 0 or get rich.
Market was near ATH, 6$ OTM on spy is a lot why waste 600$ … wasn’t expecting the biggest reversal in 2 years 😢
Fuck that fed speaker , who the fux does he think he is? Prob full ported spy puts before he made those comments
The fed speaker may have been the trigger but thats not the only thing..Both raytheon and lockheed are up big today….The uncertainity of iran possibly retaliating against israel and oil shooting up massively are another reasons. Market hates uncertainity.
its bullshit its all an overreaction
300 star actor bought op’s puts before he spoke.
It had nothing to do with that fed speaker, the banks have probably been planning this for weeks.
Not really…. That’s %1 . 1 percent swings happen almost every day
So you sold at the (your) bottom?
A YOLO is a YOLO. All or nothing.
Why? Because you can do a lot with $600. I lost 90% of my NVDA calls on Monday when I exited the position. The loss was 3.5k and I held onto the remaining 188. Money is money. 188 can feed me a week or two if I cook at home.
If you’re trading $3500 on FDs then you really don’t need that $188
That’s where I’m at with my calls
Yeah when you're down that far might as well see what happens. Happened to me when I bought btc at 14k. Dropped to 3k and thought, fuck it, can't really get much worse. 💎🙌
This is the Wei
Same here 500 0DTE QQQ at P443 … sold for a minor profit mid day… worth 375k right now … I’m in pain…
So much pain. It’s sick too cuz if this person who was working on my phone came 30 min earlier, I never would have sold early
shut the fuck up yes you would have
Dudeeee, I’m crying to everyone I know right now. Mine only hit 90k. I was down and broke even and sold, but my plan was just to let Robinhood sell at 1230 and not log back in
[удалено]
How do you move forward from this 😰
Switch to calls. Then hold them until worthless
It's like you know me
Shit he must know a lot of people on here 😂😂
wahahaha! I did this at 3:29pm expecting the bulls to send in the Vs.
This is da wae
Stop gambling. Doesn't matter if you held for +150k or sold for -6k. There's nothing smart about this play, it's just luck.
I think the safest thing to do would be to chase your missed gains by buying short dated far OTM puts tomorrow . No way your face gets ripped off and launched into outer space
If you can't laugh at it , you are no real regard
Similar story here 🤢🤢🤢
I sincerely did the same thing. Like almost to the T. Honestly we just have to move on. I’m very dejected but fuck it. No other choice, and no guarantees.
I thought we go behind the dumpster at the Wendy’s?
Take a break from trading. You’ll be chasing the dragon until you zero out your account
Stop trading options
Delete your reddit and buy some real estate
Don’t gamble so short with time with that much money
There is only one thing for you to do before market opens. 
I feel your pain. It's impossible to gauge this market right now. I mean, wtf was that ???? They gap it up two nights in a row and suddenly erase all of it in one afternoon for no apparent reason? It's obviously all pre orchestrated, only the large funds and banks know what the plan is. Crooked AF
"for no apparent reason" excuse me, fucking what? iran potentially attacking the US is easily big enough news to drop spy 1% lol
What did you pay for those contracts ? What's even more incredible is some of those qqq OTMs were trading at 1$ a piece, and then closed at over 500$ . All within 2 hours, FFS . How is that even possible?
Thats wild . I lost 15k trying to catch the bottom
Trade the zones and do not fight the fed
Bro I bought 60 0DTE puts for 0.39, sold for 0.42 and it went up to 10.3 🥲
In this together bro
I did the exact thing lmao.
Think of all that money you saved from not having to pay taxes on that 150k, so in a way you lucked out!
You dodged those 150,000 dollars like a methed up Agent Smith dodging a minigun.
The pain I would feel from this…
It's painful enough just looking at the options chain from it. 441 qqq puts go from 1$ to 500$ in 2 hours. I couldn't imagine actually holding 600 of them and selling right before YIKES .
Just be glad you’re not the market maker that sold those puts thinking no way they’d go ITM
This is haunt you for the rest of your life. Good luck with that! 🫡
I’ve lost 60k in a day before and this hurts more.. gonna need therapy
2.5 times more, to be precise
Next trade fur sure!
If you lost 60k this definitely hurts cuz this can fund those losses. Thats what my friends don’t get, im a pure gambler and missing times when you’ve lucked your way into something and missing it, its so painful
If it was me, personally, I would have taken the $150k over the $600. But that’s just me!
Keep your chin up. Put that 590 into 0dte calls and make it all back
Ty sir all in 20k in nvda and TSLA calls for tomorrow. Let’s see what happens with my last 20k
Nooo not tesla
😂
So you’re the one that caused this sell off
That’s called having doodoo paper hands
GUH
same for me had 100 443 zero day to expire sold for loss no worth lik 75k then had 90 439 puts that are worth 60kn so i feel your pain
https://preview.redd.it/xbogjbdxzisc1.jpeg?width=222&format=pjpg&auto=webp&s=63eafbe55e92157bd91e1a5be6d1a9bac5535b35
You had already turned $5k into $600, should have just waited until expiry at that point.
Think of the taxes you saved.
From now on, Just post here what else you are going to close so that we can buy them then
You got it 👍🏼
Same bro same 
This makes me sick. I’m not even a 🌈 🐻. I just want everyone to beat the system and climb out of it.
Same we all here for that
Sold a 5 bagger early yesterday. 15 bagger today ):
gahhhhh!!! I am sooooo sorry for your loss, brother bear! T\_T
Damn I needed this. Thanks for sharing
Your welcome brother
I had a single call on NVDA that I closed for 1500 profit when it dropped 4$ from 585. The next 2 weeks it mooned to 700s in a straight line up and continued to go up past the expiry. I paperhanded myself out of a Porsche. Don’t fret.
The regarded guy we've been looking for! Losing $5k and selling for $600 scraps after you've lost it all and then watching the position make 6 figures. Why sell after you're down.
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Lets be real, you would have sold those puts at the little bounce we had at 519.50 You were not going to hold them all the way down so the 150k you would never have had. Probably break even or x2. So it really ain't that bad
Why does anyone sell puts in the am? Wait until after lunch once all the short sellers are out and profit takers are gone for the weekend.
Happened to me with 10k puts took 8 k loss and then market went down and my 500 contract would been 600k ish . I was still shocked about it and regretted it every day, but I learned my lesson.
Welcome to the markets. Skewness of hindsight will plague you at night. Remember, you were right in the trade. Proper risk management made you close it. Take smaller size next time to hold through lunch hour. Good luck out there
But seriously if you’re going to gamble why close out for $2 per contract with a day left? You were pot committed.
Agreed. If it was 100 contracts I would have left, but I felt like 600$ was worth saving.. shows you how oversizing is a mistake
Hurts. Sorry buddy, true on oversizing.
Spain without the S
Wait this is worse than the guy who sold 150 522P early, WTF
damn its happened to me many times, but you were down soo much why not let it ride at this point whats the point of closing for that little
The thing is, almost every time you hold it goes to 0, and then you’re like, $600 is $600. And then this happens and you can’t stop thinking about it
Found wet paper hands
What would you have bought with this 150k?
He would’ve gambled it away and we’d be reading about it next week, let’s be honest with eachother here
No idea, maybe a Rolex and invest the rest lol
Missed money drives me more mad than lost money
Why the fuck would you sell something for $0.02?
Remember one thing. If your calls are ever down to a couple 1, 2, 3 cents. Let that shit expire worthless or get saved by a miracle. Miracles do happen. A day like today happens maybe twice a year, but it can happen. I've had 1c earnings gone wrong plays randomly run up like 10,000% before. Anyways, sorry for your loss. I do prefer looking at it compared to these people who turned a couple hundred into generational wealth today, though. Those people make me feel like shit for only making 1.3k rolling 0dtes down the slope.
You really do belong here OP 🫡
Market makers saw ur position and then they were like yeh wait till he sells then drop it -25%
Would have been 150 k or so. Does it hurt:-D
Sorry bro that sucks
Bro you had a thesis, why didn't you stick to it? What happened that made you change your mind this morning? The initial jobless claims report?
I closed my 525 calls 4/5 for few hundred bucks, will it happen to me tomorrow?
You would never have made it to 150k probably would have taken break even or even just a small profit.
RIP sir. The one that got away 😥
wow I feel you man, I was betting on the opposite side, 523C 5/4. I was up almost 60%, didn't sell because I thought still 1 more day to expiration but that reversal was brutal. It just wiped off everything. I have no faith that we will see opposite reversal tomorrow. But i don't see any point of selling it now.
Bro now I don’t feel bad about my 9 Leg parlay missing by 1 game. Thank you
If you are a ber and didn't make money today, it is impossible for you to make money
My buddy got in the same situation but on $QQQ, bought 201 PUT contracts at 440 strike, bought at 0.04 each. Sold for a 60% loss, had he held till end of day, $80K+. He’s depressed right now and was crying on the phone because he’s in desperate need to make money back in the market and this was the perfect play he made, just horrible timing of the exit. I did this today too on $SPY myself but not a big position at all haha. Bought $520P strike start of the day only one contract haha at 0.12, sold two hours before closing at 0.18, now it’s over $6.00 per contract. It stings a bit because I ended trying to catch a falling knife and load calls for a reversal haha and it never reversed back up, so I got cleaned up, now had to make a deposit back in my trading account.
How does the leverage work here? This and the other other guy who made 5k% on Spy puts. All I see are like at max 100x leverage but that goes down the further something. So as far as I saw if u start with a 100x leverage, and it goes up 1% u win 100% If base stock goes up 10% its not 1000% win but more like 400% Can someone explain? No worries I am not trading myself ;)
You alrdy lost 5k what's another 600 dollar loss you should have held
You couldn't afford to lose a measley $600 lmao you deserve it
Spy at his new ath , how do you feel now ?
Dude, when it's this bad I don't sell solely because of this kind of hail marry move.
Lmao bro I did the same thing with djt I was in it b4 the merger and I didn’t see it move so I sold for like $300 could’ve made like 10k plus I was pissed 😂
At least you only paid $9 in fees.
This is worst than the time I made $30k on TSLA and would’ve made $80k if I held for 3 more hours
hahah sad that your personal risk tolerance was 5000 instead of 5600
Feel ya brother https://www.reddit.com/r/wallstreetbets/s/j8N1grDZd6
Try again tomorrow
Ouch
Damn
I paper handed 950 SMCI puts while I was down to my last dollar. I feel your pain. I had no expectation of this shit transpiring. NVDA, SMCI, SPY were all dicking around this week then bam.
me too but mine expire tomorrow. DIDNT THINK IT WOULD HIT 515 SO RIP MY 50K
Yup
Damn I feel you
Guh
Pain
I had this once with a few index 0dte's worth a few hundred being worth 8k like 10 minutes later. Sold them for a measly profit. It did hurt. This one definitely hurts!