No problem.Two adults understanding misunderstandings.
Had a rough day at the office.Got stopped out twice on to "would be" winning trades.
In addition to that.One guy tried to "give an alert" about SPY Calls today. I told him it was an INSIDE DAY.He told me that most of the time when people refer to inside days they are speaking of "todays" open, being inside "yesterdays"price action.
The poor stubborn guy did not have the flexibility to see that if the stock sells off immediately into the previous days range, then hot dang it, it is an inside day.3 mins pass, choppiness, 5mins pass choppiness, 30mins pass no clear direction.
Unfortunately, around 11 pm(edt)I saw exactly SPY was going.
Seriously, I bs you not. the volume was drying up to the upside and plenty of resistance. Plus, its a Friday...
I did not have the heart to tell the bloke that SPY was looking at a decent down trend.
Boy oh boy was I surprise. It was more than a decent downtrend.
Some of those SPY puts went 300% today. Meanwhile the guys is still looking for a reversal. Then just ends up saying,"at this point we have no exit order in place...we are risking entire position to give room to move in our direction...for those unwilling to risk entire position, an earlier stop could be used(11:20AM"
Sure, risk only what you can lose, but..there is noway in hades that I'm cool with tossing money to the market for donations or maintenance fees.
I'll give it to him, his range for tolerability is strong. Must not have been a sizeable loss.
