2000 Challenge rant of the day:
Trying to come up with a lesson for my SODA trade. I apologize the long post, but just want to get my thoughts out there as I go through this trading challenge.
Bought a few weeks ago 19 SODA Jan 50 CALL @ 0.45
Went in with a rather large position due to a mistake, but kept it since it was doing well and a long time to expiration.
Watch it go up almost every day to a high of around 1.60 today when SODA hit 50 in pre-market.
My target was to sell over $50 and I really thought today would be it. However it only went straight down. Held through most of the day and finally sold @ 0.75
If I had sold right at market open or a little later(one of the best times to get out when your stock has gapped up after a good run) then I would have made a $1500 - $2000 profit. Instead I am rationalizing only a $500 profit. I say rationizing because it just bothers me.
So lessons:
1. When dealing with "larger" positions option prices and profits/lossing swing greatly. Deal with it.
2. When you are up big SELL SOME. 1/2, 1/3, 1/4....
3. I wouldn't have been up as much if I didn't put so much into one option so I should be glad it didn't go to $0
4. If this was easy I'd be at $10,000 already with all my winners that I "could of should would of" sold when they were up. It's not easy, so don't beat myself up.
5. SODA has 2 more weeks to go. It will be $55 by the end of the week now that I sold for a "loss".
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