OMG, you lost $200k in the past 3 weeks? Let me ask you this:
- How much experience do you have in Options trading? If you had any, you would have never ever lost that kind of amount in such a short time. And especially when beginning Options trading you would never go in with such big amounts.
At first I had pity with you but now i'm just shaking my head. Like I would with a friend or family member that did something stupid and i wanted to shake him/ her.
It sounds like you made the biggest mistake(s) you can do in Options without a lot of experience: going in with huge $ and losing it all in very short amount of time because of decisions you made by being very stubborn.
You wanted the markets to go YOUR WAY instead of ADAPTING TO THE MARKETS! And then you say you got scammed?
Maybe you remember in the past weeks we've been going back & forth discussing these things and you must admit you were just so stubborn, going in with only Calls in these markets when so much BS is coming from EU. The financial system/ Euro is maybe collapsing soon, do you really expect smooth markets?
With your capital that you lost, you could've easily traded the SPY/ SPX deep in the money and flipped it hourly and made $10k-$50k or even more every day! You could've taken this volatility to your advantage and traded in/out quick on the 1hr-chart. With that nice big capital it's much easier to quickly make $ deep in the money Calls/ Puts. Instead you threw huge amounts of $$$ @ out of the money Calls and seen them decaying while insisting Santa would show up for sure.
And then you say "I got scammed" as if somebody stole the $ from you because of your decisions. If the markets went your way, would you still call it manipulation then? Obviously we always cry foul when it goes against us.
Why would you throw $70k at the SPY 123 Calls this morning when they're expiring today? Especially if you did so this very AM at open, why haven't you sold when it almost touched the 123, you could've made some very nice $ and didn't you know you had to be quick on Options expiration date?
- Do you not understand that there's a looming S&P downgrade of France that is imminent? Been talking about it for days. How can you say you got scammed when the markets are fluctuating in these volatile times and insecurity of the financial system? You have to be prepared for this kind of volatility and especially if you trade with that kind of $$$ to trade it intra-day and not hold for Santa to show up.
I don't know man, i'm sorry i'm not kissing your a… I've been telling you since many weeks to trade the markets both ways. You sounded very stubborn and now you paid a big price.
But what is probably more disappointing is the fact that you don't seem willing to learn from your mistakes and instead of expecting the markets to do what you think it should do to actually adapt to them. Now you're giving up and never going Options again because you made such huge mistakes right away with huge $$$. You can only blame yourself, not anybody else or the markets. You made the mistake not trading the markets as they come.
You seem to have lot of capital (unless the $200k lost were your life-savings) so instead of giving up, i would sit down and study all the mistakes you made, learn more about markets, read more about current financial news/ politics, study Options lessons and material, paper trade and do so in & out quick on the 1-hr chart or if you go for longer then go with smaller $. And then once you feel like you made some good trades and feel confident, do the same with real $ again but much smaller amounts.
Please don't take my rant as attacking you but it's no help to kiss your a… and it wouldn't make sense just to feel sorry for you. I'm trying to wake you up.
Good luck
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