How I blew a $19,500 profit on a $1,000 options day trade.

12/01/2021 — End of the day

Let’s start and end with SPY.

As suggested by the strategy all along in this post repeated here almost daily in “Today’s Simple SPY Options Day Trade” the SPY 461CALL, expiring today, started the day off with a 100% gain.

Tweeted that with this chart:

As the market rally unraveled, I noted later that if what one gets what one wants — a 100% gain as per the strategy discussion —or more, at some point, lock it in.

A very nice start to the day but this was a day that was going to become more than “nice.”

It was going to become spectacular!

Didn’t know it at the time, but that comment set me up for a pretty drastic mistake of missing a huge opportunity later.

Now let’s consider the stock options day trades strategy as out lined in this post here on Medium: I told a guy how to make 100% day trading options and I doubt he believes me.

In the discussion I suggested that if a stock is above its open three minutes into the market each day, it is a time to buy the stock’s calls, using the open itself as the stop loss. Conversely if the stock is below its open it is a day to buy puts.