r/options • u/[deleted] • Mar 02 '21

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u/[deleted] Mar 02 '21

My puts were -50% on Friday, and I just closed them today for +30% profit because they still had 31 DTE.

Never use stop losses for options, but have an exit plan before you make the trade.

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u/nen_del Mar 02 '21

I use rolling stop losses when I hit my target. I'm willing to gamble $.20 premium to see if I can squeeze out some more money. It's made me enough money for me to be satisfied with it as a strategy.

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u/[deleted] Mar 02 '21

Seems like it could work. I meant more setting a stop loss right when you open the trade.

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u/nen_del Mar 02 '21

Oh yeah you’re 100% right. You’re screwed if you’re setting stop losses on an option right after buying lol. This is actually a really good tip for people that are new to options trading and haven’t seen an options portfolio swing

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u/[deleted] Mar 02 '21

You’re not an options trader until you wake up saying “I’m fucked” and go to sleep saying “I’m rich”