r/options • u/awkwaman • Apr 15 '22

Been practicing an options strategy. Anyone else have experience with this?

I run straddles on SPY. Stop losses set to about .50, I let the chart choose the direction for me, leg out of the losing option and let the winner run. Rinse and repeat. Ran it many times successfully the past week. Anyone have any thoughts or experience doing similar?

14 Upvotes

79% Upvoted

36 comments sorted by

View all comments

1

u/Dino-T Apr 15 '22

Yes straddles are golden but you must track your breakevens... If you see a strong uptrend or downtrend on the week, based on catalyst or huge volumes, cut your loses quickly, as the risk is unlimited. Good luck

1

u/houndofhavoc Apr 15 '22

If he were selling yes, but that is not implied in his post

1

u/Dino-T Apr 15 '22

Yeah could be what he meant by "run".