Short SNAP @ 10.51
Updated
SNAP is overbought. It has run up almost 25% in two weeks and is right at resistance. Either it will fail soon or break out. I'm betting on a fail.
Just went long the Oct 11 10.50 put for .34 - wish me luck. Either the trade goes my way quickly or against me hard, I suspect. Odds obviously favor with me based on past stats. I'll post those when I get a minute.
Trade is based on my untested short system so trade it at your own risk.
Just went long the Oct 11 10.50 put for .34 - wish me luck. Either the trade goes my way quickly or against me hard, I suspect. Odds obviously favor with me based on past stats. I'll post those when I get a minute.
Trade is based on my untested short system so trade it at your own risk.
Trade closed manually
Put expires worthless. Broke my rules and didn't sell it on Tuesday when I should have. It would have been a loss then, but not a 100% loss. FOLLOW YOUR RULES when trading. Learn that lesson from my mistake here. The rules exist for a reason, and I'm actually glad that breaking them cost me money here. Since I'm evaluating my system, I'm using smaller than normal lot sizes but I hate losing money, so the lesson is better learned when I lose real money than just on paper.
I'm not gonna go into all the ancillary info here since I covered all of it in the update to my CSCO put trade idea I just updated. Go look at that if you're interested in my evaluation of the trade, as it's almost identical for this trade.
I'll do some more put trading next week and hopefully not be the weak link next time. Have a good weekend!
Note
Trade summary for my records:
Wins - 0 Losses - 1
Lot 1 - SNAP Oct 4 $10.50 put bought for .34
Expired worthless
Average loss per lot: -100%
Average holding period per lot = 8 trading days
Average loss per lot per day held = -12.5%
Per lot per day annualized loss = -3150%
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