Thank you for the elaborate response. I think I will dive into some of the books I’ve been recommended and some you list here. I am currently working with an account of about 14k. I took it up to 30k by essentially gambling and ended up where I am now. It was a really big hit over a 2 day period where I was way over exposed in gold and silver - a painful lesson for me - which set me off on a cascade of horrible trades. Really messed with my head. I will definitely follow-up on some of these recommendations you offered and if I can formulate any decent questions I may send something to you. As of now, I’m kind of back a square one in my journey — at one point I thought I had figured it out. Now I realize I basically know nothing! lol
Well, crap. I guess it's doing a similar number on you that ROKU is doing on me. :\ Although I wouldn't be surprised to see you pull a hat out of a rabbit and somehow turn it into a win...
Dammit, you people have to stop laying out all this irresistible bait. How am I supposed to get any sleep when I have all these yummy books in front of me??? (Thanks, @VixTraderdf; Sinclair's book added to the growing stack.)
I guess I don't understand what you've got, then - I thought I did. You started with an NFLX bear fly... did you simply close the put spread and end up with a bear vertical? If so, then that's the hat trick I was waiting for. (Or I might be totally misinterpreting what you mean by being short "from" A to B. In which case, I've totally lost what little clue I had, and will just hang out and try to learn what I can.)
Muchas gracias, senor. It seems you have kicked major ass again, even after the trade went against you. Bravo! I tried doing the same thing against my short put in ROKU, but... let's just say it was "slightly less skillful" than that (hey, it was the first time I've ever hedged anything.) Based on sophisticated calculation and solid reasoning like "oh, shit - I need to do something!" and "uh, I think it's stopped falling", I managed to lose $70 in the process - and hopefully inoculate myself against repeating that kind of a Three Stooges approach. It actually helps quite a bit to see that the idea was right, but it was just my execution that sucked.
I was in vol to start and the fly was wide. My entry was at ~372 so the trade took 12 points in heat, and maybe 1% of net liq on the initial fly.