Lost $340 on two mistakes while trading INO call options.

Discussion in 'Trading Software' started by HomelyWizzard, Jun 27, 2020.

  1. Stupid me, bought twice instead of selling! One time as soon as I realized the mistake INO started to turn and sell-off. I unintentionally, bought at the market (I was trying to offer instead of buying) - this is not ThinkorSwim problem but me sleeping very little and being haphazard with the keyboard. What frazzled me was that I tried to exercise my ITM call online and the TDAmeritrade rejected it. (no explanation) [later I found out that when it is more advantageous to sell the call, the system rejects the early exercise without telling you WHY] Oh well these are the learning pains, that always cost money. NOTE to self: options spreads are brutal and getting in and out of spreads can be difficult in a fast market.
     
  2. zdreg

    zdreg

    Not good.There may be reasons to exercise especially if option is ill-liquid
     
  3. Well not so much of ill liquid but the locals make wide options spread to buy their new boat.
     
  4. zdreg

    zdreg

    You can always narrow the quote and hope someone hits your bid /ask.
     
  5. Yes, that is what I usually do. Instead, I missed the offer and bought it by mistake. Once it was painful but I did it twice! Right after I bought the call I was long already, they started selling off INO. No surprise, that stock - if you bought 1000 shares at 14-15 would have doubled your money in a few days. Overnight it was 35 both of my options(33-35 strike) in the money...

    P.S. I still like Thinkorswim...
     
  6. Yeah, I agree, it's always hard to lose your own money. But it's part of the learning and experience process, without loss is simply impossible. But if you lose a lot and often, then think about what you're doing wrong and take a short break (at least a couple of days don't trade at all). It's good that you learn from your mistakes, sometimes losses can be much bigger than yours :c
     
    HomelyWizzard likes this.