Usually adding to a losing position isn't a good idea. I have Nov30 puts on AMZN and when the trade went against me I sold an equal amount of Nov27.50 puts and turned the long position into a Debt Spread to cut my losses. I expect them to expire worthless.
I don't think that hard on a trade like this. It's a gamble, pure and simple. Kinda' like a craps bet. I'm on the don't. Point comes out and to me it looks like a 6 or 8. I add to my bet with some by laying some odds down. If it were a 4, 5, 9, 10 I'd just stay with my orginal bet. That would be akin to the market continueing up today. Not being critical of your method. As I stated, I have little knowledge of options. Sometimes I see what appears to be a good bet and use them for that purpose. Other than that, they're far to complex a vehicle for me to trade.
The first long position was a gamble as your thread title said. But the second position is a classic example of trying to recoup your losses.
If you knew anything about craps you'd know you were wrong. I have no losses as yet. The bet is still on. I simply added to it as the casino, or in this case the market, allows.
I thought this thread was about QQQQ options and it is in the Option forum. The Chit Chat forum might be a better forum for craps, casino, and betting topics.
You have now gotten on my nerves with your stupid fucking comments. Go fuck yourself! What's so hard about not reading the thread? Are you one of those stupid fucks that can't change the channel and complain about what your watching? Are you some kind of fucking retard that stays where they have no business? Just how god damn stupid are you?
If you don't want comments about your option trade it's best to keep it private. You posted on an open forum. Definition of Forum A public meeting place for open discussion. A medium for open discussion or voicing of ideas, such as a newspaper, a radio or television program, or a website. A public meeting or presentation involving a discussion usually among experts and often including audience participation.
Well, this is working out just great! Still in, but bloody. Now it's a real long shot. Another week of this, and it'll be damn near impossible to get my head back above water.