need help

Discussion in 'Options' started by trader198, Feb 9, 2012.

  1. i accidently entered a too large size option call(mid march call)

    I was looking at the stock, put the option in TWS,
    thought the option strike price is almost the same as the stock, look so cheap, and bought a dumbest position, instantly half loss.

    the stock is breaking up, but it is too far away from my strike price.

    the stock is heading up, and I noticed my option does not move, late I found I made huge mistake, the bid/ask is too large: 0.05X0.1

    i bought 0.1 thought I was buying the current market,

    what I should do? I could not sell it back at 0.1 with commision loss

    really make me nervous.
  2. So you thought you were buying March ATM Call options for only $0.10, but they ended being Deep OTM? $0.10 should indicate that they are Deep OTM options.
  3. yes,deep OTM, intiatially I want to buy very shallow OTM (just a little bit far awawy from current price, almost touchable,just rally like 10%, now it needs 50%, almost impossible), did not notice the strike price, too focus on the bid/ask and cheap quote, thought bought what I want, made huge mistake, could not sell it back even today the stock in the morning does did some rally, feel pinched.brieflf there is someone wants to buy at 0.05, other time, no bid! just when i want to hid the bid to reduce my dumbest position, it disappears into nothing!

    very painful, painful!

    next time, i must double check the order to make sure I did the right thing.

  4. newwurldmn


    what option and underlying did you trade? It matters because you might have been eligible for obvious error. It's too late for this trade now and you are stuck with it.
  5. the stock is EXM, since I already got out half at 0.1 and 0.15 (march 17 $3 call) today in the last half hour. when EXM shoot almost 20%.

    DRYS is releasing earning, I think all dryshipping stocks may fly. they are beaten down very heavily, highly risky, but also highly rewarding!

    bought 500lot drys FEb 17 $3. call at 0.21, out some. hope it will shoot to 4 this week, then EXM will shoot over $3.

    feel better now.

    that day I actually trying to buy $2 EXM call (when I look at X0.1 quote, thought it was a steal, EXM is at 1.9~2, bought two times), made mistake to buy March $3 call, did not check the description.

    I will hold another half toward March 17, EXM will rock . if things run well,may add some

  6. newwurldmn


    Good for you that you made a little money on this. You couldn't have obvious errored this one since you were the first strike out of the money.
  7. out of most EXM Mid Mrarch $3 call at 0.15 today. still kept 30lots.
    sold 450lot DRYS $3. call FEb 17 at 0.8. still keep 50lot DRYS, hope it hit 4+ this week. may end it if things are not crazy as I imagine.

    whatever, money is made. so even it goes sour, I do not care any more.


    hang on no mattter what happens! ignore those bullshit noises!

    aapl is at 510+, man I should stick to my plan!