I got this idea in my head and decided to do it and then not do it and then yesterday I saw a situation that fit the idea so I went for it. I didn't think to do a journal about it but I'm bored and my income has finally dried up and so why not? The idea was to throw $100 in a Robinhood Account and each week find a cheapie options play and go for it and if it hits put the bankroll ahead to the next week and if it doesn't throw another $100 in and try again and see how far I can parlay before the next blow up. I never did fund a Robinhood account but maybe I will today but I did take a position in SPY puts yesterday bought as many as I could while keeping it under $100 in my TDA account. I'll post screen snips of the confirmation later and then I'll also post screen snips of the closing confirmation if I make it out with anything at all. Might just keep doing this in my TDA account and keep track of the accounting here. I'm no expert and just doing this here for fun since I had hoped to day trade ES and the thing is a beast right now so I've been sticking with what I know not that I know all that much so don't expect much as any good I do will be luck and not skill and doing this for fun and not because I expect to be a millionaire out of it so no expectations other than fun.
I did some checking and two problems with Robinhood are no trading options to open on day of expiry and no trading SPX options ever they are not available with that broker so I will just run this is my TDA account and keep an accounting of it here. If anyone has different information please share it with me here but from what I could get it seems that those two limitations are correct and if so Robinhood is not going to work for me. Closed first trade yesterday SPY 282.50 put options bought five to open at a cost of $93.33 of the $100 ante and sold to close at a net proceeds of $311.65. So the bankroll for next week is figured like this: $100-$93.33=$6.67 $311.65+$6.67=$318.32 available for parlay to continue next week. I have no goal other than to take $100 and see how far I can go with it before I need another $100 so basically there is not "some amount of money or bust" the end will be bust at some time maybe as early as next week we will see what the week has to offer.
I placed my second bet yesterday buying a SPY May 15 277p for $240.67 to open and this leaves me with $77.65 remaining in the bankroll and I will use it if an opportunity presents itself. Also I opened a second TDA account that I'm going to use for these trades once this current bet is over which should be by a week from this Friday as that is when this option will expire and if I do anything more with the $77.65 remaining it will almost certainly have to be a short duration option. I attached the confirmation for the second bet.