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Week 2 Update - $50K Options JourneyAccount: $52,671 (+5.3% total return)
Made some moves this week - closed 5, opened 5.
Big Win: FCX diagonal closed for +$1,080
Big Lesson: Almost blew it by not rolling my short calls early enoughHere's what happened:Had 55 calls expiring Friday. FCX rallied past them. Should have rolled earlier but I waited thinking I'd save $200.
Short dated options have high gamma and theta quickly exploded.
New rule: <7 DTE + near ITM = roll immediately, no exceptions.
Also This Week:
- Exited GME covered strangle (+$219) - IV died
- BAC stopped out (-$440) - weak earnings
- LW stopped out (-$152) - rally killed bearish thesis
- LCID closed (+$204) - time-based exit (less than 45DTE on my long puts)
New Positions:
Next Week:Rolling EEM and HIMS short options, re-establishing box spreadsAny questions on the positions or strategies, happy to discuss
Made some moves this week - closed 5, opened 5.
Big Win: FCX diagonal closed for +$1,080
Big Lesson: Almost blew it by not rolling my short calls early enoughHere's what happened:Had 55 calls expiring Friday. FCX rallied past them. Should have rolled earlier but I waited thinking I'd save $200.
Short dated options have high gamma and theta quickly exploded.
New rule: <7 DTE + near ITM = roll immediately, no exceptions.
Also This Week:
- Exited GME covered strangle (+$219) - IV died
- BAC stopped out (-$440) - weak earnings
- LW stopped out (-$152) - rally killed bearish thesis
- LCID closed (+$204) - time-based exit (less than 45DTE on my long puts)
New Positions:
- HIMS bearish diagonal (only 1:1 ratio due to account size)
- NU, FXI short puts
- JD, USO strangles
Next Week:Rolling EEM and HIMS short options, re-establishing box spreadsAny questions on the positions or strategies, happy to discuss
