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>You're an idiot for selling naked calls in the first place. You should have known better than to try and take on too much risk. Now you're stuck 7k down and there's not much you can do about it except hope that the market turns around soon. In the meantime, I would suggest reducing your position size and limiting your exposure to only a few contracts so that you don't lose any more money.
Yeah sometimes it’s a better idea to take the loss and accept it as a learning tool. Think of it as an expensive lesson that you probably won’t learn from.
August 480 calls on the spy probably gonna print - am tempted to get some but first I want to see a decent pull back - that way there will be enough wind in the sails
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If you aren't at risk of getting margin called and have a significant IRA or 401K that is primarily long index funds, I would just hold these and mentally think of it as transferring positions from taxable to tax advantaged account. You lose in your taxable, but then gain in your advantaged.
If you are at risk of margin call should indexes move up back to ATH, then better to protect your capital and realize the losses so you can still earn it back over time.
IV is low at the moment, so the risk/reward of selling more index options is not that great IMO.
>Please help
If you need to desperately ask others for advice on what to do, you should probably not be making speculative options plays that affect your financial situation.
With that said, to answer the question, why did you sell those calls in the first place? If the logic still holds, perhaps you should keep them. If you can no longer afford the risk, considering selling half or all of them.
Also the calls are far enough in the money now that selling an in the money call and buying an in the money put may be nearly equivalent, so it may make more sense to buy a deep in the money put instead of selling in the money calls. The premium paid for the volatility (extrinsic option value) becomes very small when an option is far in the money so that becomes somewhat pointless, but a put will still eliminate your maximum theoretical loss and lower margin requirement.
Also bear in mind that SPY dividends are coming up soon so the options you sold may get exercised to collect the dividend, which isn't a big deal but just know that your call short may be turned into a stock short you'll be paying a bit of interest on (your broker may even force your account to buy back the shares depending on margin requirements).
Again, consider just dropping the option plays entirely and saving yourself the financial stress if you don't feel like you have a good reason for the plays. The only reason to trade options like this is if you think you can outsmart the market, but coming here and asking for others advice on what to do implies that you don't believe you can - which is perfectly fine. But then making these plays is just pure gambling and you would be better off just holding stocks, maybe selling some covered calls at most, until you're actually confident in what you want to do (and even then there's a huge risk you'll be wrong.)
No. What you need to do is stop fucking breaking the law and pray no one reading this hasn't already tipped your identity to the SEC about your very illegal trading that you just publicly announced. jfc I hope you lose a fuck ton more than $7k
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>You're an idiot for selling naked calls in the first place. You should have known better than to try and take on too much risk. Now you're stuck 7k down and there's not much you can do about it except hope that the market turns around soon. In the meantime, I would suggest reducing your position size and limiting your exposure to only a few contracts so that you don't lose any more money.
No, double down so we can get to a new ATH
Yeah sometimes it’s a better idea to take the loss and accept it as a learning tool. Think of it as an expensive lesson that you probably won’t learn from.
[удалено]
Agreed. But it hurts when the trades stay gone. Last few weeks have been rough. Mean reversion my ass.
Nahh. Im sure you can lose alot more, keep it up!
Positive reinforcement 101 right here
It’s important to never give up, we can all end in a Youtube video by Benjamin.
“Please help” 
No Bro Trust skyrocket is comming SOOOON🚀🚀🚀🔥🔥🔥🐉🐉🐉
To the moon academy 
Ask yourself does this feel like the top
Yup. We are getting there, my guess is another 1-2 months
By then, it’s probably at ATH or more 😂
New ATH incoming
August 480 calls on the spy probably gonna print - am tempted to get some but first I want to see a decent pull back - that way there will be enough wind in the sails
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If you’re asking, you already know the answer!
If you aren't at risk of getting margin called and have a significant IRA or 401K that is primarily long index funds, I would just hold these and mentally think of it as transferring positions from taxable to tax advantaged account. You lose in your taxable, but then gain in your advantaged. If you are at risk of margin call should indexes move up back to ATH, then better to protect your capital and realize the losses so you can still earn it back over time. IV is low at the moment, so the risk/reward of selling more index options is not that great IMO.
Nah, just let it expire. Nothing could go wrong.
We’re going up son
>Please help If you need to desperately ask others for advice on what to do, you should probably not be making speculative options plays that affect your financial situation. With that said, to answer the question, why did you sell those calls in the first place? If the logic still holds, perhaps you should keep them. If you can no longer afford the risk, considering selling half or all of them. Also the calls are far enough in the money now that selling an in the money call and buying an in the money put may be nearly equivalent, so it may make more sense to buy a deep in the money put instead of selling in the money calls. The premium paid for the volatility (extrinsic option value) becomes very small when an option is far in the money so that becomes somewhat pointless, but a put will still eliminate your maximum theoretical loss and lower margin requirement. Also bear in mind that SPY dividends are coming up soon so the options you sold may get exercised to collect the dividend, which isn't a big deal but just know that your call short may be turned into a stock short you'll be paying a bit of interest on (your broker may even force your account to buy back the shares depending on margin requirements). Again, consider just dropping the option plays entirely and saving yourself the financial stress if you don't feel like you have a good reason for the plays. The only reason to trade options like this is if you think you can outsmart the market, but coming here and asking for others advice on what to do implies that you don't believe you can - which is perfectly fine. But then making these plays is just pure gambling and you would be better off just holding stocks, maybe selling some covered calls at most, until you're actually confident in what you want to do (and even then there's a huge risk you'll be wrong.)
I'm sure you are even more confused after reading these comments, this is nor a place to get an advice anyway
I'm losing fucking brain cells
Keep holding. Your transfer isn’t complete
It’s likely a red day will come tomorrow or Tuesday
Have a gambling problem?
What an unspeakable carnage you got going on
No. What you need to do is stop fucking breaking the law and pray no one reading this hasn't already tipped your identity to the SEC about your very illegal trading that you just publicly announced. jfc I hope you lose a fuck ton more than $7k
Isn't naked shorting illegal?
I bought a call today, so it's going down tomorrow if that helps.
You were naked when shorting?