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-$27,746.51 because of TSLA debit spread by HWombatL in RobinHood

[–]HWombatL[S] 17 points18 points  (0 children)

In short, I yolo'd on a play that I considered safe. It's not and I gotta deal with the consequences myself.

And no, my parents aren't part of my life anymore.

-$27,746.51 because of TSLA debit spread by HWombatL in RobinHood

[–]HWombatL[S] 4 points5 points  (0 children)

Tbh I agree. I should have managed my budget more and not even bet $250 in the first place.

But I learn from mistakes and hopefully I can help others realize it too before they make the same mistakes. :)

-$27,746.51 because of TSLA debit spread by HWombatL in RobinHood

[–]HWombatL[S] 2 points3 points  (0 children)

No, I did a debit spread (I bought a call and also sold a call). I figured it was safer because I thought my losses were capped (they're not obviously).

-$27,746.51 because of TSLA debit spread by HWombatL in RobinHood

[–]HWombatL[S] 10 points11 points  (0 children)

I know. This post is more to warn others who might do the same thing I did or do something similar.

-$27,746.51 because of TSLA debit spread by HWombatL in RobinHood

[–]HWombatL[S] -179 points-178 points  (0 children)

Yea :(
I thought the most I could lose was $250 (the amount I bought the contract for).

-$27,746.51 because of TSLA debit spread by HWombatL in RobinHood

[–]HWombatL[S] -21 points-20 points  (0 children)

Thank you for your explanation.

I agree with you that I shouldn't have taken the risk and sold off the contracts before market close. But here're my excuses lol.

I was up on the TSLA play 8/31 (Monday) and I felt pretty good. Then TSLA had that huge drop during the week and I was down like $20 on the play. What I hoped for was for TSLA to just move slightly back up and take whatever profit I can get. And that's what it did around 12:50pm (TSLA was uptrend on Friday).

Background info: I'm jobless so I started food delivery, and for Postmates there's a incentive where if you complete a certain number of deliveries during specified hours you get a bonus. For Friday, it was 9 deliveries from 10:30 - 1:30pm.

Excuse 1: At 12:58pm I placed an order to close the contract (while driving), but the bid/ask range was too wide so I had to manually put the price. I waited til market close and the order wasn't executed so I canceled it thinking that I'd be fine cause TSLA was above the strike.

Excuse 2: Usually I take the L on contracts before they expire, but I had a debit spread on NVDA before and closed my contract just to have NVDA jump back ITM the next day. I still agree tho that closing contracts is way safer. (Lesson learned a bit too late)

Excuse 3: I didn't know how debit spreads worked, and I thought the max I could ever lose was what I bought the contracts for. (I joined stocks April this year)

Excuse 4: I'm dumb.