Out of Stupidity, Out of Ignorance... - futures io
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Out of Stupidity, Out of Ignorance...

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Out of Stupidity, Out of Ignorance...

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  #1 (permalink)
Amarillo Texas/USA
Posts: 63 since Dec 2014

Out of Stupidity, out of ignorance.

Mistakes made.
And Learns from.

Oil is going down. Bought Puts on RIG DEC 19th.

Mistake 1. Buying puts on RIG. The RIG chart doesn't match up too well to the crude oil chart.
Riding the wrong pony here. Should be directly riding the right Pony. which is oil.
Had virtually no understanding of the time erosion on the options. Very limited understanding of.

Mistake 2.
Not knowing what I was doing bought ERY options and common stock to the tune of 60,000.
Took a loss on that again. Even as oil is going down.

Mistake 3.

Cleared the boat of all mistakes sold off everything, Riding the wrong pony with the RIG puts, Buying into a 3X's inverse ETF. Sold off all of those losses

Then bought 150,000 of SCO. Seems likes there's three good ponies to ride here. Dno, SCO, and DWTI,
So, I am up 4800.00 on my trade after three days. I am not trusting the charts here. Oil bounces up more than 3 points yesterday. I am now down 21,000

I should put in a stop, why don't I put in a stop? Thought all this out. And yet I didn't put in the stop loss.
Yes, oil will come back down. I could have taken a profit and another opportunity.
My ignorance at not putting in a stop loss. Mistake 3.

Getting out of a stupid trading zone for myself hopefully to a more knowledgeable trading zone.

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