I'm an option trader. Take away's from your video are; Duration over Direction.. Give yourself time to be right. Never buy OTM options.. Try and set up "synthetic" stock position. Last is to fill a small amount of contracts until you get trade confirmation before buying more calls.. Just my take Conner.. You're the best day trader I know.. BUT.. Trading options has RULES to follow to create edge and raise your probabilities.. Everyone should know them prior to trading options.. Good trading Conner.
My assumption is that when market makers see a big amount of contracts they try to make the stock go against you and make you sell your position, i heard this from different traders
Sorry to hear that you lost that much on your trade! Something to consider from a price action standpoint is that it was unclear at the point where you entered your trade whether the level would hold or not. From around 9/7/18 - 9/11/18, SPY formed a major higher low. In late September into early November, the price consolidated around a trendline that could've been drawn using the 6/28/18 and 8/15/19 lows. In the days prior to when you entered, the major higher low stopped holding and so the premise of an uptrend was no longer valid. This trendline break was followed by momentum to the downside, meaning that it could've been the start of a new down trend or a bear leg in a trading range that could turn around near $280 as you presumed. It wound up shaping into trading range activity that was unable to retest the prior high (9/20/19) for a couple of months before selling off aggressively into the end of the year. Hindsight is 20/20, of course, but relying on the support level to hold without getting upside confirmation first wound up being costly. Of course, in that moment it could have just looked like a sell vacuum test down through $280 and into $278, but the entry likely would have been higher probability if you had waited to see if there would be a bounce up due to sellers starting to cover, buyers returning, and any weak shorts buying back their positions if they had entered at or near the low. Still though, I'm sorry that that happened and I do understand that my assessment of the chart knowing what happened afterwards is not the same as having to make the decision when you entered.
@@timcampbell5682 Hey man, the thing is it just wouldn't be helpful in the short term (if I give you a chart and tell you to enter at a specific point it may or may not work out plus you may or may not know how to manage the trade once you're in it, especially if it goes against you) or in the long run ("give a man a fish vs teach a man to fish" sort of scenario) if I were to do that. Charts can be valuable in finding potential turning points, entries, exits, etc. but there are too many factors to consider to just put up a chart and tell someone to "enter here." I strongly urge you to not listen to anyone who does promise that sort of a point and click system because it is very likely that that will fail in the long run. Those people just aren't taking into account that different traders have different time spans, risk tolerance, account size, trade management style (for example, all in/out vs scaling in/out), and so on. Making decisions based on a chart is fine, it's not highly precise and often requires relatively large risk if the correct stops are used, but it still can work over the long run if you get good enough at reading them. If you are going that route, don't memorize candle stick patterns and such, that's a waste of time. Remember, there has to be someone taking the other side of every trade that is executed, otherwise the order won't be filled. Since the other side is typically a professional trading firm, there's some reason that they're taking the other side of the trade (ex. taking profits on a long because they think it won't go higher or entering a short because they think it will go lower). A candle stick pattern just can't be reliable over time because if it were then no one will be willing to take the other side anymore. So, all that is to say that if you are getting into trading, I recommend learning about the nature of markets i.e. how and why they move, because that will give you a much stronger conceptual framework to base your trading decisions off of. Learn about how buyers and sellers are likely to behave, how to manage risk, how to manage trades, and so on. Learning about trendlines and channels and such is helpful but only to a point. Start very small or in a sim account and gradually build up as you learn. Good luck!
The best part of this video is the post-loss psychology and how he discusses the change in your confidence, behavior etc. Very valuable information for any serious market participant.
I'm experiencing this now- I've lost soo much money in the past couple days and its super depressing! I thought I had my emotions under control but this is ROUGH! I feel like i dont know what the heck I'm doing anymore! ugh
I've gotten in the habit of putting on a closing trade as soon as the trade goes through. I do a triple OCO trade. A limit at $0.00. A stop-loss, or even a trailing loss. And finally, I put a time to close the trade if the other orders don't trigger. Always get out of the trade before expiration. In TOS, if you go to the gear at the right of the trade, you can set it to trade market minutes before the market closes.
I feel you bro. Still bag holding a stock right now. I was literally down 6k now recover almost everything back. Worst thing to do is holding stock over night. Lesson learn from my mistake always cut ur lost quick. My fear was if I hold it long enough I won’t lose as much. But my emotion got into me and lost shit tons of profit. I day trade penny stocks but this one stock mine fk me so hard I had to hold it from a bad entry. It happen to everyone . Best of luck.
Number one, where the hell was your risk management?!! You mean to tell me you went in with that much size and you didn’t have a disaster stop in place?! And secondly trading that much size with overnight risk, how could you even sleep at night?! But I really want to know why you went in with that kind of size with no stop lost in place?! And lastly why didn’t you hedge a position of that size, in case the position did go south on you?! These are big-league rookie mistakes you made man to lose that 30 grand! Please explain these to us!
Everybody was eager to catch the bottom. In hindsight its a bad trade becausebit looks like the moving average is pointing straight down still. Easier to spot why you shouldnt take it when emotion and greed not involved.
The most I've lost in a option trade was around 300+ it left like I lost 30,000 I was playing with a small account. That trade blew my acc. Slowly I'm trying to build it up. Thanks for the video
omg this is exactly what i'm dealing with right now :( I've paper traded for 2 years, was consistently profitable, and now that I'm live trading (for about 2 months now) I've lost SO much money and am having a hard time dealing with it! Like you said, i hesitate, second guess myself, feel like I have no idea what I'm doing now! Ugh- its rough. I feel like quitting. I'm praying that this is just my major knock over the head right off the bat so I can LEARN MY LESSONS (like always ALWAYS have a stoploss!!!) and praying I can slowly gain back confidence!
suggestion from my experience would be never to invest a lot of money on options. There is always an affordable less risky play somewhere. You can invest in a call or a put in something you are certain on if you have time on the contract and liquidity to buy more calls and or puts in the event that you still believe in the play.
The dumbest feeling when I blew up my account through options is when I closed my position at a complete loss before my contract even expired. Because I was so used to taking losses and selling out from regular day trading stocks, the same instincts applied to options and it was too late for me to realize what I was doing. But the mechanics of options are different. Of course price than went towards where I initially wanted to go and I could have at least broke even. The lesson is to always use less than your entire account and I'm sure everyone here knows that. Have a stop, don't buy options when volatility is so high, be patient when huge price movements happen and be very considerate that the environment that has changed when that happens, and flow with the market. Oh and don't follow wsb sub Reddit. Their stupidity will rub off on you.
Question...if you opened y0ur p0siti0n at 280 and the b0unce t00k y0u to 280, y0ur break even entry price, why were y0u at that p0int down 14k? Shouldn't you logically have been at break even? Unless I am misunderstanding something ( I don't normally do options)
I applaud you for disclosing your loosing trades more helpful then posting your winning trades. And it takes nerves of steel to put 30k in one options trade.
very very helpful. Your description of how it feels for a major loss and its effect on your trading was spot on with my experience. Thank you for sharing
There was 0 confirmation to take that trade, it pierced right through that level, and the retest of the 280 became your resistance....yes hind sight, however 0 confimation , later in time that 280 eventually became support- but not when you "bought the bottom"
I've never paid to much attention to your videos but browsing through a couple of them really got my attention. I think you are speaking very direct and clear about your trades and problems. You have a rational approach towards winning and losing in the market. Nevertheless, I would recommend you improve your UA-cam video thumbnails to attract more views as the content is really good :) Keep it going!
The exact reasons I love and hate options! Theta eating away. I've made the same mistakes too. Right now my options trades are getting RKOed from the choppy market. Thanks for sharing this story!!!
it was bouncing but above the indicators. your entry was below indicators. and they bounced but to the downside as it had alrrady rallied and tested that support multiple times. so now that support became resistance.
Real quick- at the end of the video, did you mean to input some screen shots? You keep talking to the computer saying "i went from here to here" etc but I have no idea what you are trying to show us LOL Maybe forgot to add screensharing?
There are a lot of negative comments about options. There are some online tech sites that actually charge a subscription for their guidance. It is trully complicated. Finding volatility potential before buying is a must. There are other simpler choices available.
Same dam thing, we’ll almost the same but lost 8k on MU on an option trade. That was my last trade I’ve ever done with MU. I hate that stock with a passion!!!
I made an option trade to go down but put the date in Jan so that if I missed the price I should have been able to catch it in time. But as soon as I got 30% up I sold.the market bounced saved my self a bit of a headache.
@@owenwalker1774 I got lucky and went from 4k to 36k with BA, ATVI, and SPY calls, then got too cocky and lost 30k on SPY puts. Played out exactly like Conner's situation, held for 4 days hoping for recovery that never happened.
@@palmettocards2099 yea I was buying credit spreads on SPY, and it was working but I got paranoid of it going bad. Instead latley I have been trading TVIX.
That was some cautious yet aggressive revenge trading after that loss too. But, we sometimes make really good trades when cautiously aggressive. Personally, my best trades were made doing that very thing(cautious but aggressive). Nothing ventured, nothing gained.😎👍
@@ConnorPollifroneBRT I always feel bad for you when this happens, you're an inspiration for me as a trader. Thanks for taking the time, I know you make $ on the vids but still I appreciate your time Connor. Still not profitable lol.
Connie---- you're still a good trader, and I am proud of you for making that big loss you had public---you still the man in my eye bro! Aye ===ever thought making a video of a HOD skan in TOS----not everybody can afford T.i.
Thanks for sharing and the words of advise. BTW you didn't share your screen in about the last minute and a half, so no one could see what you were referencing. Beyond that, a very informative video.
SR.A “The Trading Fraternity “ UA-cam channel, free. 8 hours a day of lessons and live market fun...always trade in a simulator until you really get it ... and use small size , lots of small trades... Check out Josh Answers on that channel...this loss never would have happened if he learned properly about Options and risk management...good luck. Stick with it ...options are the best ,but it takes a while to learn them...
That was a nice way to put it :) ..but in the end of the day was two things, greed, and i thought i had a good game plan. Not being able to hold a position for a long time is also a problem for the type of strategy i use
Pfft I've lost 90% on a trade in a couple hours. You're not a real trader until you speculate the weeklies on a Friday. :) Also that trade would have worked well, but the macro was against you. We were in a period of rising rates and headed to the last rate hike in December. The 10 year was at or near 3%. We're at 1.8% right now. Also not sure you'd go long calls if you thought it would bounce as opposed to selling a put spread. And additionally if you knew the market probably wouldn't rebound you could have sold calls against your calls at a lower strike price and made back some of the losses.
@@swashington942 Meh we are going to be range bound in this 3000 area on the SPX. Way to many sellers at this level and the recession fears are still very much in tact. I think it's a stock pickers market headed into earnings a few companies will get eaten alive we've already seen in with ZM CRWD ZS and FDX as well as a few others I can't remember off the top of my head. Next week we get a few big names like NKE. That will decide the direction of the market. The only reason why the market has been staying afloat is due to the insane amount of stock buy backs and we are very lucky they're buying back stock otherwise we would have like 0 liquidity.
no such thing as taking a trade on a bottom WITHOUT a confirmation of a 3 bar pattern! thats a rookie mistake!!!! you cant just hope it gonna go up! big gambling! no WAYYYYYY you should take an options trade like that!!!!!! seems you started options yesterday!
huh! he lost 30k... I lost 750K in 15 minutes during Swiss Frank crash. And stops didn't work! The market was just going and going down, later closing my positions at some ridiculous pirce.
Thats what happens when stock traders go into options without KNOWING strategy and risk management from OPTIONS TRADERS!!! always second guess yourself and always look for advice!
Was those contracts call spreads? What is it with Spy? I see that that other UA-camrs in this profession watch Spy faithfully? Why is that? We couldnt see the screen at the end bro. Encouraging video
@@ConnorPollifroneBRT i remember when i was in similar situation.. i think i put nearly 30k in Ur.to stock across 3 accounts, the stock was $1.10 yes peny stock lol, the bod kept sugar coating the news releases stating they raised $200milion to build their so called high damand satellite imagery station and they did this for few months until the stock dropped to 30cents and now today its 14 cents i sold at 19cents but i bought aim.to which i made 19k profit on it so really i lost about 12k..not too bad of a loss but now i kno not to invest in companies that are not producing what they say in certain time frame or borrowing too much money that they are not making enough profit to pay it back. basically i got lead on.. but today im more profitable than ive ever been and more cautious.
Connor is one of the best professional MOMO trades out there making big bucks trading blue chip stocks everyday not low floater penny stocks that the price could easily be manipulate. You could watch him trade live everyday and learn a lot for low monthly fee.
good sobering story. I have had this happen to me as well. Now I only trade options 3 months out and in the money. out of money options only used for day trading Trump tweets
"Don't be scared about losing, just take the God damn trade" -Connor Pollifrone Your online course completely sharpened my trading skills. Can't thank you enough.
Wow this makes my $246 loss today look like chump change. I feel much better now, ty.
I'm an option trader. Take away's from your video are; Duration over Direction.. Give yourself time to be right. Never buy OTM options.. Try and set up "synthetic" stock position. Last is to fill a small amount of contracts until you get trade confirmation before buying more calls.. Just my take Conner.. You're the best day trader I know.. BUT.. Trading options has RULES to follow to create edge and raise your probabilities.. Everyone should know them prior to trading options.. Good trading Conner.
My assumption is that when market makers see a big amount of contracts they try to make the stock go against you and make you sell your position, i heard this from different traders
Sorry to hear that you lost that much on your trade! Something to consider from a price action standpoint is that it was unclear at the point where you entered your trade whether the level would hold or not. From around 9/7/18 - 9/11/18, SPY formed a major higher low. In late September into early November, the price consolidated around a trendline that could've been drawn using the 6/28/18 and 8/15/19 lows. In the days prior to when you entered, the major higher low stopped holding and so the premise of an uptrend was no longer valid. This trendline break was followed by momentum to the downside, meaning that it could've been the start of a new down trend or a bear leg in a trading range that could turn around near $280 as you presumed. It wound up shaping into trading range activity that was unable to retest the prior high (9/20/19) for a couple of months before selling off aggressively into the end of the year. Hindsight is 20/20, of course, but relying on the support level to hold without getting upside confirmation first wound up being costly. Of course, in that moment it could have just looked like a sell vacuum test down through $280 and into $278, but the entry likely would have been higher probability if you had waited to see if there would be a bounce up due to sellers starting to cover, buyers returning, and any weak shorts buying back their positions if they had entered at or near the low. Still though, I'm sorry that that happened and I do understand that my assessment of the chart knowing what happened afterwards is not the same as having to make the decision when you entered.
@@timcampbell5682 Hey man, the thing is it just wouldn't be helpful in the short term (if I give you a chart and tell you to enter at a specific point it may or may not work out plus you may or may not know how to manage the trade once you're in it, especially if it goes against you) or in the long run ("give a man a fish vs teach a man to fish" sort of scenario) if I were to do that. Charts can be valuable in finding potential turning points, entries, exits, etc. but there are too many factors to consider to just put up a chart and tell someone to "enter here." I strongly urge you to not listen to anyone who does promise that sort of a point and click system because it is very likely that that will fail in the long run. Those people just aren't taking into account that different traders have different time spans, risk tolerance, account size, trade management style (for example, all in/out vs scaling in/out), and so on. Making decisions based on a chart is fine, it's not highly precise and often requires relatively large risk if the correct stops are used, but it still can work over the long run if you get good enough at reading them. If you are going that route, don't memorize candle stick patterns and such, that's a waste of time. Remember, there has to be someone taking the other side of every trade that is executed, otherwise the order won't be filled. Since the other side is typically a professional trading firm, there's some reason that they're taking the other side of the trade (ex. taking profits on a long because they think it won't go higher or entering a short because they think it will go lower). A candle stick pattern just can't be reliable over time because if it were then no one will be willing to take the other side anymore. So, all that is to say that if you are getting into trading, I recommend learning about the nature of markets i.e. how and why they move, because that will give you a much stronger conceptual framework to base your trading decisions off of. Learn about how buyers and sellers are likely to behave, how to manage risk, how to manage trades, and so on. Learning about trendlines and channels and such is helpful but only to a point. Start very small or in a sim account and gradually build up as you learn. Good luck!
The best part of this video is the post-loss psychology and how he discusses the change in your confidence, behavior etc. Very valuable information for any serious market participant.
I'm experiencing this now- I've lost soo much money in the past couple days and its super depressing! I thought I had my emotions under control but this is ROUGH! I feel like i dont know what the heck I'm doing anymore! ugh
I've gotten in the habit of putting on a closing trade as soon as the trade goes through. I do a triple OCO trade. A limit at $0.00. A stop-loss, or even a trailing loss. And finally, I put a time to close the trade if the other orders don't trigger. Always get out of the trade before expiration. In TOS, if you go to the gear at the right of the trade, you can set it to trade market minutes before the market closes.
I feel you bro. Still bag holding a stock right now. I was literally down 6k now recover almost everything back. Worst thing to do is holding stock over night. Lesson learn from my mistake always cut ur lost quick. My fear was if I hold it long enough I won’t lose as much. But my emotion got into me and lost shit tons of profit. I day trade penny stocks but this one stock mine fk me so hard I had to hold it from a bad entry. It happen to everyone .
Best of luck.
tim campbell yeah learning options rn
Nice.. appreciate how you share your losses too. Great way to learn for all of us
Number one, where the hell was your risk management?!! You mean to tell me you went in with that much size and you didn’t have a disaster stop in place?!
And secondly trading that much size with overnight risk, how could you even sleep at night?! But I really want to know why you went in with that kind of size with no stop lost in place?!
And lastly why didn’t you hedge a position of that size, in case the position did go south on you?! These are big-league rookie mistakes you made man to lose that 30 grand! Please explain these to us!
like he doesn't feel enough like shit. Dad.
Everybody was eager to catch the bottom. In hindsight its a bad trade becausebit looks like the moving average is pointing straight down still. Easier to spot why you shouldnt take it when emotion and greed not involved.
The most I've lost in a option trade was around 300+ it left like I lost 30,000 I was playing with a small account. That trade blew my acc. Slowly I'm trying to build it up. Thanks for the video
omg this is exactly what i'm dealing with right now :( I've paper traded for 2 years, was consistently profitable, and now that I'm live trading (for about 2 months now) I've lost SO much money and am having a hard time dealing with it! Like you said, i hesitate, second guess myself, feel like I have no idea what I'm doing now! Ugh- its rough. I feel like quitting. I'm praying that this is just my major knock over the head right off the bat so I can LEARN MY LESSONS (like always ALWAYS have a stoploss!!!) and praying I can slowly gain back confidence!
suggestion from my experience would be never to invest a lot of money on options. There is always an affordable less risky play somewhere. You can invest in a call or a put in something you are certain on if you have time on the contract and liquidity to buy more calls and or puts in the event that you still believe in the play.
The dumbest feeling when I blew up my account through options is when I closed my position at a complete loss before my contract even expired. Because I was so used to taking losses and selling out from regular day trading stocks, the same instincts applied to options and it was too late for me to realize what I was doing. But the mechanics of options are different. Of course price than went towards where I initially wanted to go and I could have at least broke even. The lesson is to always use less than your entire account and I'm sure everyone here knows that. Have a stop, don't buy options when volatility is so high, be patient when huge price movements happen and be very considerate that the environment that has changed when that happens, and flow with the market. Oh and don't follow wsb sub Reddit. Their stupidity will rub off on you.
Question...if you opened y0ur p0siti0n at 280 and the b0unce t00k y0u to 280, y0ur break even entry price, why were y0u at that p0int down 14k? Shouldn't you logically have been at break even? Unless I am misunderstanding something ( I don't normally do options)
Let's not sugar coat it, you basically gambled away $30K.
Sneaky Ninja totally true, option trading is crap
Sneaky Ninja gambling the odds are always against you, if you know how to options trade you can make your probability more than 50%, so not gambling.
The most I have lost in a trade was over $50,000 dollars in 2018, so no what a big 5 figure stock loss feels like, absolutely horrible feeling!
Did you have a planned point to stop out or were you just winging this particular trade? Enjoying your videos by the way, thanks
Appreciate the honesty. It takes a REAL man to discuss something like this.
I applaud you for disclosing your loosing trades more helpful then posting your winning trades. And it takes nerves of steel to put 30k in one options trade.
very very helpful. Your description of how it feels for a major loss and its effect on your trading was spot on with my experience. Thank you for sharing
There was 0 confirmation to take that trade, it pierced right through that level, and the retest of the 280 became your resistance....yes hind sight, however 0 confimation , later in time that 280 eventually became support- but not when you "bought the bottom"
I've never paid to much attention to your videos but browsing through a couple of them really got my attention. I think you are speaking very direct and clear about your trades and problems. You have a rational approach towards winning and losing in the market. Nevertheless, I would recommend you improve your UA-cam video thumbnails to attract more views as the content is really good :) Keep it going!
Doubt an Hesitation, long term side effect of Revenge Trading. Small wins Add Up too. Glad you got your edge back.
Thanks for the breakdown!
Based on these candles, I'm guessing your contracts were on a 1 month expiration?
Btw you forgot to screen share at the end lol
The exact reasons I love and hate options! Theta eating away. I've made the same mistakes too. Right now my options trades are getting RKOed from the choppy market. Thanks for sharing this story!!!
Gregory Jules Why not use spread trades that are theta positive?
it was bouncing but above the indicators. your entry was below indicators. and they bounced but to the downside as it had alrrady rallied and tested that support multiple times. so now that support became resistance.
Real quick- at the end of the video, did you mean to input some screen shots? You keep talking to the computer saying "i went from here to here" etc but I have no idea what you are trying to show us LOL Maybe forgot to add screensharing?
which share ( or so ) was is it ?
There are a lot of negative comments about options. There are some online tech sites that actually charge a subscription for their guidance. It is trully complicated. Finding volatility potential before buying is a must. There are other simpler choices available.
Same dam thing, we’ll almost the same but lost 8k on MU on an option trade. That was my last trade I’ve ever done with MU. I hate that stock with a passion!!!
We all have that one stocks
I made an option trade to go down but put the date in Jan so that if I missed the price I should have been able to catch it in time. But as soon as I got 30% up I sold.the market bounced saved my self a bit of a headache.
I made the exact same mistake last week with SPY puts, done trading options forever.
How much did you lose?
@@owenwalker1774 I got lucky and went from 4k to 36k with BA, ATVI, and SPY calls, then got too cocky and lost 30k on SPY puts. Played out exactly like Conner's situation, held for 4 days hoping for recovery that never happened.
@@palmettocards2099 yea I was buying credit spreads on SPY, and it was working but I got paranoid of it going bad. Instead latley I have been trading TVIX.
That was some cautious yet aggressive revenge trading after that loss too. But, we sometimes make really good trades when cautiously aggressive. Personally, my best trades were made doing that very thing(cautious but aggressive).
Nothing ventured, nothing gained.😎👍
Thanks for sharing your experience with us and how you overcame the psychological aspects of the loss.
wow .. I am learning how to manage my emotions. thanks to your videos.
Good stuff my man
thanks for the video, one more time you weren't sharing you screen on the last minutes, but i know that is your signature lol :P :D
Haha yes!
@@ConnorPollifroneBRT I always feel bad for you when this happens, you're an inspiration for me as a trader. Thanks for taking the time, I know you make $ on the vids but still I appreciate your time Connor. Still not profitable lol.
Great recap! TX for sharing! Humble experience we all go through it!
Connie---- you're still a good trader, and I am proud of you for making that big loss you had public---you still the man in my eye bro!
Aye ===ever thought making a video of a HOD skan in TOS----not everybody can afford T.i.
Thanks for sharing and the words of advise. BTW you didn't share your screen in about the last minute and a half, so no one could see what you were referencing. Beyond that, a very informative video.
you can be right 90% of the time on options but you have to know what youre doing! its not gambling!
Thanks for a honest review 👍Not many traders talk about their loosing trades because it hurts their ego.
Great trading psychology advice.
at 14:00 we can't see your screen as you are pointing to things for us to look at. can you edit the video to show us?
I still don’t get it. Why are you selling courses?
Multiple streams of income.
"Do I really wanna keep loosing? no" looool
Great Video. Thanks for sharing. One request could plz help us to find best broker for Canadian. i m more into short positions. Thank you
Oanda for Forex. Interactive Brokers for stocks
Options are so confusing to me. Could someone give me advice/tips or can someone recommend who to learn from?
SR.A “The Trading Fraternity “ UA-cam channel, free. 8 hours a day of lessons and live market fun...always trade in a simulator until you really get it ... and use small size , lots of small trades... Check out Josh Answers on that channel...this loss never would have happened if he learned properly about Options and risk management...good luck. Stick with it ...options are the best ,but it takes a while to learn them...
I never hold bio's overnight, oil, $SPY------------I like oversold plays for swing trades that have value.
Thank you for going over this. I learned something about me and the trading mentality. Its nice to now my emotions are normal
You made my day feel a lot better. Sorry for your loss though
Thanks for sharing. But chin up, your max loss was clearly defined. Let's assume you had shorted hundreds of 280 uncovered puts in your bullish view!
I lost the same amount with oil options a few months ago. Never going back to options ever again
That was a nice way to put it :) ..but in the end of the day was two things, greed, and i thought i had a good game plan. Not being able to hold a position for a long time is also a problem for the type of strategy i use
hello, how many contracts did you buy for that?
I beleive 150-200 contravta
Pfft I've lost 90% on a trade in a couple hours. You're not a real trader until you speculate the weeklies on a Friday. :) Also that trade would have worked well, but the macro was against you. We were in a period of rising rates and headed to the last rate hike in December. The 10 year was at or near 3%. We're at 1.8% right now. Also not sure you'd go long calls if you thought it would bounce as opposed to selling a put spread. And additionally if you knew the market probably wouldn't rebound you could have sold calls against your calls at a lower strike price and made back some of the losses.
Stephen Eoanou where do you think the market is headed tomorrow after the fed announcement?
@@swashington942 Meh we are going to be range bound in this 3000 area on the SPX. Way to many sellers at this level and the recession fears are still very much in tact. I think it's a stock pickers market headed into earnings a few companies will get eaten alive we've already seen in with ZM CRWD ZS and FDX as well as a few others I can't remember off the top of my head. Next week we get a few big names like NKE. That will decide the direction of the market. The only reason why the market has been staying afloat is due to the insane amount of stock buy backs and we are very lucky they're buying back stock otherwise we would have like 0 liquidity.
Good reason to have uvxy call as a insurance for big down days.
lol.dont feel so bad i lost 75k around the same time. Divergence
Hope you recover man 🙏
You're not showing the screen toward the end of the video!
Can't see what the hell your doing!
It's good to lose big once .. its all part of the learning curve. Next time you're more cautious and less greedy. Lessons learned.
Fuck that!!! I'll learn from his mistakes lol. I get upset when I lose 30-60 bucks on a option trade now imagine 33k
And at the end when you were explaining when you were going short we couldnt see what you were pointing at
"How I lost $30,000 gambling"
Great video bro this is what i needed
no such thing as taking a trade on a bottom WITHOUT a confirmation of a 3 bar pattern! thats a rookie mistake!!!! you cant just hope it gonna go up! big gambling! no WAYYYYYY you should take an options trade like that!!!!!! seems you started options yesterday!
Yea but what percentage of your account is that. ANd your prolly making at least 100k plus on your UA-cam channel.
Why not SPX , spy is for Robinhood to save commissions, we all lost that day. It sucked
okay i feel a bit better about my losses now
Just took a big loss. Needed this video 🤧
I respect your honesty
This happens to every trader everytime
So you are not alone man
We’ve all used the worst strategy, hold and hold lol
Excellent video
huh! he lost 30k... I lost 750K in 15 minutes during Swiss Frank crash. And stops didn't work! The market was just going and going down, later closing my positions at some ridiculous pirce.
Absolute Zero if I had that kind of money I wouldn’t even be in the fucking market. I’d invest in real estate.
I have a plan but no capital. Lol
Damn, how did you eat that loss? I probably would have considered suicide (no joke). Most people can't even save that kind of money in their lifetime.
@@sneakyninja5802 I made another million 9 month later after that, so , no regrets.
@@absolute___zero All from trading? good stuff.
Sneaky Ninja when someone loses $750k with (no regrets) they have more money than common sense.
Thats what happens when stock traders go into options without KNOWING strategy and risk management from OPTIONS TRADERS!!! always second guess yourself and always look for advice!
Was those contracts call spreads? What is it with Spy? I see that that other UA-camrs in this profession watch Spy faithfully? Why is that? We couldnt see the screen at the end bro. Encouraging video
The Spy is the most heavily traded etf, and a the best measurement of the over all market health
I find options best when using small amounts of contacts ,sprinkled over lots of bets...you put all your eggs in one basket
u need to read trading in the zone
I shall never trade options 😬
here to there then here here here then there...if only I could see the screen at the end and understand
Noooooo!! $30K!!
you were trading when the market was volatile.
Yes exactly had to pay a higher premium on the options to
@@ConnorPollifroneBRT i remember when i was in similar situation.. i think i put nearly 30k in Ur.to stock across 3 accounts, the stock was $1.10 yes peny stock lol, the bod kept sugar coating the news releases stating they raised $200milion to build their so called high damand satellite imagery station and they did this for few months until the stock dropped to 30cents and now today its 14 cents i sold at 19cents but i bought aim.to which i made 19k profit on it so really i lost about 12k..not too bad of a loss but now i kno not to invest in companies that are not producing what they say in certain time frame or borrowing too much money that they are not making enough profit to pay it back. basically i got lead on.. but today im more profitable than ive ever been and more cautious.
Hey, this is my story. (kidding)
Thank u broo
If you sell the put。。。。。
Damn... Big Money.
how in the world you bet 30 Gs without inssurance? Why didnt you make a iron condor? youre crazy!
Connor is one of the best professional MOMO trades out there making big bucks trading blue chip stocks everyday not low floater penny stocks that the price could easily be manipulate. You could watch him trade live everyday and learn a lot for low monthly fee.
That was a falling knife.
Oof. I only do puts when it comes to options.
good sobering story. I have had this happen to me as well. Now I only trade options 3 months out
and in the money. out of money options only used for day trading Trump tweets
I agree otm options good for intraday moves!
I call this perspective!!! 🤣🤣 yet you lost 33k! And I'm ready to flip a table when I buy 3 calls and lose 60 bucs🤣🤣
That’s wild.
Connor was reading wayyy too much on r/wallstreeetbets
Thats where i got started day trading options.
nice mouse pad
WSB style
You only lose when you sell 🤬
And options is literally gambling 🎰
Lol, i was gonna say options expire so you lose even with out selling haha
Aka bag holding
When you talk about g0ing short at the end of the vid you say here here and here..do you realize we can't see your screen? lol. i think maybe not
unlucky man. All you can do is learn from it and grow
"Don't be scared about losing, just take the God damn trade" -Connor Pollifrone
Your online course completely sharpened my trading skills. Can't thank you enough.
Never do a naked call or put. Always do spreads.
LOL
Hello Im ' Will Munchin rice to meatya
Death cross got ya.