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Loser: 61.94% Loss On SPY Puts

Dec. 20, 2020 10:48 AM ET
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  • Bought the SPY 18DEC20 364 put options on Nov 18 at $9.17.
  • Sold the puts on Dec 4 at $3.49 for a loss of 61.94% on the trade.
  • 6% portfolio allocation.

I bought the SPY puts on Nov 18 when the price dropped and broke the bullish uptrend line - the price then moved sideways for three days and then spiked higher on Nov 24 - I should have closed the position on Nov 24 but was stubborn and hung on for too long. The price bars were green (bullish) so I had no business trying to SHORT SPY. 

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