So it's not reflected in my trades today but today was a green to red day, and in the most spectacular fashion too.

Scalped DCFC into open for a nice win, scalped AMC a couple times for a nice win, so three winning trades up and I saw GME was starting to stair step up, so I FOMO'd into a weekly OTM call paying a $50 premium in the bid/ask, just complete gambler behavior...

I timed the market perfectly wrong and lost about $100 within seconds. Now I am breaking one of my rules and holding on because of the very bullish reversal that's underway.

Right now I'm allowing myself to hold some speculative options as a way to gain market experience but I know a much better strategy than buying weeklies (don't buy weeklies lol) that might not yield as high % gain but is more stable price wise. Because with a down move IV kills you and I almost got caught a couple times this week that way.

So here's the thing, the market really humbles you and is the best instructor. Main thing is are you going to learn your lesson or keep repeating the same mistakes? I'm getting better at trading because I'm not repeating mistakes. Need to learn from this and might get lucky too, I'm fully prepared to accept a couple hundred dollar loss on the trade because the option has a short expiry is volatile but the short term chart looks promising.

So really a blog to remind myself that when I'm up for the day, derisk!!!! I have this tendency to want to keep pressing and pressing, which can help when you're holding something less volatile but a weekly option? Good way to set your money on fire.

Yeah the prospect of taking another big L sucks but the point is these bigger losses reveal mistakes in strategy or risk management. I'm not doubling down and determining my course of action minute by minute tomorrow. In the meantime I will keep chronicling my mistakes and lessons and hopefully this will be a great resource when I'm one of the best traders on here.

Like I say, if you don't have huge goals, why are you even on this site?