One Sleepy Trade, One Big Mistake: Seeking Advice

[xkosmox]

Hey all. I made a buy last night on the TGB 1.5 call for Jan 2024, locking it in at $0.31.

Thinking it was a 1/5 call I went to sleep.

Woke up this morning and realised I had sleepingly purchased 20 full lots (100 × 1/5)

So from what would have been 310 usd, im now looking at a purchase of 31,000 usd which has now dropped to 25,000 usd...oof.

Wanted to draw on the wisdom here: what would you do in this case? Set a stop loss at half (0.15usd)? Or ride it out for the first few weeks?

Viewing myself as a medium-risk investor at the moment.

[SOL]

Hey all. I made a buy last night on the TGB 1.5 call for Jan 2024, locking it in at $0.31.

Thinking it was a 1/5 call I went to sleep.

Woke up this morning and realised I had sleepingly purchased 20 full lots (100 × 1/5)

So from what would have been 310 usd, im now looking at a purchase of 31,000 usd which has now dropped to 25,000 usd...oof.

Wanted to draw on the wisdom here: what would you do in this case? Set a stop loss at half (0.15usd)? Or ride it out for the first few weeks?

Viewing myself as a medium-risk investor at the moment.

Holy cow, that was a major Oops event! I must commend you for your remarkable ability to laugh it off. My hats off to you! When it comes to wisdom, I'm afraid there's no such thing in the realm of options. It's more like a fierce battle to the death.

Regarding the current situation, Copper is consolidating on the weekly, daily, and hourly charts. Across all three time frames, it is trading in the very to extremely oversold range. TGB is following a similar trajectory, suggesting it could test the 1.37 to 1.45 range before pulling back and forming a more stable bottom. If this scenario unfolds, the option should trade within or slightly above the range of your initial entry.

Copper is currently consolidating and gathering momentum for its next upward movement. The length of bottoming and topping cycles has increased, which appears to be the new norm for now.

I will share some charts in this section of the forum. However, please consider them as data points for analysis rather than guaranteed outcomes.
viewtopic.php?p=16236#p16236

[xkosmox]

Many thanks. Today's pre-market surge nearly hit that range of 1.37+ so i was paying closer attention, however the price is still stuck at 0.16 for now, probably because the trading volume dropped significantly over the past days.

And yes! I surprise myself at how calm I've been...even booking a holiday in Danang (vietnam) to relax

[SOL]

Many thanks. Today's pre-market surge nearly hit that range of 1.37+ so i was paying closer attention, however the price is still stuck at 0.16 for now, probably because the trading volume dropped significantly over the past days.

And yes! I surprise myself at how calm I've been...even booking a holiday in Danang (vietnam) to relax

Danang offers a delightful experience; don't miss the scenic Ba Na Hills. For cooler weather and fine wine, Dalat is a must-visit destination.

[Yodean]

Many thanks. Today's pre-market surge nearly hit that range of 1.37+ so i was paying closer attention, however the price is still stuck at 0.16 for now, probably because the trading volume dropped significantly over the past days.

And yes! I surprise myself at how calm I've been...even booking a holiday in Danang (vietnam) to relax

Copper looking really good for longs, atm, imv.

Last week's COT data very favourable, CTA data currently showing that some algos are beginning to buy significantly.

I already have small positions in VALE and NOVR.VN, but added a nice chunk of CPER just now.

Copper may have hit an interim bottom on May 24th around 3.56 (daily close, futures data) - that's where I'll be placing a mental stop of sorts.

Also copper looking strong as it's rising alongside USD today (bullish divergence of historical relationship) - will have to see if it can close that way.

Have fun in Danang!

[AstuteShift]

It happens, I had an experience doing that first time into options lol

Hence why Buffet called them weapons of destruction if used incorrectly lol

[harryg]

Hey all. I made a buy last night on the TGB 1.5 call for Jan 2024, locking it in at $0.31.

Thinking it was a 1/5 call I went to sleep.

Woke up this morning and realised I had sleepingly purchased 20 full lots (100 × 1/5)

So from what would have been 310 usd, im now looking at a purchase of 31,000 usd which has now dropped to 25,000 usd...oof.

Wanted to draw on the wisdom here: what would you do in this case? Set a stop loss at half (0.15usd)? Or ride it out for the first few weeks?

Viewing myself as a medium-risk investor at the moment.

I sincerely hope that you end up making multiples of what you initially thought. Who knows, it could even be a life-changing trade, and good luck with it.

But I'm going to tell you the boring answer

The instant that we make a mistake like that (and believe me, it’s happened to everyone), we reverse it.

No questions, no second-guessing. Out.

[Eric]

Major Axiom 1: If you aren't worried, you aren't risking enough.

Minor Axiom 1: Play for meaningful stakes. If you only risk what you can afford to lose, you can only win what won't help very much.

Good luck brother!

[Yodean]

Major Axiom 1: If you aren't worried, you aren't risking enough.

Minor Axiom 1: Play for meaningful stakes. If you only risk what you can afford to lose, you can only win what won't help very much.

Good luck brother!

After _Zurich Axioms_, the next two books I'd recommend for investors are the first two Market Wizards books.

https://www.amazon.com/Market-Wizards-5 ... B08R3SYBFS

[AstuteShift]

It’s true on the aspect where if you focus on one or two sectors then you can win big since you don’t waste time chasing or wasting precious brainpower trying to learn everything

Another aspect which is completely orthodox or even contradictory to winning big trades is to give back….

Give back to charity, the poor, the needy without expectation, without thought, without even a grimace. You will be amazed how much you get back in return or more.

That’s my two cents

Investing is not complicated nor easy. It’s important but it’s not the be all end all. You have to be in the middle of it to win

[Yodean]

It’s true on the aspect where if you focus on one or two sectors then you can win big since you don’t waste time chasing or wasting precious brainpower trying to learn everything

Another aspect which is completely orthodox or even contradictory to winning big trades is to give back….

Give back to charity, the poor, the needy without expectation, without thought, without even a grimace. You will be amazed how much you get back in return or more.

That’s my two cents

Investing is not complicated nor easy. It’s important but it’s not the be all end all. You have to be in the middle of it to win

Random acts of giving generally feel good. Even better if the giver remains anonymous to the receiver.

And what's given doesn't necessarily have to be money - could be time spent, solicited knowledge/expertise, etc.

[Budge]

It’s true on the aspect where if you focus on one or two sectors then you can win big since you don’t waste time chasing or wasting precious brainpower trying to learn everything

Another aspect which is completely orthodox or even contradictory to winning big trades is to give back….

Give back to charity, the poor, the needy without expectation, without thought, without even a grimace. You will be amazed how much you get back in return or more.

That’s my two cents

Investing is not complicated nor easy. It’s important but it’s not the be all end all. You have to be in the middle of it to win

Random acts of giving generally feel good. Even better if the giver remains anonymous to the receiver.

And what's given doesn't necessarily have to be money - could be time spent, solicited knowledge/expertise, etc.

Pay it forward

[AstuteShift]

It’s true on the aspect where if you focus on one or two sectors then you can win big since you don’t waste time chasing or wasting precious brainpower trying to learn everything

Another aspect which is completely orthodox or even contradictory to winning big trades is to give back….

Give back to charity, the poor, the needy without expectation, without thought, without even a grimace. You will be amazed how much you get back in return or more.

That’s my two cents

Investing is not complicated nor easy. It’s important but it’s not the be all end all. You have to be in the middle of it to win

Random acts of giving generally feel good. Even better if the giver remains anonymous to the receiver.

And what's given doesn't necessarily have to be money - could be time spent, solicited knowledge/expertise, etc.

Absolutely

Once you advertise your good actions then you in essence turn to arrogance even if it’s as small as a pen drip

It’s always better to be unknown or in the shadows. You obtain peace and freedom

Fame is a prison and a burden

[scott]

It’s true on the aspect where if you focus on one or two sectors then you can win big since you don’t waste time chasing or wasting precious brainpower trying to learn everything

Another aspect which is completely orthodox or even contradictory to winning big trades is to give back….

Give back to charity, the poor, the needy without expectation, without thought, without even a grimace. You will be amazed how much you get back in return or more.

That’s my two cents

Investing is not complicated nor easy. It’s important but it’s not the be all end all. You have to be in the middle of it to win

Random acts of giving generally feel good. Even better if the giver remains anonymous to the receiver.

And what's given doesn't necessarily have to be money - could be time spent, solicited knowledge/expertise, etc.

Absolutely

Once you advertise your good actions then you in essence turn to arrogance even if it’s as small as a pen drip

It’s always better to be unknown or in the shadows. You obtain peace and freedom

Fame is a prison and a burden

Agree wholeheartedly, but would like to be better able to discern the truly needy from the pretenders. Fairly easy to discern with family and friends, they're not truly needy and any "charity" with them will likely be recognized even if trying to be anonymous. Organizations and strangers? I wouldn't donate to his church, but donate to a Monk, with the understanding its not for the church, but what he seems proper. Anonymous in an offhand sort of way, I would like to think. Perhaps I'm a bit too cynical, though I try.

[MarkD]

Could not agree more. Wife and I live well already but shun big money excursions except for food, drink, and entertainment. Also like to buy good shoes. Gave up most stuff except books.

Have a friend who's wife is an addict. My wife buys a dress for ten bucks, his wife looks at her like, "...why would you not buy a $150 dress from a high end place and brag about it." She (his wife) always comes home from a trip with an overpriced jewelry item (thousands $$$). A person who is otherwise known in my household as a, "Charlie Tuna" (only someone older than 50 would likely understand).

Wife and I do what we want but have curtailed big expenses for "stuff".

And we tend to drop a bill for several of the collections people run like the scouts, salvation army, etc. Don't want my name attached for plenty of reasons.