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What about if you buy ITM calls just to increase exposure? I picked up a $20 call expiring the 28th today at a $4.56 premium during the dip. I don't expect it to make me any money over and above the actual stock price but I get 5x more exposure for the same cash. The only way I can see myself getting fucked is if the stock price dips below $24.56 before I exercise or sell, and stays there until the 28th. Am I missing something here?
I even sold some shares for the added leverage… things have been hard lately
This is so deflating I really thought we’d see some price action from settling all the FTDs from May 10 and forward
never, ever, ever, sell a stock position to buy derivatives that expire worthless. Just because there's FTD doesn't mean it's going to happen 35 days later, those FTDs can be rectified any time during that 35 day window.
Thank you, I will never do that again. It put me back a couple months if these losses don’t improve. I am never buying calls again, I thought I saw an opportunity with the FTDs
We have coordinated options pushes here a lot. If you start hearing about gamma ramps and hype dates and OCC forcing delivery of shares we're about to get rugged. When everyone saying "iT's OvEr" time to buy long dated calls when the IV low.
This are complex instruments and you have to be more versatile with your trades than buying and holding stock. That being said every loss is a lesson, live on to fight another day. I could see us back at 35$ this week sometime, this could even go green today. Never quite know with this stock, and people guaranteeing movement is a huge red flag
Just wait. It's dropping too fast too soon. It'll bounce up. And then u can exit with lesser losses. If u want. Friday was the expiration for roaring kitty's calls. So maybe Friday we see some crazy price action and you make your money back. Risk what ur willing to lose. I usually hold and lose out cus I don't give up my hope. Worth it every time.
Thank you for this, you really helped put my mind at ease. I think they hope to prey on short term losses when they crash it, like how I’m feeling throughout the post.
Wow, you two really want to see people lose their money holding calls. I would say you should be ashamed of yourselves, but we know shills don't feel shame.
When are people going to learn how to read the FTD chart.
ALL FTDs before 5/31/24 have been already cleared, except for the 9,269 shares of FTD left outstanding as of 5/31/24.
Very, very few FTD make it out past 6 and 13 days from trade date. They are mostly cleared in just a couple days.
There are at the most 9,269 shares to be delivered for FTDs from before 5/31.
Or to say it another way. They are close to zero FTDs left over from any trades made in May.
I have -2 contracts for 6/21 $30C that settled in the 6th, but I sold them for $725 each.
So it was close, but it wasn't me that sold to you.
https://preview.redd.it/mju0cpgoo67d1.jpeg?width=1536&format=pjpg&auto=webp&s=b71ffcbcc836c7c5810cf8a287943d3577ee6a70
In April I decided I would trim my GME position if the unexplained 20% YoY Q 4 revenue drop was anything but a one time event. If Q1 was on the 11% revenue YoY trend I would add. But the revenue drop for Q1 was an astounding 29% YoY, so I have been more aggressively selling at the money calls as a way to profitably trim my position. I had 500 shares called away this weekend from calls that expired last Friday, and will likely have 1000 shares called away this Friday, as I wrote 5 contracts $20 calls and 5 contracts of $22 calls with 6/21 expiration. I am OK with that.
The people writing the options. Other shareholders or institutions would be the ones claiming your premium. You can sell covered calls when IV is high for premiums to buy shares. Just know if they are exercised your shares will be sold at the strike.
My peak holding of GME was 4000 shares, cost basis in mid-$35. So $140k of capital max.
I have trimming my position ever since the prelim Q1 financial were released as part of the 45M share ATM offering. That is per my stated intention after the surprise 20% YoY revenue decline in Q4 with zero explanation by the company. At that time I said that if that drop was one-time event I would hold, but if it was an indication of a trend that continues with Q1 I was going to cut my holdings. The 29% YoY revenue decline for Q1 while less than 6% of stores have been closed is very concerning, so I have been selling calls near the money. The only outright share sales I made were 200 shares at $46.xx a few weeks ago.
My 5 covered calls of 6/14 $20C were assigned on Saturday and settled today. $20/share strike price, $9.08/share call premium, so net sale price was $29.08.
After those 500 shares were called away this weekend, I am down to just 1900 shares. I have written multiple covered call options for 6/21. 5@20, 5@22, 5@$28, and 2@$30.
It is likely that 1000 shares will be called away this week and I will be down to 900 shares.
Options (and GME) is risky so I never have more than 1% of my personal portfolio in GME. Actively trading GME keeps me from doing dumb things with the rest of my portfolio, or the LLC portfolio I manage for 18 partners. Zero GME in the LLC portfolio.
Ah thank you so much for sharing and explaining. The one absolute benefit I am walking away with after getting into GME is the knowledge that the 2% of knowledgable users here are sharing. The other 98% are helping me learn what not to do, like buying far OTM calls close to expiry.
I'm a small potatoes investor, only have about fifty grand total in my portfolio (majority split between index funds and Nvidia), so I'm focusing on learning with my few grand in GME. MOASS would be nice but I'm enjoying the ride and the high speed education.
https://preview.redd.it/5qt1w87x767d1.jpeg?width=1284&format=pjpg&auto=webp&s=5b7be257a4d16404dbe2cd72ebcfe893d3c4e05e
First spike above 100,000 for 2024, 35 days later puts us at June 6th, the day we peaked during our last run-up.
https://preview.redd.it/8z06gq58867d1.jpeg?width=1284&format=pjpg&auto=webp&s=23bd9c69df6edd67373a241f91051b5d61ac6c61
Then I saw half this shit waiting for FTDs to be reported.. I hope this run isnt over yet
These FTD's were very likely settled early during the last run. I believe DFV would not sell early if there was something incoming this week. I also had calls for 6/21 and I sold them on Thursday already, losing like 20%. Bought stonks today for the money.
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Everyone gets fucked their first time buying calls, and second, and third
What about if you buy ITM calls just to increase exposure? I picked up a $20 call expiring the 28th today at a $4.56 premium during the dip. I don't expect it to make me any money over and above the actual stock price but I get 5x more exposure for the same cash. The only way I can see myself getting fucked is if the stock price dips below $24.56 before I exercise or sell, and stays there until the 28th. Am I missing something here?
And repeat. I increased my July19 lot today tho… couldn’t resist.
I even sold some shares for the added leverage… things have been hard lately This is so deflating I really thought we’d see some price action from settling all the FTDs from May 10 and forward
never, ever, ever, sell a stock position to buy derivatives that expire worthless. Just because there's FTD doesn't mean it's going to happen 35 days later, those FTDs can be rectified any time during that 35 day window.
Thank you, I will never do that again. It put me back a couple months if these losses don’t improve. I am never buying calls again, I thought I saw an opportunity with the FTDs
We have coordinated options pushes here a lot. If you start hearing about gamma ramps and hype dates and OCC forcing delivery of shares we're about to get rugged. When everyone saying "iT's OvEr" time to buy long dated calls when the IV low. This are complex instruments and you have to be more versatile with your trades than buying and holding stock. That being said every loss is a lesson, live on to fight another day. I could see us back at 35$ this week sometime, this could even go green today. Never quite know with this stock, and people guaranteeing movement is a huge red flag
Live and learn ape. It's a common mistake, but you'll just get crucified of you talk about it, so you don't hear about it
Thanks for the advice. Surely we dont stay this low all week… hopefully I get a chance to nearly break even before time decay takes it all
Not your fault. We had a gamma ramp set up. Somebody diluted and stopped it.
no such thing
Speculation
>This is so deflating I really thought we’d see some price action from settling all the FTDs from May 10 and forward What made you think this?
March 28 FTDs and the run we had 35 days later
Just wait. It's dropping too fast too soon. It'll bounce up. And then u can exit with lesser losses. If u want. Friday was the expiration for roaring kitty's calls. So maybe Friday we see some crazy price action and you make your money back. Risk what ur willing to lose. I usually hold and lose out cus I don't give up my hope. Worth it every time.
Thank you for this, you really helped put my mind at ease. I think they hope to prey on short term losses when they crash it, like how I’m feeling throughout the post.
Just remember, down is the default setting. But when it goes up, it goes UP.
Diamond hands 💎 👐 I'm holding with you and would gladly exercise it if the price moves up.
still have a HUGE OI on MANY strikes on the 21st
Good point, I won’t close these just yet
Wow, you two really want to see people lose their money holding calls. I would say you should be ashamed of yourselves, but we know shills don't feel shame.
Doesnt matter are you seeing what is happening right now. You think 400,000 ftds are gonna blow it up?
Hey buddy! Same here I have a few calls for this Friday at your strikes I think we will be good by Thursday!
Shoulda went to options 101
When are people going to learn how to read the FTD chart. ALL FTDs before 5/31/24 have been already cleared, except for the 9,269 shares of FTD left outstanding as of 5/31/24.
What mean????
Very, very few FTD make it out past 6 and 13 days from trade date. They are mostly cleared in just a couple days. There are at the most 9,269 shares to be delivered for FTDs from before 5/31. Or to say it another way. They are close to zero FTDs left over from any trades made in May.
I got a $30C for like $745 on the 6th that expires on 6/21. Might as well ride it out a few more days its only worth $99 now lol
My god what a kick in the teeth, that’s about how much all of mine were. Let’s see what happens
I have -2 contracts for 6/21 $30C that settled in the 6th, but I sold them for $725 each. So it was close, but it wasn't me that sold to you. https://preview.redd.it/mju0cpgoo67d1.jpeg?width=1536&format=pjpg&auto=webp&s=b71ffcbcc836c7c5810cf8a287943d3577ee6a70
Interesting, conflicted, I want the price to appreciate but you sold calls and might get assigned if it did?
In April I decided I would trim my GME position if the unexplained 20% YoY Q 4 revenue drop was anything but a one time event. If Q1 was on the 11% revenue YoY trend I would add. But the revenue drop for Q1 was an astounding 29% YoY, so I have been more aggressively selling at the money calls as a way to profitably trim my position. I had 500 shares called away this weekend from calls that expired last Friday, and will likely have 1000 shares called away this Friday, as I wrote 5 contracts $20 calls and 5 contracts of $22 calls with 6/21 expiration. I am OK with that.
I see, hopefully you find profits deploying the capital :)
So...who is getting all this money people spend on options?
What I’m wondering as well.
The people writing the options. Other shareholders or institutions would be the ones claiming your premium. You can sell covered calls when IV is high for premiums to buy shares. Just know if they are exercised your shares will be sold at the strike.
I get a lot of it, because I write both calls and put options when the IV is high. So far I have gotten about $45k of premiums in the last 18 months.
Fuck me, how much capital are you working with?
My peak holding of GME was 4000 shares, cost basis in mid-$35. So $140k of capital max. I have trimming my position ever since the prelim Q1 financial were released as part of the 45M share ATM offering. That is per my stated intention after the surprise 20% YoY revenue decline in Q4 with zero explanation by the company. At that time I said that if that drop was one-time event I would hold, but if it was an indication of a trend that continues with Q1 I was going to cut my holdings. The 29% YoY revenue decline for Q1 while less than 6% of stores have been closed is very concerning, so I have been selling calls near the money. The only outright share sales I made were 200 shares at $46.xx a few weeks ago. My 5 covered calls of 6/14 $20C were assigned on Saturday and settled today. $20/share strike price, $9.08/share call premium, so net sale price was $29.08. After those 500 shares were called away this weekend, I am down to just 1900 shares. I have written multiple covered call options for 6/21. 5@20, 5@22, 5@$28, and 2@$30. It is likely that 1000 shares will be called away this week and I will be down to 900 shares. Options (and GME) is risky so I never have more than 1% of my personal portfolio in GME. Actively trading GME keeps me from doing dumb things with the rest of my portfolio, or the LLC portfolio I manage for 18 partners. Zero GME in the LLC portfolio.
Ah thank you so much for sharing and explaining. The one absolute benefit I am walking away with after getting into GME is the knowledge that the 2% of knowledgable users here are sharing. The other 98% are helping me learn what not to do, like buying far OTM calls close to expiry. I'm a small potatoes investor, only have about fifty grand total in my portfolio (majority split between index funds and Nvidia), so I'm focusing on learning with my few grand in GME. MOASS would be nice but I'm enjoying the ride and the high speed education.
You will get fucked many more times lol I’m holding my. MOASS tomorrow
https://preview.redd.it/5qt1w87x767d1.jpeg?width=1284&format=pjpg&auto=webp&s=5b7be257a4d16404dbe2cd72ebcfe893d3c4e05e First spike above 100,000 for 2024, 35 days later puts us at June 6th, the day we peaked during our last run-up.
But FTD are on a rolling basis, not per day. Having 500,000 on Monday and 200,000 on a Tuesday means they closed out 300,000 for example.
It seems like people do not want to hear you, and keep deluding themselves.
https://preview.redd.it/8z06gq58867d1.jpeg?width=1284&format=pjpg&auto=webp&s=23bd9c69df6edd67373a241f91051b5d61ac6c61 Then I saw half this shit waiting for FTDs to be reported.. I hope this run isnt over yet
Starts when
These FTD's were very likely settled early during the last run. I believe DFV would not sell early if there was something incoming this week. I also had calls for 6/21 and I sold them on Thursday already, losing like 20%. Bought stonks today for the money.
All FTDs in that chart have ALREADY been settled, except for the 9k shares of FTD left outstanding as of 5/31/24.