Well I am down over 100k at just 23 years old…..

Options trading can be exciting, but it's important to be stone cold and have a plan. My portfolio looked great when I focused on selling puts 2 weeks out on large 20B+ companies that I had familiarized myself with, and buying back shortly before expiration. Rinse repeat. As well as selling covered calls on stocks I owned. I was averaging $1200 on a 200K portfolio. The one time I added AMC puts to the mix. Bam, down 6.2k that week. Then I started buying calls. I was up 5K on an 80K investment. Didn't sell, now down 40K, with no clear path to getting that back. Calmly and comfortably day traded deep in the money 0dte spy, up 7k in one day. Got stupid and yolo'd way out of the money 0dte spy, down 10.5K. My point is, every time I've tried to get rich quick, or gotten greedy, or ignored my exit point, I've gotten screwed. Pick a strategy, stick to it. If you want to make ridiculous bets, set up a weekly, biweekly or monthly budget for that. For example. Set aside 1k a month to buy spy calls that are .10 or less. Say it goes in the money and they're worth 1 now. Bam you just 10xd your yolo money. They expire worthless (as they normally will) then you just spent your "entertainment budget". Never chase losses, if you need time after a bad investment, take it. You're doing better than most though, you're young, you're single, you can afford to make bets. Just learn to make smarter ones.

/r/options Thread