Being greedy cost me -$8145
I was on a Short Iron Condor on $SPY EXP 1/8, and instead of taking 8% profit which I always have been, I took the risk and opened the total 130 sets ($13,000 worth) were going for 18% Credit Iron Condor by lowering just $1 step down below the shorting call spread legs at $381 (instead of $382), and hoping $SPY doesn't climb more than $381 so I would get all 18% profit,
The plan failed, as you see $SPY went up more than $381, but not $382 as I originally planned which I could have won the game.
I also could have partially won the strategy at the dip today and take just 10% profit. however, being greedy cost me $8145 at the end because $SPY closed at the price of $381.24.
I immediately closed all contract at the expiration for the $4855 leftover.
Lesson learned, and I just wanted to be transparent on my strategy.
P.S. On the other side, I'm doing well on Robinhood with SPY Call Spreads and AMZN Call Spreads expiring next week. Mixed feeling :S
Posted Jan 9, 2021, 7:26 AM UTC · edited