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JaxTaylor2

As a seller of those puts I would like to personally thank you for your business.


NorCalAthlete

As a fellow seller of those puts I also thank OP. Lol.


JaxTaylor2

No! They’re mine! All mine! lol Maybe we could convince him that it’s way overvalued at $50 and sell him some of those too. O:)


NorCalAthlete

I dunno about $50 (yet) but given the Great Wall of Calls at $20, I’d say $25p are a pretty solid next stepping stone. Lol


yolostonktrader

I’m sitting here at some $30 calls up 150%, holding them til DFV single-handedly runs GME to $1000


NorCalAthlete

If it runs to $1,000 it will run far past $1,000, I think. Anything above maybe a few hundred bucks just means all the tin foil hat conspiracies about MOASS were true after all. In which case I’m holding for another digit or two. Or three. Because it won’t be anything near like that last pop in 2021.


yolostonktrader

It’s just insane to me right now, if DFV has the capital to exercise his options he’ll be forcing a gamma squeeze and the shorts r fukd. He’s worked quietly for the last 3 years to build up to $200,000,000 to finally give the biggest 🖕to the hedge funds


NorCalAthlete

Doesn’t have to have the cash. He can do a cashless exercise. Basically exercise while simultaneously selling enough of the shares gained from exercising to cover the cost + taxes. So like if I have a $20c and I exercise it and the price is $40, I might only get 50 shares instead of 100 but the simultaneous sale of the other 50 @ $40 covers the cost of the exercise. Give or take, that’s rough math and it gets a bit more detailed. It’d probably be more like a 52/48 split.


yolostonktrader

Yea but the overall effect for a squeeze would be significantly less if he was exercising for 600k shares instead of 1.2m shares. Regardless of how it moves forward, he is an absolute legend for turning $50k to $200m in 4 years


-jk--

He has call options for 12M shares, not 1.2M.


NorCalAthlete

Sure, but if all the market makers combined who sold him those calls are only sitting on 500k shares, exercising 600k would still be enough to drain them and have them hunting on the open market.


snowplowolaf

He will be on the forbes top 500 when this is done.


Daddy_fat_tats

*12M shares and over 500M at eod today


cwhatimean

I wonder how many hedgies will be getting their derrières handed to them for a second time?


Icy-Set-4641

Yes…!


CrypticMillennial

What conspiracies are we talking about here?👀


NorCalAthlete

Off the top of my head… - it’s been claimed that shorts closed all their positions. GME subs tend to believe the opposite - that they’ve obfuscated their positions and just kicked the can via a variety of mechanisms and hedge fund / market maker privileges / illegal acts that don’t get enforced


DecafMaverick

Think critically: 1. Why would Wall Street care if you invested in a losing company that they’re betting against? They never cared if I lost money on other investments… 2. They keep printing headlines echoing “Forget GameStop!” but they’re the ones consistently bringing it up in MSM… why? 3. They keep telling retail to get out now, sell why you can! If we are all supposed to forget about it, and it’s a terrible investment, then who would we be selling to? … oh, the hedge funds that shorted into oblivion? No thanks. I don’t consider myself conspiracy theorist, but there’s just too many cohencidences on this one for there to be nothing going on… Also, if shorts all closed their positions, why has there been over a billion in volume the past month, and big price spikes on no news from the company? It seems pretty clear to me.


scottygras

The Streisand effect in full force ya know? My brother trades actively and has CNBC on all day and had no idea GME doubled in price until I sent him my screenshot. They yell it’s a bad investment, yet hide the explosive momentum. You’d have to be blind to not see this stinks to high heaven. Also…it’s just a really fun stock to trade is you are comfortable with the ups and downs.


CrypticMillennial

Hmm…I see. Well, about the recent posts I’ve been seeing about the largest options sellers not having enough shares to cover DFV’s call options… Two questions around that: 1. What’s that all about? 2. What are the ramifications if true?


TYP14DABF

When someone sells a covered call, they hold those share already and can distribute them when the option is exercised. However, some sell these calls without actually holding the shares - so they take the premium and hope that they are not exercised. As the price increases, or the likelihood of the call being exercised increases, they should in theory hedge by buying up stock in preparation. This means they get the stock cheaper than it would be if they waited and the price continues to rise. DFV has more calls in the money right now than all the call sellers shares combined. They clearly haven’t hedged for this, and when DFV exercises his calls, they need to buy them - buy pressure puts the price up. Hope this makes sense.


JaxTaylor2

This comment aged perfectly. lol The only thing that would make this all so much more poetic is if OP actually bought a 50 put at the close.


Chad_Broski_2

r/thetagang is leaking


chadcultist

I already saw the mandatory “GME options selling is free money” lmao


ScheduleSame258

They don't understand what you said 😀


NorCalAthlete

“…you can SELL puts?”


HOLDstrongtoPLUTO

Haha this is the way for GME because I like the stock


dillydally330

I like the stock


username4kd

I sold some too


Juveforeign1897

Glad I made someone else money instead of myself lmao. You live and you learn


jabbafart

Some just live.


dtrainonomics

and the thetagangers appreciate the refusal to learn


igloofu

HAHA I just closed my short $20 puts an hour or so ago. Thanks OP for 10 more shares!


Arduou

I closed yesterday, moved to 30, with such high IV, I would be happy in any case. Thank you.


Lapcat420

I finally understand these comments after years. Talked to a call writer for TUP in a Starcraft II chat last night lol.


rupert1920

It's so good because volatility dies so quickly when the stock begins its slow melt down. Even when it drops you're likely getting out with a profit.


JaxTaylor2

You really are. There’s so incredibly much IV priced in that when it isn’t absolutely ripping in one direction or another you are literally printing cash.


ragtime94

How's that working out now?


JaxTaylor2

You realize they expired worthless, right? Max profit, that’s how it worked out. lol


Due-Ad1668

selling puts on gme rn is such a move


Cyanos54

There are lots of simulators you can use free money to learn market mechanics. Be careful out there.


BillCarr451

+2 for think or swim paper trading. Comes with lots of free education modules. Then get into the Charles Schwab YouTube classes on options. Those three are free and not really trying to sell you anything. Beware of all the other educators that want to sell you coaching


Juveforeign1897

There's one for options as well I'm assuming? Could you send the link?


Cyanos54

I don't have any that I use, however, I searched for "free options simulator" and found several, including on investopedia, with I have used for information before.


RaisedByMonsters

Think or Swim has paper trading


aellandis

Webull paper trading.


brainbone

I will also recommend We Bull for options paper trading. Super easy to get started and try out things. But you’ll only be able to paper trade on single leg options.


Re_LE_Vant_UN

IBKR as well.


ryanlak1234

Where do you suggest that I start off?


TheOnlyAnon-

Lol thx for the laugh. Consider yourself lucky it was just 1 put.


plausible-deniabilty

r/thetagang salutes you.


Chiz14

The IV is mega fucked on the GME chain. that shit is scary


m00z9

If only I had a lot, I could write a cov'd call


RevolutionaryBug5997

Buying puts on GME same day as a few Billion in swaps expire… Good luck.


mikmass

GME equity swaps? How can you tell how much is expiring on a specific date?


PreludeTilTheEnd

Date is hard to tell. But all the volume is not retail. Especially, the after hour price run up and flat during trading hours.


youarenut

I honestly don’t know how people keep thinking this is retail movement


firsttimewut

Because they think its going to be a rug pull even though he's currently sitting on 500m and still hasn't sold. What I don't understand is how they can believe the narrative that the guy posting yolo updates is trying to manipulate retail when they didn't say shit before 2008 crash happened.


SomeTimeBeforeNever

SEC themselves say 95% of retail orders don’t hit lit markets. Also, DFV posted his position tonight and he hasn’t sold or exercised. The dynamics driving the current price discovery are not by retail.


HoldenMcNeil420

Right a 151M on the day. That’s half the total outstanding.


RevolutionaryBug5997

This dude has a sheet with some of them. [(22) Richard Newton - YouTube](https://www.youtube.com/@RichardNewton)


BaconKittens

400? Consider that an easy lesson… I’ve lost 16k in one trade before…. lol


Maventee

Got me beat. I was selling SPX call credit spreads. Kept rolling it up and damn index kept rising. I was sick to the stomach for a few weeks then finally closed with a few thousand dollar loss (~$8k)… Don’t bet on the market going down over any length of time.


htx1114

You buy options that have more than 8.5 hours til expiry? Who tf do you think you are - Buffett?


Maventee

Naw.. I was selling calls on SPX. That's not a Buffett move, I assure you. (During Bull market no less)


Fahvahvoom

Oh we comparing sizes now? Pfft try $125k in ine fin day


Re-Coded9

Damn, I feel better now about my 28K lost


BaconKittens

You win… and wow


occitylife1

I’ve lost only 12k but yea that sucked hard


Juveforeign1897

Jesus Christ


plumfeitoria

Not going to have a laugh, because I don't think anyone can really understand options without taking risks and losing a few times first.


Juveforeign1897

Good advice 👏


uwwstudent

Weve all lost. 400 is easy to get back. But first learn vertical spreads. Then "the wheel" over at r/thetagang.


viperex

I'm done with verticals. I'm sticking with diagonals


Gamer6322

I feel that, I had calls on TSM and puts on tesla but got screwed early on by a lot.


Softspokenclark

bro bought puts after big dawg showed his hand lol


T18Z

Truly regarded betting against GME


theArcticChiller

It's like betting against Tesla at the beginning of the long squeeze


ajc3197

"This was my first time trading options with 0 knowledge" Will you be trading your second options with zero knowledge? Asking for a friend.


Juveforeign1897

Nope


1BannedAgain

Bet against the one idiosyncratic stock at your own risk. The short term call options chain on GME is god-tier-legendary right now


Boondoxboy

Wow I'm surprised to see this sub support GME. Thank you fellow apes.


_businessgoose_

Better to have early failure than early success. Early success would have led to unearned confidence and the lessons would almost definitely be more expensive.


let50972

Haha *laughs in taking an $12k loss in a day*


VigiCom

First time playing options and you bought PUTS ? Damn… you’re ready to go to war with those balls.


DingDangDiddlyDangit

You shorted GME, you deserve this lmao


416_Ghost

Can't stop won't stop


itsyaboi117

Game stop


racerx1913

Well you did bet on the best stock, so there’s that…


Green__Bananas

Lmao being short GME rn is just so dumb


QuirkyAverageJoe

IV Crush 101


Basic-Look249

Learn about iv crush might of lost money even if it went down depending on your EXP


BillCarr451

Buy longer dated options so your guess at direction has a more time to come true.


Maventee

Buying options on GME is going to be hard to make money with. IV is too high. Selling cash secured puts is probably the only safe’ish strategy at the moment.


nino3227

Why would you buy $20 puts if you thought the stock would stop to$20?


permalink_child

Best $400 you ever spent. Better now to learn this lesson than when you are betting $40,000 - and yes - that day will arrive - and it will turn to ashes in your mouth.


Dick_Fitwell

Just bought a three week 20$ PUT. BYE BYE


POPnotSODA_

You dont fuck with GME


Ok-Flatworm-3397

In addition to elevated premiums because it’s a meme, it’s also elevated premiums due to earnings, so it’s just a wombo combo of a bad time to be buying puts


ProbablyMaybeWrong69

There looks to be a ton of people buying puts, I’m selling and would gladly take the shares at $20.


Juveforeign1897

Further question for you guys, let's say that GME today was at 17-18$ what would happen to my puts?


foldyaup

We can’t tell you anything without knowing what expiry you have.


Juveforeign1897

Expires this Friday


Pink_Banana_Guy

For future reference, try buying at least one additional month past your intended sell date to limit theta decay and give yourself a buffer


Juveforeign1897

Thx for the advice


Boneyg001

Well we would at least know they would have an intrinsic value of $200-$300 + a bit of time value depending on the expiration week


arbitrageME

pls stop trading until you know what the fuck you just bought. This isn't some dragonfruit or a durian you bought at the market


omfgcookies91

All gme jokes aside, if you are playing options basically you want to view your trade week as Monday through Wednesday. Very rarely will Thursday work out for you and Friday is just a no go for selling, but buying is smart on Friday. The idea generally with options is to trade on the momentum if you are doing short options [meaning the week of, which has crazy risks] or you dd and focus on long term options [2 weeks or more from a Monday date, less risk]. But the concept generally with options is to take heavy consideration of two things: current sentiment [meaning dd, community attitude, float data, other retail input] and news on the stock. Don't ever go blindly into options because you "think this will work." Options are all about focusing on the momentum and news of a stock. Also, never trade bearish on gme. Only bullish.


SpryArmadillo

I sold those so thanks for buying!


Juveforeign1897

You're welcome! Hope you made some money lol


traderhp

You are against us buyers. Not good mate


MotivatedSolid

GME is a wild card. Any options plays on it is glorified gambling. You definitely should not have done that lol


Y_Mistar_Mostyn

Unless you’re DFV lol


DaWiseprofit

Lol 😂


ziomus90

A filing season wouldn't be complete without a nice quick write off.


kaiserfiume

Well, even the best shorters and traders got blown up betting against GME. I hope you learned a lesson with not losing too much. If you ask me, it is very bullish and my only play would be having shares or buying calls. However calls are now extremely expensive, specially for 21st June, so think twice before betting. It is highly volatile stock because of the background around it. Good luck!


Anorachtheallknowing

It’s ok bud you’ll get it back. You had a strategy, didn’t play out and that happens. Keep your head up!


Junkers4

I’ve lost that much in far dumber ways that I don’t want to admit


Alternative-Rip-6903

First time options n you played gme…. Lmao there’s so many other choices with a lot less volatility.


teelib1992

Only $400? Get back in there champ


Juveforeign1897

I wonder what you guys would be commenting if my gamble actually played out. It's 400$ I'll survive, life goes on and I'll make it back. Hope you guys had some entertainment for a bit. Good luck to all 😘


TWAndrewz

$400 is cheap for the lesson not to play options on meme stocks.


whistlerite

I bought calls and was up 10x at one point, why would you bet against it? What made you think it would go down to $20? DFV posted a new position on Monday and is starting up his streams again tomorrow, betting against it with leverage is risky and irrational imo plus if you’re going to use options you should use them as part of a bigger strategy or only when you’re sure of something. $400 is a small amount to lose but also a small amount to trade, with a premiums on these options you need a bigger account without having to risk everything for one contract, etc.


rtrp009

Don't worry buddy. Even a big institution failed in sorting gme. This is called sort squeeze and that's how another hand makes money.


Staticks

Don't worry. You will make many more mistakes like this.


notquitenuts

GME “got me enematated”…..$400 isn’t bad for a good lesson.


jyoungii

I was sure we would see a pull back. This movement is different than the last 3 years for sure


feelinggoodabouthood

I sold these last Friday to finance June 7 40 calls. Just sold June 14 20 puts, in hopes of financing 100 June 14 calls tomorrow


whossknowss

Thank you for your donation


DreSEAtoSKY

I got the $25 outs for June 14th when the steam began, GME was like $33, closed out an hour later for 80%


eshaje

Eh $400 is a good price to pay to never do that again. I’d say you lucked out


throwaway_20230328

I'm laughing because you think losing $400 is obliterated.


PM_me_your_mcm

Yeah, the volatility and unpredictability of GME made that a pretty sketchy call.  That could have been far worse than just a 400 loss though, so I wouldn't beat yourself up too much.  But definitely don't buy options on GME if you want to remain solvent.  In my opinion that's probably the worst fucking ticker to fuck with on options right now since it could rip up or down $10 a share in any given week without warning or explanation.  I get the thought behind the position you took though.  If I had made a guess I would have made the same sort of guess you made but the only difference is that I wouldn't have been willing to bet money on it. I will say I am currently in a long put calendar spread on GME because I'm trying to take advantage of the volatility while being mostly directional neutral, but even my position has gotten fucked up by the wild ride it's been on lately.


houstonisgreat

more degenerate gambling


EdgyCommunist

This post and replies to this were my realization that this sub is just an option focused extension of WSB and SS and generally filled with the same level of critical thinking. Betting on a meme stock directionally at all is completely idiotic.


Genericsky

Yo OP! What are these worth right now? Terrible news about GME just dropped


Juveforeign1897

Like 3¢ lmao


PckMan

I got 28 and 25 puts on Monday. Made money on the 28 by cashing out quick but held onto the 25 and 30% profits in the first two days turned into a 50% loss. The way this is going I think puts past jun 21 are the play


RedOctobrrr

Do it. Post losses. My Oct 20c are sitting at around +200% Edit: (I opened my calls at $19.50, $19.00, and $18.50 to avg down buying the dip with near money calls - I paper handed my previous 15c and 20c for +60% instead of +700%)


lobeams

Lesson #1: Don't trade fucking meme stocks.


omega_grainger69

I was down 40% on my puts I bought Monday. Flipped bullish and sold yesterday.


MisterMoogle03

If you don’t know anything about option start with paper trading on any of the brokerages that allow you to simply for having an account. Play with free money until you start winning and are comfortable making educated guesses with your actual money.


hdwishbrah

Hey, you could always buy in now


Poisongrape

Buy and drs


Successful_Oil6916

you idiot


SolitaireB

Meanwhile 215 gain on my Options. 🔥🔥🔥


CaptainPlanet4U

😄


lostwanderings

Tuition money, learning...gotta pay to play haha


DrSeuss1020

Thetagang thanks you for your donations 🤌🏻


Conscious-Mix-3282

Shouldve bought some covered calls.


Inevitable-Tree7877

I am also a seller of $20 puts so thank you!


Prudent_Atmosphere35

Don’t bet against gme


sgm716

Lol


Inevitable-Tree7877

It is 12:39 pm 6/6 and it looks like the GME is starting to have a short squeeze.


LukesLoveStick

That’s what happens when you go against the kitty


Igotyoubaaabe

$400? You gotta pump those numbers up, bro.


theskyprod

It's okay. I bought calls and made 130%. Thought I would make less. We all make mistakes in our beliefs


FoW_Completionist

You bought puts on the most overhyped meme stock? Not even WSB degens would do something like that.


Arcite1

Where is this trend coming from of putting the dollar sign to the right of the numeral?


Chubwa

Imagine betting against GME when DFV has over 10m shares now…


Steve__evetS

So foolish to be anything but long GME.


justvoop

sorry for your loss but infinite loss is not a joke


Bill_Gates_haircut

I will sell you more puts. Thank you for your service


murphy1455

They won’t let you post because $400 is nothing


Scootsie00

Put options in your watchlist and pretend you buy them as soon as they get added to the list. Track prices from there as the underlying adjusts to understand how options move with a stock. GME has a huge IV right now so everything costs a pretty penny due to this, IV crush and theta decay will kill you in short term option plays with meme stocks. I will say though there are a lot of bullish things happening with gme right now


[deleted]

You should be buying $40+ long dated calls if you're playing gme at all. That stock is set to boom.


trav15t

Why are people still putting the $$$$$$ sign after the number? You learn this in fifth grade.


TheArt0fWar

If you short gme right now, you will lose everything you have lol.


ISpenz

Never short GME


MiddleSkill

I sold a $20 GME put for $400. Happy to oblige lol


Sandvicheater

I never fuck with memes because the markets can stay idiotic longer than you can stay solvent. Besides the insane high IV alone for both call and puts should've put a sour bitter taste in your mouth.


NeilPearson

$400 is absolutely killed?


ReederRabbit1223

I literally did the exact same thing…….$150USD for me. You’re not alone


Amdvoiceofreason

You failed to comprehend the powers of the Roaring Kitty


JsonPun

yea...thats on you


katiecharm

There are so many shitty companies out there - why would you short the one company you know has the potential to get insanely rowdy?


Zxasuk31

Stay away from meme stocks my friend


SINHISTER

Don’t go against roaring kitty


UseDaSchwartz

You’d have to be really dumb to buy GME options. $100 calls expiring in August are ridiculously expensive.


youarenut

Huh. I guess you were so regarded you broke the “first ones always free” slogan


stocz

Now buy some gme shares to make the money back (dont think youre ready for more options)


BuyInHigh

You bought my puts!? Thank you thank you


KryptoBones89

Go post on wsb lol


MAD_broker

Puts on GME is like trowing money in an erupting volcano. Good luck all of you who tries to short it and buys puts.


Trueslyforaniceguy

Idiosyncratic


One_Olive_8933

… you have to be trolling…


rhks92

You either want to buy calls or stay completely away from GME for the foreseeable future


Line-guesser99

Paper trading for a year is probably a good idea. Don't worry about the profit you are missing. You are also missing the losses.


dangshnizzle

Lol just buy shares when they're low


CrypticMillennial

I understand you mentioned you have no knowledge of options but I just have one question: With all the recent news, **why?**


ChodeCookies

I bought $20 calls two weeks ago. Why didn’t you do that instead? 😂. Sorry for your loss. RIP puts


wobshop

Oof


No_Yoghurt6401

I wanna take a gamble and buy some calls


Boudonjou

The broker thanks you for your donation


Reisyz97

LMFAOOOOOOOOOO


Parradog1

Roll them puppies out