Luck, Greed, and Lessons: A Rollercoaster Ride with $UBER Options | $500 Account Challenge Day 51

Day 1: Explaining the strategy
Day 2: $PLTR Trade Idea 
Day 3: Buying $HOOD
Day 4: Up 5% on $HOOD
Day 5: Entered $UA Trade

Day 6: Trading In Puerto Rico
Day 7: Introducing Beacon
Day 8: S&P 500 Record Highs
Day 9: Robinhood Makes Moves Into Crypto
Day 10: Roaring Kitty Meows

Day 11: $GME Trade Idea
Day 12: $NIO Trade Entry
Day 13: Taking Profits In $HOOD
Day 14: Stopping Out Of $UA
Day 15: Stopping Out Of Everything

Day 16: No FOMO
Day 17: 6 New Trade Ideas
Day 18: Entering $ACB Trade
Day 19: DXY Says To Stay Out Of The Market
Day 20: "Shoulda, Coulda Woulda"
Day 21: $CCL Hits Target 1
Day 22: Trading Psychology Book Club Week 1
Day 23: $NKE Earnings Play
Day 24: Adding Day Trades To Our Watchlist
Day 25: Learning From Our Mistakes
Day 26: How Our 4H Candle Strategy Works
Day 27: Why I Am Bullish On $TKO
Day 28: Celebrity MemeCoins
Day 29: Stocks Near Our Entry 
Day 30: TheStrat
Day 31: Coaching Program Season 2
Day 32: $SWBI's Funky Chart & $TKO Entry
Day 33: Month 1 Portfolio Review
Day 34: The Importance of a Coach
Day 35: $NKE Trade Entry
Day 36: Positive Trading Mindsets
Day 37: Time To Go Cash Heavy?
Day 38-48: Traders Paradise Conference In Florida
Day 49: TraderSync Overview Of My Trades
Day 50: Day Trading $UBER
Bonus: Using TraderSync To Track My Trades For This Account

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I Got LUCKY!!! But Lightning Doesn't Strike Twice!

So, I did something incredibly stupid yesterday. It’s a classic tale of greed, fear, and a little bit of luck. It all started with an $UBER PUT option I bought on Friday. The stock had a pretty big run-up, and my gut feeling was bearish, so I picked up a $64 PUT expiring this Friday.

Fast forward a little bit. $UBER continues to climb, and my PUT option is getting hammered. Instead of cutting my losses, I decided to be stubborn and hold on, hoping for a reversal. Of course, it got worse. I was down about 50% on the option. Panic started to set in, but I held on, hoping for a miracle.

The next day (today), the option was worth about $0.15. I was down 90% already, so I decided to average down and bought more contracts, hoping to bring my average cost down. This is where things got really spicy...

Instead of setting a break-even limit sell, I set it at $0.50, hoping for a profit. That's right, I wasn't even happy breaking even after being down 90%, I still risked not getting filled just for some profit!!! Greed, pure and simple. UBER started to come back down, and I got nervous about it not hitting my $0.50 target. I ended up selling at $0.45 and $0.43. For Profit. While I managed to claw back from the loss, it was a reckless and emotional decision.

I made money on this trade, but it was a hollow victory. This wasn’t a smart trade at all. It was driven by fear, greed, and a total disregard for my trading plan. This experience is a harsh reminder that emotions can be a trader’s worst enemy. It’s crucial to stick to a plan and avoid impulsive decisions.

I'm going to take some time to reflect on this and remind myself why I started this $500 challenge in the first place: to learn and grow as a trader. This experience is a valuable lesson, and I’ll use it to improve my discipline and decision-making going forward.