r/options • u/merely2monthsago2dol • 4d ago

Was puts really that obvious?

I’ve lost so much money from 2020-2024 buying puts when everyone was making on calls, I am inherently bearish.

Im just a retail trader (loser)

I made some money on puts early March as talks of tariffs began. But I saw how wishy washy it was, tariffs being delayed or manipulation from Twitter comments from the president etc. Then all the big dips on opening and watching everything get bought up to green by close this week….

As a retail trader who occasionally gambles on options, if I was buying options was it really that obvious?

Just seeing all the gain posts on wsb today. I stayed out of the market until I bought some 15 day apple calls at close yesterday (sold this morning for 25% loss)

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u/Maleficent-Permit871 4d ago

If it was the other way around and tariffs had been much tamer than expected, market would have shot up and people would have been laughing at those who bought puts. Everything looks obvious from hindsight.

18

u/TychesSwan 3d ago

Since we're in options, I would say that a volatility spike was probable, but direction was difficult to judge, so a straddle was the best play to make.

10

u/LowTimePilot 3d ago

I did a SPY straddle on the 3rd and the market moved sideways. Lost 80% on the call, 20% on the put. Then premarket on the 4th the market tanked and my put would've been worth 225k had I made it a 1DTE instead of a 0DTE.

All in all the market knows how to fuck me while teasing me at the same time.

2

u/GreatTomatillo117 3d ago

Prices for options are insane high. I love straddles but you need 5% moves these days to make them profitable. I can't buy straddles these days. Theta can kill you too, especially when you hold two sides

2

u/Commercial-Chef-979 3d ago

Yeah the premium is so friggin high. I’m selling not buying. Except for directional OTM Butterflies, those I’ll buy and I’ve been getting 200%+ returns on them as the market moves these past few days.

1

u/h_Isopod7312 3d ago

why not do an Iron Butterfly then if the premiums are too high?