Yep. Theta will eat you alive on short term options. And you also had IV crush that tag teamed with Theta to rip you a new one.
That retard who YOLO $780 on the 6/19 SPX 1500P is now down over $550,000.
And like true retard, he claims he's not worried when the puts he selected are so OTM that he needs a miracle. He needs another big drop like the one we had in March for him to even get back to his original level. It's not over until it's over, but if I was in his shoes, I would be sweating and praying everyday.
Another retard is down $900,000 on 6/19 SPY 211 puts. This retard scored huge earlier this year on SPCE leap calls and actually was up over $6 million dollars on SPCE but didn't sell. Over $6 million in profit and didn't sell. That's life changing money. He almost gave everything back and panic sold when his account dropped to $1.5 million. The only smart thing he did was he took out $500k and paid off his mortgage. And then proceeded to YOLO the remainder into 6/19 SPY 211 puts.
But as crazy as they are, I respect these retards because they have skin in the game and put their money where their mouth is. I been in their shoes betting over million dollars on a play and it's beyond nerve wrecking. But I've never bet that kind of money on pure options. I don't have the balls for that. It's always been on stocks at that level of commitment.