Hey y’all!
Remember how just the other day, I asked our experts for some advice on trading earnings, and shared it with all of you?
And their advice more or less boiled down to: earnings are a coin flip, so be super careful.
Before I get into this, I just want to remind you: anyone can brag about their wins, but it takes an incredibly brave and noble Editor-in-Chief to brag about their losses. Especially when they look like an idiot and ignore the advice of much smarter people around them… 🤦♂️
And that’s exactly what I did yesterday… and paid for it!
The moral of this story: listen to our experts!
Let me tell you what happened…
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Yesterday I was at my computer when I saw an alert from Lance Ippolito about a fun little earnings trade idea…
Now, if you know Lance, you know this isn’t a full-conviction alert by any means. Just a fun idea he was throwing out to take a gamble on earnings.
Cause that’s what most earnings trades are: a gamble. Right? I mean we just covered this…
But I thought, why not? My accounts haven’t been doing so great lately because I keep taking dumb bets on coin flips… what’s the harm in adding another one?
So I got into the $24.5 Puts and I watched and waited.
And suddenly, things looked GREAT!
KMI reporting earnings and we immediately saw a big selloff in the stock until the close of after market trading.
Winner winner, chicken dinner, right?!
Wrong…
The stock rallied right back to yesterday’s close, and I never had a chance to get out.
I waited for it to come back down a little and cut my losses… rough day.
Here’s the thing though: I’m not really upset about this outcome because at least I minimized my losses.
That’s the one piece of advice I did listen to: never risk more than you can afford to lose.
I did lose on this one… pretty badly… but it was a small trade with just a few contracts, so I’ll live and learn.
After all, I’m right back into a few SNAP contracts at $0.81… 😀
Because this IS a high-conviction bet…
I took the Nov. 1 $11.5 Calls.
SNAP reports earnings after the market closes on Tuesday, October 29th. So I’ll be watching this one for a while!
Hope your trading is going better than mine today!
To your prosperity,
— Stephen Ground
Editor in Chief, ProsperityPub