First trade, first profits

• 28 March 2023
• trades

Here is my first trade.

It was actually opened a couple weeks ago, before I decided to start this blog.

Here's the opening details:

• Ticker: SPY
• Trade type: Bull Put Spread (BPS)
• Trade date: 2023-03-14
• Expiry: 2023-04-21 (39 days)
• Current price: $390
• Sell put strike: $366
• Buy put strike: $361
• Total risk: $500
• Spread (Premium collected): $71
• Volume: 1

I also already closed this trade last week, taking in my first profits!

Closing details:

• trade date: 2023-03-21

• stock price: $393

• spread: $34

• Gross profit = 71-34 = $37

After commissions, I made a final profit of about $33.

This equates to about a 6.6% return over about 6 days. Annualized over 365 days, that's about a 400% return! 😂

I should have done higher volume, but it was my first trade, so I was a bit scared.

If I had traded 5 contracts instead of 1, I would have made a nice $150 or so.

Anyways, I'm happy to complete my first BPS option trade!

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