Bought to cover: QQQ 30 shares at 369.87
Canceled the stop-loss order protecting the shares.
We entered the short at 377.27 and closed at 369.87, the result is +$222.00We don’t usually place stop-loss orders on option trades. This is due to multiple reasons including liquidity, small risk already built into the trade etc. However, our long VIX calls are a good example of when it can be used. There is ample liquidity in these options. And if this trade comes back to our original entry price, then something isn’t working as planned. So, we have placed a stop-loss at breakeven on our trade. If it keeps running, then that is great news for this trade and more profit overall!
Sell to close: VIX Oct 18th (monthly) 15.00 strike call
Stop-loss price: 2.20
Good til canceled (GTC) order