Hey Guys,
The market is driving up again this morning. It's nice to see my late pick from yesterday, ENB, joining the party on going up in price.
When the market went down so forcefully in the first half of the week, it hit a lot of my stoplosses. And now as the market is rebounding, I don't have as much skin in the game to take the ride back up. It can generate a sense of frustration. This happened to me (and anyone who followed me) back in early March. This is just the way things unfold sometimes with my trading approach. And although it might sting in the moment, there might be other moments where our trades thrive, as has happened before.
Right now, since the market is rebounding so forcefully, there aren't a lot of pullback trades setting up. I'm just going to be patient like always and wait for my back-tested setups to show up and then make my trades.
There are two options expiring today. Both are worthless at the time I'm writing this. That means there is no one willing to buy them.
So as a reminder, if an option expires worthless (meaning the stock price is below the strike price), that is fine from the brokerage's point of view and no action is needed. The only time there is an issue is if the option expires in the money (where the stock price is higher than the strike price). If that were to happen, you'd probably be assigned stock ownership (which is something I don't want any part of).
Since the options I hold are currently worthless, what I do is put in a "market sell" order. That way if for any reason the price does in fact go up later in the day, then my position will get taken out. So I'm protected no matter what from being assigned stock.