SOFI

Myself along with a few of you dastardly gentlemen are most likely holding the bag on SOFI. I'm posting to illustrate how I've near completely mismanaged this trade from a timing and execution standpoint but still have my head above water. The strategy is the covered strangle, the wheel's cooler uncle. I predefine my capital allocation to the trade before entry, in this case 30k. Given SOFI lands in the meme bucket, my initial outlay is about 30% of the total allocation. Entry consists of a combination of long stock ,short calls & puts. Objectively I look to maintain spot sensitivity as I'm married to the underlying. The further off ATH's the underlying, the more risk I'll add. Sofi is currently -27% from my entry point, my open PNL is -$2,533, closed +$3,065 for a total of +532. There is plenty of downside risk on the table and I'm fully allocated so it's not all peaches. The net return is nothing to write home about during the timeframe, but given the overall market conditions and the underlying's movement, I'm not unhappy. Claude generated image from my trade logs https://preview.redd.it/kflanuu432tg1.png?width=1125&format=png&auto=webp&s=9ef49dc517f2c2dd5db41cd6490ca1e96b173da1