1 Win. 56.5% ROC. Underwater For Hours. Theta Did The Work. Paid When Wrong. | Post Trade Debrief | 4 Dec 2025

Post Trade Debrief:

Thursday December sees Premium Popper on SPX with late entry due to phone calls (price resting below ORB20 levels so still valid), SPX price remained underwater for several hours (probably longest duration Premium Popper trade all year), stop loss intact so just waiting for theta decay to work (trade not moving right way but option slowly collecting pennies), eventually profitable exit achieved at 56.5% ROC – I love getting paid even when I’m wrong.

Late Entry – Still Valid

This Premium Popper trade I was a little late entering into due to some phone calls, however price was resting below the ORB20 levels my software highlights for me so it was still valid by the time I came to check.

Life happens. Phone calls interrupt. The key is that the setup was still there when I returned to check. Price resting at the right levels means the opportunity hadn’t disappeared.

Current Status: Late but valid entry confirmed

Underwater For Hours

SPX price then remained “underwater” for several hours and pretty much stayed that way – this is probably one of the longest duration Premium Popper trades I’ve been in all year.

This wasn’t the quick directional pop we sometimes see. This was a slow grind with price not cooperating. Hours underwater. Waiting. Watching. But not panicking.

Current Status: Longest duration trade of the year

Stop Loss Intact – Theta Working

That said, the stop loss was intact so it is just a case of waiting for the theta decay to do its work.

Here’s the thing about income trading – the stop wasn’t hit. And while the stop isn’t hit, time is on your side. Every minute that passes, theta is working. The option premium is decaying. Pennies are being collected.

Current Status: Stop intact, theta working

Collecting Pennies – Getting Paid When Wrong

So while the trade wasn’t moving the right way from the SPX price entry point – the option was slowly collecting the pennies until eventually a profitable exit was achieved.

The SPX index moved against the position by $8. A directional futures trade would have been a loser. But the option? Slowly, steadily collecting that time decay premium until eventually… 56.5% ROC.

I love getting paid, even when I’m wrong.

Current Status: 56.5% ROC banked – wrong direction, right outcome

Expert Insights

The Observation: This trade perfectly illustrates the difference between directional trading and income trading. The SPX index moved -$8 against the position. A futures trader would have been stopped out or sitting on a loss. The option? Collected 56.5% ROC whilst waiting.

The Fix: Income trading doesn’t need direction. It needs time. When the stop loss is intact and theta is working, patience becomes the strategy. The pennies collect whilst you wait. The premium decays in your favour. And sometimes – often, actually – you get paid even when you’re “wrong” on direction. This is why premium selling exists.