GTCEUR
Gitcoin / Euro
crypto

Position trade stocks, no leveraged gambling derivatives, use well placed limit orders and use your phone. You don't have to spend a bunch of time looking at charts while at work. Look at some charts after work. Place some GTC orders. Don't worry about em too much.

https://preview.redd.it/wibe94uftqih1.png?width=1103&format=png&auto=webp&s=aaf4489d868816071ba02e754bb69241a3425f7b
I have never bought pre market, was testing the waters. I bought 1 stock of FRTT and it instantly dropped. Can't sell it, I've tried cancel all - flatten, sell MKT, Sell/ask/bid Changed the time to EXT/DAY/GTC/EXT-GTC nothing is working. I even went into Activity>working orders and cancelled the order. But my YTD is still ticking downward/upward when this stock progresses.
Anyone know what to do here? Do i need to wait for market open to flatten? Did I place this order incorrectly? How do I not make this mistake in the future?
I can't tell which stocks are eligible for buy and sell after hours, didn't realize if only some can buy and not sell?
Thanks for the help!

I tend to do these as a kind of "add on" to everything else (with the everything else being short put, covered call, yada yada). I've found that I can't deploy enough BP in delta neutral, high IVR/IV underlyings because there are periods of time where there just aren't enough underlyings in that particular state to take advantage of, so you really need to have something else on to keep the theta fires burning on some meaningful level.
IVR/IV Cut-Offs:
ETF's: >50% IVR, >35% IV. You'll find that doing sensibly delta'd delta neutral setups in anything with less than 35% IV isn't productive.
Single Name: >70% IVR, >50% IV.
The Basic Setup:
Delta:
25 delta short legs, long legs out from there. There are various debates about whether your wings should be the same width all the time (e.g., 5-wides) or whether you should adapt the width of the wings to the size of the underlying with the wings being, for example, 10% of the stock price (e.g., a $50 stock should use 5-wides, a $100 stock, 10's, etc.). You'll have to figure out what your risk tolerance is on a per trade basis and let that be your guide as to the maximum wing width you're willing to go.
Duration:
45 DTE
Credit Received as a Function of Wing Width:
1/3rd the width of the wings (i.e., 3.33 for a 10-wide, 3.00 for a 9-wide, 2.67 for an 8, etc.). This automatically sets your max loss at 2 x the credit received. This is because the max loss metric of a 10-wide that you received 3.33 for is 10.00 (the width of the wing) minus the credit received (3.33) or 6.67, which 2 x the credit received.
If I can receive the 1/3rd with "more room to be wrong" (i.e., the short option legs at lower delta), I usually opt for doing that. Conversely, what I don't do is force in the wings to higher delta in order to get the 1/3rd.
Dollar and Cents Credit:
I generally don't do anything that pays me less than 1.00 in credit. I take profit at 50% max quite a bit, and the minimum in profit I want to take out of a 50% max trade is .50. Gotta draw the line somewhere.
Take Profit/Take Loss:
I generally take profit at 50% max and then move on. 2 x credit received in these is "baked in," so I generally don't have a GTC take loss order hanging out there.
Intra-Trade Management/Rolling:
I generally run these to 21 DTE and then manage the trade via roll if it's making me itchy, but am frequently not very religious about it. If I'm comfortable with where price is relative to the respective wings at 21 DTE, I may let it run another week, particularly where it's close to the take profit and there is a weekend of theta decay to be had.
If I am getting itchy at where price is at, I will close out the side approaching worthless for a debit, look at what a reasonably delta'd oppositional side to replace it would pay me, and then look to roll out the side that's making me itchy for a debit that is less than what I will get paid to sell the oppositional side against and whatever it cost to close out the untested side.
As an alternative to dicking around with rolling, most opt to just close out if the setup has not worked out by 7-10 DTE, particularly where a short option is ITM and where there is assignment risk.

TLDR, I had a GTC order open and I canceled before the market opened this morning. I'm in the mobile app. I saw "verified canceled". Then I went and placed another order, before market open, this time for a different stock. Both orders' amounts were for about the total balance of the account. As a result I had two positions, both totaling twice the cash balance!!!!!! HOW DID THAT HAPPEN!!!
I called Fidelity and they say that the cancellation of the first order didn't eventually go through. On my side (mobile app), I saw "verified canceled".
When talking with the representative, he proposed to liquidate positions and since I wanted to liquidate one of them, I did. However, I still have the other position there and I'm debating with myself what to do and what will happen. This is a Roth IRA with a pretty sizeable percentage of my total holdings and thus I can't just deposit more funds in it, nor I think this is fair because Fidelity's systems allowed this to happen.
So, what do you recommend me to do at least to address the immediate issue?