Learn my lesson on selling calls
After getting a margin trading account, I bought INO, and sold a covered call. Thing dropped by 25%, sold another call. Dropped another 25%, sold another. Fast forward to this Monday, sold 1 more call, K= 11.5 expring in 2 weeks. k = 20 expiring thisFriday. K = 13, expiring October. k = 26 expired last Friday. Current share price was around $10. I guess I can sell as many calls as long as my margin is ok. Worse case, at least I thought - = 11.5 would be assigned and the theta would eat away October call.
Bloody thing got pumped to 18.50, in 2 days. Even the 20 c was not safe. It was now in ITM. Was looking at a potential loss of over $1000. Luckily, thing got dumped today. Closed out my 20 call, expiring tomorrow. Lesson learned. Closed out the position. An extra $ is not worth it.