Made a dumb/risky trade that didn't pay out, help me get back to even.

Hello all, first post in /r/Stockmarket, and a n00b to reddit too.

12/01/14 I wrote a naked put on $GPRO, strike @70.. $GPRO was around $77. A day or two after I did it really went against me... I rolled down and out towards the end of the month to 67.5. I was just assigned 2/21/15 100 shares of $GPRO, which is what I wanted to begin with (or else I wouldn't have wrote the put) Now, I'm in $GPRO $6,750 and the stock is trading at $45. This sucks. I could chalk it up as a lesson, or I could attempt to earn some $ back.

As everyone who follows $GPRO knows, it's extremely volatile, making options premiums high.. was thinking of writing two OTM calls, and buying one ITM call, collecting the premium and hoping the stock rallies... in essence lowering my cost basis...

Another thing, I just purchased a house, I kind of wanted to liquidate some of my short term investments for home purchases...

What would be better? Cut my losses? Or write a bunch of covered calls and try to earn back some lost $

thanks all!

Submitted February 22, 2015 at 09:47PM by snowracer21 http://ift.tt/17L6VVj