After 35–40 years of trading, I just bought my first Put option.
With RobinHood (HOOD) trading at $103.25, I bought 1 contract of the HOOD 8/1/25 $104 Put for a premium of $2.30.
I believe HOOD might drop tomorrow, and this position gives me the right to sell 100 shares at $104, even if the market price falls below that.
The contract expires tomorrow, so this is a 1-day trade. If HOOD drops enough, the Put could gain value and I may either sell the contract for a profit or exercise it
RobinHood (HOOD)
Buy to Open 1 HOOD 8/1/25 $104.00 P @ $2.30
📈 Successful Trading,
Steve
The Options Coach