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Thanks. I'll come back from this. Just a set back and good lesson. Almost all traders have blown up a least one account. Here are some key points from my debacle: 1. Always research a new trade and review the old trades periodic. 2. Always have a well thought out thesis. 3. Understand what are the risks - There's always fricken risk to every trade - I had over 10 million dollars worth of theoretical risk that I didn't know about in my TLRY trade mainly in the short calls. 5. Ask your broker if this is a good trade - my broker explained that TLRY spreads where trading more than the width because of the carry cost of the short calls. I would have not entered the trade had I known this and save myself from a six figure loss. However, I probably would have lost this some other way. 6. Paper trade it first 7. Trade small 8. Trade small 9. See #7 and 8

@clipsnation183 Thanks for sharing all of this in an open, humble way. I've been there before, on the line with my broker and that sinking feeling hits my stomach as I start to realize the crap is hitting the fan. Your experience is making it too real for me again, so I'm feeling like the $10K portfolio approach may be the way for me to go for awhile... Hang in there; sounds like you've got a good perspective and attitude about it. Thanks again for sharing the experience and takeaways.

@clipsnation183This is obviously very unpleasant and expensive experience, but hopefully it will have some positive side if you can learn from it. And this is exactly why the first advice I give all traders is about position sizing. You think it is just a cliche - till you experience it first hand. I believe those lessons make us better traders, but I know at this point it's hard to see it this way. Your key points are very good, very few traders would be mature enough to come to those conclusions instead of blaming someone else on their mistake. The best advice I can give you at this point: don't try to "make it back". By doing this you will start taking more risk, which might lead to more losses. Just continue to do what works for you, and the recover will come.

Got out of the 110-120-100 IC for $14.00. That sucked luckily only did a small allocation but still it was rough to get out.

@clipsnation183 amazing how you handled this horrific learning experience with such peace. Hats off to you. I too got hit - even I haven't been trading SO recently - I got into this. I'm kicking myself for being a greedy bastard. In addition to learning from this painful lesson, I am telling myself to learn how you have handled everything, with pride. For the pot stock with recent news events, I suppose many crypto minded figures have piled in. It is even wilder than BTC last fall. I'm fairly certain after I cut my loss - by the time expiration comes, the position would have been profitable - but for me that'd be impossible with the short calls in place. Lesson for myself: 1. heed the moral of "too good to be true". 2. do not play if I don't understand. 3. position sizing regardless how good something sounds on paper. 4. there's no hail mary.

The market makers placed a "risk premium" into everything. This is why it was not that difficult to sell spreads for greater than their maximum value. In order for them to take on the risk associated with the sell side (short options) part of the spread, they had to be paid a "fair" amount for that risk.

Anyone with ITM short calls with little extrinsic value should get out now and take a loss. I had to pay $5K carry cost for just one day to hold my short stock on assignment (3200 shares). This stock is bitcoin-esque.

@clipsnation183 Thanks for sharing this sad story which will be a lesson for all of us. Like others have noted, it takes a lot of courage to be so open and honest about it! Cheer up and good luck to you in the future! I have a general question to the community about the risk of assignment and why it can be so devastating. We never trade naked short options, so if you have an ITM short call it always means that you have an ITM long call as well (different strike or expiration). So, if you get assigned on your ITM short calls, why can't the broker just exercise the long calls to balance the position?