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There is a black and white difference between this stock and Vegas. The only thing that can be learned from an experience at Vegas is that gambling in that environment is a losing proposition. TLRY is the most valuable lesson of all. For those that have followed the evolution of what has happened here, right from the start, there is an enormous amount of information to have been gained that will play an important role at some point in everyone's trading career, at some point along the line. So many thing have been learned about not accepting things at face value, and the need to examine things further when they are not operating as they "should". Lessons about short stock, and the cost of borrowing, and how high short stock borrowing rates can go. The implications of short call exercise when there is no short stock available. And on, and on...... Unfortunately, we had to learn about many of these things through following the experience of Clipsnation, who suffered greatly but really took the experience in the most brave way, and will come back from this saga a stronger, and much better trader in the long run. I would argue that TLRY has been the most valuable stock (and options) to have observed to increase our own reservoir of knowledge about how markets can work in the most "unusual" circumstances. The biggest lesson to be learned is a very old one....."think long and hard before you act"

Yeah, at least there you get free drinks while they take your money..

While others lost their retirement. To me trading this stock is no better than going to Vegas.

You are right...they can't have it both ways. They cannot honor the call holder who exercised the call that left him short stock, and then not allow him to do the same thing, and honor his request to also exercise his long call.

My plan is to forget about this stock and move on. I played along and took a small loss on 2 flies Monday. Borrowing from Harry Potter (Currently reading it with my 7 year old). TLRY = "He-Who-Must-Not-Be-Named"

Correct, you can exercise your long call and effectively close the put side for 10 (the width of the call spread). However, once you do this, the put side will still have a ton of value due to its sky high IV that is 4x that of the calls - so to close the put spread side you'd be looking at somewhere near 4.00 meaning it would cost your around 14.00 to close the entire trade (a big loss considering your up front credit was a little over 10.00)

I would have lost over half a million had not gotten out Monday. I believe the grace of God helped me liquidate near 1000 flys on Monday one day before the break out. Sorry to everyone for the worst trade in history. On the bright side, I believe this loss made me a better person. It nearly took everything away from me and taught me not to take anything in life for granted because it all can be gone with one press of a button (in my case, many presses). It's only money. My biggest fear was this trade was going to take away my health, friends and family. A loss that would have ended everything. I know we traders want to make money trading, but I think if we focus too much on money, the more we tend lose it. Good trading is all about the process and not the money.

@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.

@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.

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

TOS is apparently having none of this any more. I can’t even get an order in for one iron fly. It keeps rejecting orders and telling me to contact the margin desk (even though account margin isn’t an issue). I really don’t feel like talking this through with one of their margin people, so I guess I’ll watch from the sidelines as well. Good luck to everyone in the trade!

@clipsnation183 I sincerely hope all this goes well for you. Thanks for bringing the trade to the group's attention and sharing the excitement. I've decided to sit this one out - I don't fully understand the trade, so I'm playing it safe. But I am on the sidelines in awe cheering on those who have taken the plunge. Power to the people!

Very short of 27M. I feel I'm getting over my head. I need a walk.

It's like finding a $50 bill on the ground.. Exciting, yet terrifying. Should I pick it up? Should I keep it? Is it a trap?