After Hours: September 29, 2026 · Portfolio 1 (Growth) · Tony Rihan
Tony Rihan bought the /GC 4220 put back this afternoon for a 25.90 debit and took an $80.00 loss on the line. The number that matters more is one only he could give us: at one point the position was down more than $6,000. That’s his own platform observation. No broker export and no fill record carries an unrealised drawdown, so it isn’t in any source we hold, and he attached no time and no gold price to it.
One gold contract is 4,220 × 100 × 1 = $422,000 of notional, which is 41.6% of the $1,014,085 Portfolio 1 value on the members-dashboard header as at this morning’s promote. He was reaching for $500 on it. At one point he was more than $6,000 the wrong way. He closed it for a loss of $80.00.
This morning’s letter published his plan in his own words: “as soon as I break even I will close this trade that I did with bad timing.” He didn’t get there. Break-even was a 25.10 debit, he paid 25.90, and he closed eighty dollars short of it rather than hold on for the round number. What sat between the plan and the outcome is the drawdown, and that’s the part he had to tell us himself.
Our own account, gross of commissions and fees. Not advice — full disclaimer below.
Paid subscribers — the ticket and the numbers below
The result on this line is the sum of all four tickets. The three credits collected were 12.20 + 5.70 + 7.20 = 25.10 points, and 25.10 × 100 × 1 = $2,510.00. Closing cost 25.90 × 100 × 1 = $2,590.00. So $2,510.00 − $2,590.00 = −$80.00, and none of that $2,510.00 was ever profit — it was premium on a position that stayed open until this afternoon.
Only the 4:00 PM close is new. The Sunday sale and the two rolls were each published when they happened and appear here as the history of the line, not as trades to act on.
Tony Rihan Commentary
I decided to take a small $80 loss after the position being down more than 6,000 USD at one point. I was trying to make 500 and was losing 6K at one point in time the gold futures contract is quite big and must be traded with caution
Three ratios off his own numbers, and they are what a member should take away. The $500 he was reaching for is about 0.12% of the 4,220 × 100 × 1 = $422,000 of notional he was carrying. More than $6,000 against him is at least 1.42% of that same notional, at least 12 times the $500 he was after, and at least 75 times the $80.00 he ended up paying. Those are floors rather than estimates, because he said more than $6,000, and only he can see that figure — it is an unrealised mark on his platform and we cannot verify it.
At $100 a point, $6,000 is about 60 points of adverse move, which is consistent with the contract’s multiplier. That’s our implication and not his claim, and we’re not turning it into a gold price or a level.
His last line is the lesson, and our own sizing figure says the same thing in numbers: one contract was 41.6% of the $1,014,085 Portfolio 1 book. The $80.00 is still a loss, he calls it one, and he took it.
Portfolio Greeks: Before and After
Before is the Portfolio 1 header this afternoon’s own promote installed, after the morning gold roll, so the Change column brackets this one close and nothing else.
Theta went from $925 a day to $217, a fall of $708. This morning’s letter carried Tony Rihan’s reason for the move in the other direction: one-day options always increase the theta a lot. He closed the 1-DTE gold put this afternoon and the theta it had added came straight back out — the same mechanic running in reverse, explained in a published letter before it reversed. We are not claiming the one gold contract accounts for the whole $708; other Portfolio 1 positions moved across the same window.
Buying power used fell from 11.90% to 9.40%, down 2.5 points, which is the $422,000-notional contract coming off the book. That is his closing line in numbers. Those are the platform’s own buying-power percentages and we are not converting them into a dollar figure; our accounts run portfolio margin and your own broker’s number is the one that matters.
Portfolio value rose $361 over the same window. That is not this trade’s result. The trade lost $80.00. The book moved for its own reasons, including marks on the other positions and the close itself, and we are not attributing the $361 to anything in this letter.
Disclaimer
This is not investment advice. Nothing in this letter is a recommendation to buy or sell any security. Grow Your Pile and Squared T Capital publish what we do in our own accounts for education. Options involve substantial risk and are not suitable for every investor. A short put can require you to buy stock at the strike price and can lose more than the premium collected. Past results do not predict future results. Do your own work and consider speaking with a licensed advisor about your circumstances.
The position in this letter is closed and the $80.00 loss is realized. The /GC September 30 4220 put was an option on gold futures at $100 per point, so the single contract carried 4,220 × 100 × 1 = $422,000 of notional gold against a Portfolio 1 value of $1,014,085, which is 41.6% of that book on one contract, and assignment would have delivered a futures contract rather than shares. Futures and futures options are leveraged instruments and losses can exceed the amount deposited. Rolling a position out does not reduce its risk, does not turn a losing position into a winning one, and is not a win: this strike was written on three consecutive sessions, the credit required to buy each extra day rose from 5.70 to 7.20 points, and the line ended at a loss. The $2,510.00 of premium collected across the opening sale and the two rolls was never realized profit — $2,590.00 was paid to close it, and the realized result on the line is −$80.00.
The more-than-$6,000 drawdown is Tony Rihan’s own observation of the unrealised mark on his trading platform. It is not in any broker export, order confirmation or dashboard record we hold, it is not a realized figure, and no time stamp and no gold price were supplied with it, so we publish it as his statement and do not verify it. The ratios in this letter are arithmetic on his figures and on the notional, they are floors rather than point estimates because he said more than $6,000, and the 60-point equivalent is our own implication from the $100 multiplier and not a gold price, a level or a claim about where gold traded.
Gold futures are not in our Put Selector, so this letter publishes no gold price and no distance-to-market figure, and does not infer one. Nothing here uses a gold ETF price as a stand-in for gold futures; they are different instruments an order of magnitude apart in price and neither informs the other. A closed position needs no spot price in any case, because the result is the fills. Portfolio Greeks before and after this close are not published in this letter, because no post-close platform reading was available when it was written. The closing fill comes from Tony Rihan’s tastytrade order confirmation for order #510410380, one fill, received 4:00:32 PM EDT — the confirmation states its own time zone, and 4:00 PM is after the equity close because gold futures trade later in the day. The three earlier tickets on this line, the Sunday sale and the two rolls, were each published in their own letter when they happened and appear above as line history only; they are not re-alerted here. Portfolio 1 also carries SPY, /MES and GLD short puts, TLT long calls, a SPX income box, a BSH structure, long SPY puts, a yen put ladder, Bitcoin ETF shares and cash, as shown on the September 29 dashboard promote. Margin requirements vary by strike, expiry, volatility, broker and margin regime, and futures margin is set by the exchange and can be raised without notice; our accounts run portfolio margin and your own broker’s number is the one that matters. Every figure in this letter is gross of commissions and fees.
Past performance is not indicative of future results, and results shown are those of our own accounts and are not representative of any subscriber’s results. Read the Characteristics and Risks of Standardized Options before trading.
Tony Rihan and Tony Battista Grow Your Pile · Squared T Capital
Every options trade in all three portfolios is published, win or lose, with entry, exit and running P&L at growyourpile.com.