Leverage magnifies every normal bias. Time decay adds a clock that keeps running even when you do nothing. Together, they make options uniquely hard to sit with calmly.
Options add two pressures that shares don't have: leverage, which magnifies the emotional swing of every price move, and time decay, which means a losing position is quietly worth less every day even if the underlying doesn't move at all. That combination makes normal biases like loss aversion and revenge trading show up faster and hit harder.
Win rate against expectancy, tracked separately, since options can hide a bad ratio behind a good win rate.
Pnlee's read: a 74% win rate looks strong on its own, but the rare losses are large enough to make the overall expectancy negative. The win rate was never the number that mattered here.
A losing call position gets a second, then a third batch of contracts added as the price drifts against it, each purchase justified as "lowering the average." By expiration the position is worthless, and the total loss is close to three times what the original single position would have cost.
“Averaging down didn't fix the trade. It tripled the size of being wrong.”
PnL App tracks expectancy alongside win rate, so a string of small wins can't quietly hide a losing pattern until it's expensive.