Victory in the Process: Lessons from a $VEEV Bull Call Spread

Hello again Spirit Animals!

Today, I want to share a transparent trade review—one with clear lessons on risk management, process, and following your plan.

The Setup:

On May 19th, I opened a $VEEV September 250/300 Bull Call Spread for a $12.75 debit. When I shared this trade, I wrote:

“There is an earnings release coming up soon which I think will be the catalyst to get the move underway.”

Turns out, that’s exactly what happened:

The earnings event triggered a move, and this trade is a great reminder not to fear upcoming earnings when your risk is clearly defined. In fact, earnings pops often play out in the direction of the underlying trend—just look at Lululemon ($LULU) today as another example!

The Journey:

While I didn’t exit the $VEEV trade at its peak profit, I followed my process and don’t regret a thing. This week, I sold the position for a $19.85 credit—locking in a 55% return in 106 days. Not bad at all!

My goal was to either sell the spread for $40 (which is 80% of the max potential value, $50), or to exit if/when $VEEV closed above $300. The stock flirted with that $300 trigger twice, but never closed above it.

Managing the Exit:

Now that we’re in September (expiration month), I tightened up my stop. This is my standard playbook: once expiration is near, I look to exit if the position violates its 3- to 5-day lows. I want to give trades every chance to work, but tighten the leash approaching expiration.

On Tuesday, $VEEV made a 5-day low and broke below the support level from its May breakout. That was my cue to exit.

Final Thoughts:

Honestly, the exit felt bittersweet—I was so close to those profit objectives. But in trading, a win like this (even if shy of perfection) is something to celebrate. It’s proof that sticking to my plan and managing risk pays off.

Every trade is a teacher. Celebrate the wins, learn from the near-misses, and remember: progress comes from discipline, not perfection. Great traders don’t measure themselves by a single outcome, but by the consistency with which they execute their plan.

I'll keep moving forward—my next opportunity is just ahead.

Sean McLaughlin | Chief Options Strategist, All Star Charts