I sell puts a week out at the strike price where I have about 90% chance of winning(Robinhood provides the odds). Obviously you get it wrong sometimes so you have to buy the shares so I always trade on stocks that I don’t mind owning. If I buy the shares then I sell call option a week out at the strike price equal or higher than what I paid to buy shares and it usually comes back up within a month or so.
You need an account and request approval for trading options but don’t think you need to put any money. Not sure about wheel, I’ll have to take a look.
I sell puts a week out at the strike price where I have about 90% chance of winning(Robinhood provides the odds). Obviously you get it wrong sometimes so you have to buy the shares so I always trade on stocks that I don’t mind owning. If I buy the shares then I sell call option a week out at the strike price equal or higher than what I paid to buy shares and it usually comes back up within a month or so.
Thanks for your explanation. Good luck!
You can use the Wheel it's bit more effective.
Thanks, I’ll check it out. What’s better about wheel?
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How do odds work? Would I need an account?
What’s the wheel?
You need an account and request approval for trading options but don’t think you need to put any money. Not sure about wheel, I’ll have to take a look.