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Yes, I agree. I should have said that in a zero sum game somebody has to loose in order somebody else to win. In my understanding Kirk is saying that by using V's Over Expectation, Managing Winners/Profit Taking and Adjustments and Rolling, a trader can get an edge over the others!! The issue...

I understand that if this is a zero sum game there is no way to beat it. Kirk at Option Alpha talks about IV's Over Expectation, Managing Winners/Profit Taking and Adjustments and Rolling and tries to show that this is not a zero sum game. He also claims his back testing proves it is beatable...

Those are good staff glai!!! Assuming that you have a reasonable edge, using only 40%-50% of your portfolio and allocating a small portion on each trade you are in excellent shape. Did you try it yourself? It would be a challenge to manage and over look 30 positions at once, though. Thank...

so much negativity without supporting it.

I am not getting offended but can you explain the risk you are talking about?

For now i use about $40k writing covered calls and/or write cash covered puts for something i do not mind to own. Sometimes i do index vertical spreads risking a few hundred dollars.

no way

Thank you

Got it. I will stick with Ameritrade and I am considering to open a small account with tastytrade.

I heard about Robinhood, it does not attract me. I am educating myself on thinkorswim, option alpha and I like presentations of tastytrade. I admit that my head is spinning.

Agree, will take it slowly

Nobert, Can you please elaborate on "master this craft"?

I will sell cash covert puts to re-establish the SPY position. I think they name this "wheel strategy"

I wish I knew how to back test this approach

What about if I sell 30-35 days out, covered 30 delta SPY calls and if I get assigned start writing cash covered 30 delta SPY puts?

I am looking for ways to supplement my retirement income with low risk. I have a trading account with $200,000, and I know the basics on options ( covert calls, cash secured puts, vertical spreads, straddles, strangles) I have been trading stocks very lightly for years with no consistent...

Yes option spreads. So there is no big difference for the purpose of trading option spreads?

What is better to use for spreads, SPX or SPY? SPX has additional cost but no assignment risk. Is there anything else to consider?

Option alpha has some good ideas. ie in a credit spread the width of the spread times delta should be <= credit

In about even chance games I prefer reverse martingale