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And this is exactly why you need to have more than one well-tested strategy under your belt. I'm doing the wheel while it pays - but also digging like hell into strategies that will work in other market environments. It's not The One Holy Grail - just something that's been working very well for...

If you look through what I've posted here since the beginning, I always make an effort to do that anyway: I value clarity and good communication. But it's also the reason I ignore assholes like JSOP: I am quite "defensive" about the quality of my time. Productive conversations are always welcome...

You had already exposed yourself as a clueless moron; now you're taking up screen space reserved for human beings with an actual brain. Blocked.

Oh, come on. You're going to try holding me to some arbitrarily high level of precision when other people are spewing raw bullshit? That's just getting silly, in a thread where "getting in at a low price", etc. fairy-dust magic is being bandied about. If I am looking at a solid stock that I...

Fair enough. But I'll note that I'm responding to "arguments" ranging from cherry-picked to utterly idiotic - and those aren't being called out as such by anyone but me.

Not specifically relevant to my main point, but - no, the wheel does not require you to sell an OTM put; I've sold ATM puts and even a couple of ITMs when entering. It all depends on what view you have on the underlying, and where you want to end up with it. I also do not have to take the stock...

You don't get to make an argument against a position that you don't actually understand and insist that your version is the right one. All other things being equal, options traders don't take positions blindly any more than stock traders do; you don't get in "at the bottom" because you don't...

Really? The guy's "argument" is "yOu BuY $20 sTOnK fOR $50!", and you see him as someone capable of rational thought? Good luck with that. Do you suppose that option traders are trying to do something else? Are you engaging in the same fantasy as him, where you are somehow magically better at...

And just so you understand: I was fairly certain that you'd get up on a high horse rather than admit to being as utterly lost and wrong as you are, so my responses weren't really for you. I simply pointed out where you're clearly talking without having any clue - which is what you're continuing...

Wow, quite a load of assertions. All wrong, unfortunately - but certainly very assured-sounding. :) Options are an efficient way to express a view on an underlying. Buying or selling stock is very capital-inefficient, by comparison; without using options, it's a crude 50/50 bet that ties up...

I'm not much of a believer in TA, so - no. Although I do look at the long-term trend of the stock as well as looking for dips that seem to have stalled out; I suppose you could call that a primitive sort of TA. I think of it more as price/volume action. But I also look at the premium for a...

Perhaps we mean different things by 'backtest'. The ones I've seen publicized for the wheel have all been based on simplistic assumptions, like the ones posted by the OP, or the ones that BXMD was based on. I've seen one - only one - that was based on a less-naive assumption (I don't recall what...

Backtests, just like $BXMD, are based on naive assumptions, so they're not a reasonable representation. I do agree that most people, especially scammers who are trying to rope in the gullible innocents, misrepresent the wheel as some easy way to make money; I'd also say that most who jump into...

See @guru, above. But also, from someone who has traded this strategy 90%+ of the time during the last 18+ months (that includes the 'rona crash, which - obviously - led to a number of assignments), I've held a grand total of 5 stocks during that time. The longest one was just under three...

Bit of overstatement, I'd say. Yeah, this OP is coming off extremely scammy, but (like much else in trading) the devil is in the details; now that I've worked it out, my "tuned for me" version of the wheel has been paying all my bills for a while, and has now started topping up my bank account...

See, that's why I posted the actual numbers. The price moved against you in almost all of those cases. E.g., on 2/10: Bought a call ~108.60, price went down to 105.75. Lost. Bought a put ~105.75, price went up to 106.18. Lost. Bought a call ~106.18, price went down to 104.00 Lost. Looks like...

OK, that's got me curious. For reference, front week ATM calls on TQQQ are running around 1.70; puts are ~2.05. Date 10:00 AM Noon 2:15 PM 4:00 PM Result 2/10 $108.60 $105.75 $106.18 $104.00 Loss on all trades 2/11 $107.40 $104.25 $106.96 $108.31 Loss on all trades 2/12 $107.57 $108.67 $108.18...

It's "TQQQQQQQQQ", obviously. Duh!

It's the usual percentage breakdown, same numbers as always. See the one guy in the room she apologized to? That's how it always works, and that's how it will always continue to work. And under the surface of the monkey business, the real business still goes on. This isn't some "revolution"...

The problem is, this kind of weatherman doesn't get paid unless he predicts the right direction and strength of wind. And precipitation, along with the correct type and amount - or absence of it. And the exact time when they're going to happen. And the temperature - no, sorry, make that the...