Losses versus gains

[wxytrader]

Are you selling calls against the position currently?

It is too far otm I think to make it worth it...waiting for an IV pop as price retraces back up to 22...meanwhile I am buying call flies...my current one is 16/17/18 Aug23 I got for .19

 

[S2007S]

It is too far otm I think to make it worth it...waiting for an IV pop as price retraces back up to 22...meanwhile I am buying call flies...my current one is 16/17/18 Aug23 I got for .19

See that's exactly what I mean, once it's too far out you really lose the ability to use the wheel strategy, everyone on YouTube and those selling their discord subscriptions scream that the wheel strategy works, however once too far out it becomes a worthless strategy so I laugh at the one touting that it works flawlessly because it actually doesn't.

 

[S2007S]

Yes the name of the game is stay in the game...don't let them take your lunch money by realizing a loss.

I collect as much premium by rolling.

Most will disagree by this

 

[wxytrader]

I collect as much premium by rolling.

Most will disagree by this

You rolling for a credit? Otherwise I would rather take the stock.

 

[S2007S]

You rolling for a credit? Otherwise I would rather take the stock.

I'm rolling for the credit yes. Just doing this on a few options at the moment.

 

[S2007S]

You rolling for a credit? Otherwise I would rather take the stock.

There are some I'm doing sell calls against that I would be gladly happy to collect the premium and get the assignment on the short side.
I did one on SOXL recently expiring in November, collected approximately $600 in premium.

 

[TrailerParkTed]

View attachment 346972View attachment 346973


What? Your max loss is > 27.27?

Or do you trade without cutting loss?

Or you HODL?
Some experts say HODL is a very simple brainless strategy. Use it and
you could retire very rich.

It builds strength and character too!

 

[zghorner]

Some experts say HODL is a very simple brainless strategy. Use it and
you could retire very rich.

much more likely to retire to a cardboard box next to the bakery dumpster HODLing long options.

 

[wxytrader]

See that's exactly what I mean, once it's too far out you really lose the ability to use the wheel strategy, everyone on YouTube and those selling their discord subscriptions scream that the wheel strategy works, however once too far out it becomes a worthless strategy so I laugh at the one touting that it works flawlessly because it actually doesn't.

Well you can't go in thinking it's going to work flawlessly. I was even selling atm puts knowing that the price is going to drop because I wanted the high premium. If you're underwater you can just turn around and sell some butterflies while you wait . Or just move on to another ticker. Rinse repeat . That's what I'm doing.

 

[taowave]

You are down almost 70% in your CLSK position...
You are down close to 30% in MARA...

Sell Butterflies??? You learned a new option position??

Shouldnt you be on Deranged Investor as opposed Elite Trader??

Back to ignore

Well you can't go in thinking it's going to work flawlessly. I was even selling atm puts knowing that the price is going to drop because I wanted the high premium. If you're underwater you can just turn around and sell some butterflies while you wait . Or just move on to another ticker. Rinse repeat . That's what I'm doing.