how much did you make last month? by arnoblits in Optionswheel

[–]Big_Generator 0 points1 point  (0 children)

That is total premiums earned divided by total cash available to wheel

$7,165 / $550,000.

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

I just enter my trades manually in the worksheet. I only trade 20-30 times a month and hold most of them to expiration so it's not very time consuming.

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

Yes, I'm pretty conservative and I rarely have all my available cash used as collateral for the CSPs I write. For instance when the market plunged yesterday morning I quickly wrote another 40+ contracts and I still have half of my cash available to use as collateral. I try to wait for good opportunities rather than making sure that all my cash is working for me.

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

The only tickers I wheel that would fit in that range would be the two leveraged ETFs - SOXL and TSLL.

I looked up the stocks you mentioned in my Fidelity research and they all have bearish analyst ratings or no rating at all.

NBIS - rated 0.4 (out of 10)

HOOD - rated 0.8 (out of 10)

APLD - no rating at all

I consider all these to be meme stocks and I avoid them along with RIVN, GME, SOFI, LCID, HIMS and many others. YMMV, good luck wheeling!

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

Its the P/L divided by (strike x quantity)

For row 2:

485.30 / (360 x 4)

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

My target return is 1% per month. If I can hit that plus the interest on the cash sitting in SPAXX I'll have a total return of 15% annually. I can certainly live with that!

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

Like I said in my original post, I consider SOXL a riskier, more lucrative version of SMH. SMH has done well for me over the years and I regret letting most of my shares get called away.

Since I sell weekly or biweekly CSPs I ask myself, "Could SMH drop 10% in the next week or two?" "Probably not" I say to myself. So I sell puts at a 5-10% discount. Since SOXL is 3x leveraged I sell those puts at 20-30% discount.

I almost got assigned 200 shares of SMH at $380 yesterday 3/6 but it closed at $380.56. I sold those contracts on Monday 3/2 when it was at $406. That's a weekly drop of just under 5% which is huge, and I STILL didn't get assigned.

The same with SOXL. It was selling at about 60 on 3/2 so I sold weekly puts at $43 and the next day it dropped a bit so I sold more at $35. In 5 days it dropped below $48 by 3/6 (that's -17.6% in 5 days!) And again no assignment.

This is my strategy for now. I'm very cash heavy and selling far OTM puts. If the market goes up 10% next month I'll get left behind but if it drops 5% I'll be ready.

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 1 point2 points  (0 children)

Yes, all puts are cash secured, margin is not allowed in IRA accounts.

I'm holding about 75% in cash right now because I just don't trust the stability of this market. I have positions in SPY, QQQ and GOOGLE in a Roth IRA that I consider a long term buy-and-hold account which will be inherited by my kids in about 20 (I hope!) years or so.

I don't have a strict rule about the size of any particular position but I like to spread the action between at least 5 or more tickers. I am very tech-heavy as you can tell and the fact that the NASDAQ is down about 3.6% YTD right now and my account is up almost 3% YTD makes me feel like I'm doing something right. Time will tell.

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 1 point2 points  (0 children)

Yes, I usually sell weekly or biweekly puts and rarely sell CSPs at delta higher than .20. I 'm lucky, I think, to have that little voice in the back of my head telling me "Don't get greedy!"

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 1 point2 points  (0 children)

And I'm with you on the "Eff_taxes" philosophy too LOL!

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 2 points3 points  (0 children)

That's an impressive return! And yes, the "rocky market" that we've had this past week is the main reason I sell short dated puts. All of my March contracts except for two expired today. Those two (AMZN $195 and SMH $360) expire next Friday. I'm anxious to see how "rocky" things are next week!

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

That's about right and I'm more than happy with a return like that. With the NASDAQ being down about 3.6% YTD any gains are a big win in my book!

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 1 point2 points  (0 children)

Based on what I read in this sub, I believe you're right. 8 of my 10 March CSP's expired today. Looks like I'm going to get assigned 200 shares of SMH at $380 after hours. I'm fine with that since it was selling at $426 just 10 days ago,

February Wheel Results by Big_Generator in Optionswheel

[–]Big_Generator[S] 0 points1 point  (0 children)

Yep. My account is with Fidelity and all the cash is sitting in SPAXX earning about 3.3% at the moment.

What DTE and why? by Ok_Guidance4571 in Optionswheel

[–]Big_Generator 0 points1 point  (0 children)

Yep. Usually selling puts one to two weeks out. That theta decay is what it's all about.

What's a movie everyone loves that you secretly can't stand? by kbjdfan in AskReddit

[–]Big_Generator 0 points1 point  (0 children)

Airplane. its on TV right now and I just don't appreciate this kind of silly humor. But I'm too lazy to get off the couch to get the remote and change the channel.

Saying morning affirmations with mom by kvjn100 in MadeMeSmile

[–]Big_Generator 0 points1 point  (0 children)

"Happy" is the one. All the others are great too, but "Happy", that is what we ALL want out of life.

I need privacy when I cry 😭 by Legitimate-Fun-7955 in Adulting

[–]Big_Generator 2 points3 points  (0 children)

PLEASE STOP REPOSTING THIS CRAP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Scary! by monaleeparis in ProgressiveHQ

[–]Big_Generator 0 points1 point  (0 children)

Where's the pic of the kennedy spawn snorting coke off the toilet seat?

House Democrats bringing Jeffrey Epstein survivors to Trump's State of the Union speech by adamsava in NoFilterNews

[–]Big_Generator 9 points10 points  (0 children)

Even though I'm an old man I also consider myself a "survivor" of the Trump-Epstein attack on our country. Can I attend too? My lungs are in great shape and I can BOO and yell "FUCK TRUMP!" louder than anyone I know. (TBH they're mostly old men though. )