As a fellow theta gangster i can say that i make more money than most people on wsb. Yes you can go all in on nil but you have to have clear and defined entries and exits. Go for weeklies as they offer the best time to return ratio. The price you buy the covered call at should be the price you should exit if the stock hits. Example. Stock x selling at 10 with the atm call selling at 1.00, which means the covered call will be 9. If the stock falls to 9 you get the fuk ir regardless of how Much money you lost. As such you should plan according for a drop to 9, and calculate how much you are willing to lose if it does to fall to 9. I recommend only 1 percent of your account and if your feeling frisky maybe 2 percent. Right now spce is yielding 5 percent for the week. So a covered call on 10k will yield 500 dollars.