When things really click, when finally can recognize it's actually less risky than buying shares when used correctly it's kinda really exhilarating. Started wheeling, then began buying calls and puts, now up to 2-option strategies.
I don't know if I can see shares ever the same again. For example, DKNG took massive hit after had just sold weekly covered calls to make $.45 per contract. Could've opened diagonal spreads instead, if DKNG tanks take much less loss overall. Then double the position size and open another spread.
Bought $36 6/28 DKNG calls, sold $37 5/31 DKNG calls. Will keep selling calls to pay off long leg, if assigned am profitable, if not have more time to sell calls. Much less risky than shares. Now am thinking I can open this spread buying like $39 and $33 strike monthly calls and selling weekly calls $1 above the strike. I guess am doing poor man's covered calls if long leg ITM? Or still a spread since it's just a monthly call and PMCC's are usually longer dated long legs?
Posted by breakyourteethnow
4 Comments
They can also be absolutely atrocious.
Jedi use this power only for defense.
Aggression and attack are paths to the dark side. Consume your portfolio, it will.
(Ie options best used to reduce risk)
lol
That’s how it starts, and in few weeks you are on the WSB posting -90% “gains” for copium