I'll bite (and search function hasn't been helpful). Seems like everyone is now an options trader. I've missed out, as I don't trade things I don't understand (I get the basics, but not the nuance). I have a 300 pg book on options and volatility trading, but not about to get through it while still working 90+ hour weeks.

Recommendations for credible sources to level up knowledge faster? For small longer term gambling account, not putting into meme stocks tomorrow. Please no WSB, GME.

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Thetagang is a good place to start, learn to sell CSPs and CCs with minimal risk. Keep in mind that 80-90% of options lose value.

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Thanks MS1. And, aware of risks. Have just always had an interest. Hence a small pool, and not YOLOing (even if it would have paid off huge in this one particular outlier).

That’s the beauty of selling theta— it’s not much riskier than holding the stock. In the case of covered calls, you actually ARE holding the stock.

One example of a play is holding SPY and selling out of the money calls against it. Bottom line, you’re still holding SPY (as non-risky as it gets), but you have a decent chance at scraping a bit of extra money from it.

Personally I think it’s a bad idea to buy options before selling them for at least a month. Most of them lose value, and not only is there higher risk to buying than selling, there’s a lower expected return.

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