New to options trading, been following this bowl a while and trying to get educated with courses on options alpha and TD Ameritrade. How many of yall are able to make consistent extra income from options trading? I’m not expecting BC wins but was hoping after some practice for a little side income to make the no raise year a little less painful. Just wondering if it’s more of a gamble then anything except for the exceptional few...

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I’d recommend either 1) own equities and sell OTM covered calls with low probability to finish ITM or 2) sell OTM cash secured puts on stocks with long term value which may be trading at a discount right now. Scenario 1, you hold the equity long term and try to pad your gain with the premium collected, and if equity swings to a loss, the premium you collect will help offset that. Scenario 2, you hold cash and collect premium as your return until a contract finishes in the money where you might get a good deal even cheaper. Risk here is company goes belly up or drops significantly and you have to buy the shares and start position at a significant loss. Scenario 3, you do both for the same equity position. Sell puts at your dollar cost average price and collect premium. And sell covered calls on current holdings to collect additional premium.

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This is the way if you have enough cash to buy equites and collect dividends. Also consider selling a put to reduce cost of entry use it as a limit buy. @sm1 how are you selling puts against your long position? Put selling would need to be cash secured and tie up margin as you would be on the hook to purchase itm. Overall love this strategy, working my way out of futures trading and into a few good tickers that will allow me to sell calls.

SM1 has solid ideas. The other one that many use for income is selling credit spreads on an index - usually SPY or IWM. Tasty Trade has some good stuff on this strategy and how to run the trade. I haven’t done it yet since I’m still jumpy from March and have have been doing well on covered calls for core positions and call spreads on non-core positions.

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Watch blue collared investor on YouTube, breaks down selling covered calls easily

I make 2-4K a month swinging stocks not options. At least I can sleep stress free swing trading stocks also. Hate volatility of options. I follow a couple of services and pay a small monthly fee to get buy/sell alerts. They do the work I reap the gains (and they as well). I tried options and wasn’t for me and needed too much attention. These service have no chat room and just an alert.

The environment has been great tbh for swing trading (equities or options). I started with 24k around mid jan and I’m abt 41k. I wouldn’t expect these returns in a normal environment. D2 - would like to answer your question but I don’t understand it. How do you adjust for covid? In my mind a return is a return until I start losing money on trades no matter covid or otherwise. Happy to answer anything else anyone may want to ask

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SM2 which services do you follow?

I’ll dm you

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