Hi all, I'm new to Elite Trader, though I have been trading options for three years now (on and off, ramping up recently). Predictably I started with long calls and shorts. More recently I'm into credit spreads and uncovered writing. I understand the argument that you'll have a lot of small winners, only to be dwarfed by a big losing trade. Can the adverse effects be mitigated by selling uncovered calls and puts (and sometimes short strangles) (1) when they are way out of money and (2) when you diversify by having different stocks, different strike prices, with positions established perhaps on different days so as not to be too exposed to the prices of one day? (I mostly just do short term options--less than 20--so time works its magic faster). Now, the above concerns the mitigating steps at the outset. As time moves along and new developments happen, can't preventive steps be taken to minimize losses? Let's say you sold a put and news came out and the stock moves down big time, and IV spikes too, so your short put gets killed both ways. Now, with the IV spike, the put prices will be way up, can't you close out your short put and sell a still lower put. This could result in a reduced loss if the new short put expires worthless. Also, when I'm talking about "way out of the money", think GS now, at $145 or so. I'm talking about selling a May 90 or 95 put, or DNDN a few days ago, at $40, and selling the $15 puts. If you don't put all your eggs in the GS or DNDN basket, and you do the same way out of the money writing with a bunch of stocks, calls and puts, can it work consistently? Thanks in advance for any helpful comments.