I have to disagree with andrasnm regarding the covered calls. If you have the right options broker (i.e. Interactive Brokers), you can sell the stock out of a covered situation, leaving you with a naked call in the account. As far as CC's being dangerous, a friend of mine is an investor/trader who has never taken a loss on a long position, because even if the stock he owns is down, he'll just keep selling covered calls month after month until he gets called out or is in the black. (Note that he only buys stocks that are well established, and doesn't allocate more than 30% of his account to one position, allowing him to continue trading other stocks). I don't necessarily advocate doing such if you're purely a trader, but if you're more of an investor, covered calls are indispensible.