Thanks. Being pegged at 70 isn't the worst thing in the world. Every time you sell a CC, that number comes down. Just think of it this way, when you sell a CC a percentage is for the income and the rest is for basis adjustment. The platform still says you lost your ass, but your making money. I'm pegged at 28.5 right now. So I have to be careful with the calls I sell. I'll probably still sell 30 deltas, I'll just watch them more. What level do you sell at? I find that 30 delta is a sweet spot for me. A good balance of premium vs assignment/call away.
Normally I'd agree. The trouble is that TQQQ being a 3X product really swings around so it's hard to tell if your in a small draw down or about to lose your ass. And yes, sometimes I'll sell two or three weeks out if the premium warrants it. My preference is to go out one week, hold to expiration and take my lumps Monday morning.
Yes, that I'm new here and there are plenty of a holes waiting to throw stones from behind their monitors in their mother's basements. I agree.
Practitioners of the wheel are criminally stupid. But sure, add futures to the mix and post that shit here. I don’t post much any more but I’d love to railbird the ensuing debacle.
Trading "a wheel" for income is like funding your life by playing roulette. You sell the upside for money now and that's it. "Hedging" makes it not a wheel and instead a very different trade: one that requires math that only an autist can do.
Short a put -> assigned -> long TQQQ -> short n-MNQ -> what happened to the short 30D calls? So you’re going to take a loss, flatten your D1 exposure and short what are in effect naked calls? Brilliant.
You can reduce your exposure with the underlying, futures, or options. The real question is, what are you trying to achieve with your hedge? All you'll be doing is locking in the losses that you have at the moment - and paying the fees for those /MNQ contracts (both in and out.)
When we were all in LV a guy at Caesar's was martingaling outside bets to table limit repeatedly. Walked out losing $150K or so. I didn't think it possible.
Ye ghods and little fishes. I missed that he was doing both. Yeah, there are better ideas out there... self-trepanation comes to mind. But yeah, it's just all these Awful Meanies(tm) on ET jumping on innocent, helpless newbies. Must be that's what it is, and not, say, well-meaning people who know what they're doing screaming "STOP! For god's sake, stop what you're doing!" as they see the spurting blood and the bone fragments flying in all directions...