Bobby you are going to be just fine, you have an eye to risk and it sounds like a SHTF plan as well, those are the key things missing from both TT (they espouse to not touch or to just keep rolling out/down when things start going wrong) and from Karen's original strategy. I think people are getting hung up on Karen and TT methodology/mantra in this thread and not realizing you have evolved. You just have to not get caught trying to hold on in one-way death moves, if you can do that and stick to the plan you will make money, there is no doubt that over the long haul premium is vastly overpriced in the U.S. index products particularly. I do something sort of similar to you for my premium selling (I use verticals/ICs on SPX), shoot me an PM if you want a link to my c2 strat (uses SPY for better bid/ask spreads for reporting) that I am just putting up for the hell of it, it is defined risk and will use 50% of risk capital for the defined risk. I think it would be an interesting benchmark for you to compare with on the risk metrics after awhile as we go forward I use a different methodology for adjustments/rolls/directional trading but I suspect you would find it more often than not lines up with "managing by the greeks" since those are all price action/time derived anyway except for interest rates. Target annual returns are 15-20% on total account (or 30-40% on the defined risk max loss).