First, I have to admit I don't have too much options trading experience. I've been in high frequency stock trading for a number of years, but options are somewhat new to me. I am also not overly quantitative. I've been looking at some of the options strategies out there. Last month I sold covered calls on volatility ETF and made money, but I realize that I got sort of lucky. I am pretty conservative and realistic. I don't like to sell naked calls or puts. I like the idea of credit spreads and there are lots of sites that tout them as steady income makers, however from what I see on most stocks and ETFS is that the spreads between the closer strike price and further strike prices are so small that one would have to create a huge strike spread in order to make any money and the risks become so that you are risking many thousands of dollars to make a few hundred. Is there anything I am missing or need to look at, or is the simple reality that one must once in while take a huge lose in order to make a few hundred dollars a months?