Retired, 450k fun money, lets see what happens - SPY Options

+$1704
SOLD -12 SPY 100 19 MAR 21 387 PUT @1.42

 

Where are you at versus the index? Have you caught up on that 2 percent?

 

Please disclose some statistics too.

 

My net liq is $500,557.58, so currently up $44,439.46 or 9.7%. SPY is up 9.9% so I'm still slightly behind but closing the gap.

 

well done. thanks for the update.

 

+$2880

SOLD -12 DIAGONAL SPY 100 (Weeklys) 26 MAR 21/19 MAR 21 389/387 PUT @2.40

 

You will do much better than the SPX this year.

 

If one is a decent stock picker, then why do options?

 

Sounds like a simple strangle strategy with greatly reduced premium. Works 80 percent of the time.

 

The problem with the wheel strategy is that once assigned, the call premium that you collect will necessarily be reduced from where it would have been had to just started out with a simple strangle.