This is a joke right? HoCo is back pulling our leg? Or is this just one of the most moronically stupid posts in awhile?
Main misunderstanding in your thoughts is that you can buy back the loosing leg taking loss and almost compensate it with the profit of the opposite one. Absolutely not. In case of a sharp move your loosing leg will be much worse than opposite due to volatility increased. Say you sold call 1000 for $100 and put 800 for $100 while underlying was 900. After one rapid move of UL to 950 you'll get put with $20 quote (and $80 profit) and call with $400 quote (and -$300 loss). This is an options selling in a nutshell. The closer to price option will generate much more loss than the opposite side with profit. So you can't just buy the whole back and open the new one. You have to adjust opened positions.
"making a guaranteed profit if I played it right" "if I am sure where the market is going that week, then it's easy money" Do you realize that you sound exactly like all that junk mail that entice you to give a call to the given number to claim your prize because "you're a winner ...", or "you've already won ..." "if you number was drawn"?