So I had about 100K in ES and was just cruising along with the normal expectation that it would easily bring in some pennies as always, (about 12K) I've done this same trade many times with CS, and NG, as well as NQ and RTY. I am not new to any of this, I've been picking up pennies in front of the steamroller for quite some time. Sell a strangle, don't sell too much or it will easily move against you etc etc. Keep it 15% OTM. But this time, Feb 5th I got cleaned out. I was stupid, I had no stop loss, and had not purchased any puts closer to ITM. Again I was stupid, and was going to adjust my trade later, but was traveling and I got liquidated. false security in the low vix market that we have had. The would haves and could haves all come to light, if I indeed do decide to get back in, and manage to come up with some money somehow someway, I would like to know if any of you guys have a multi year track record with this strategy of Credit Put spread Bull put Spread (same thing) of ES, SPX, etc. with a stop loss of course for added protection.. I figure half of something is a whole lot better than nothing. I know selling options is dangerous, and as I type this I'm closing my office and running my small business form home and have a lot of financial problems, but I am a trader at heart, and truly believe that there is a long term way to make this trade consistently work. I guess the real question is: If you are going to sell naked puts, what is the absolute safest way? I personally think that Bull Put Spreads seem to be the best way to go, with a stop loss to prevent risk of ruin. (turtles anyone?) Should I give up? No. but God I'm having a hard time here with this.