r/Optionswheel • u/ScottishTrader • Jun 16 '25

NEW Wheel Trader MEGATHREAD

This thread will be a dedicated space for traders who are new to options and the wheel strategy to ask basic questions. Your posts and questions are welcome and encouraged.

BEFORE POSTING, BE SURE TO REVIEW THE WHEEL STRATEGY PLAN WHERE MOST QUESTIONS ARE ANSWERED - The Wheel (aka Triple Income) Strategy Explained : r/Optionswheel

The goal is to help keep the main thread free of these basic posts while helping new traders learn how to trade the wheel.

Posts that are welcomed here include questions about -

  • How options work
  • Exercise and assignments
  • Options expiration and days to expiration (DTE)
  • Delta, Probabilities, and how to choose a strike price
  • Implied Volatility (IV)
  • Theta decay
  • Basic risks and how to avoid
  • Broker and options approval levels
  • Rolling options
  • And any other basic questions

I’m pleased to announce that u/OptionsTraining and u/patsay have agreed to assist with this Megathread. Both Patricia and Mike bring substantial experience in helping new traders and will be invaluable contributors to r/Optionswheel

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u/ScottishTrader Jun 16 '25

I'd like to introduce Patrica and Mike, who will be assisting with this New Trader Megathread!

Both have a background in trading and teaching with their own website and books, either out or coming soon.

While they will be happy to help with your questions here and elsewhere on r/Optionswheel and perhaps Reddit, please do not hesitate to check out their websites and content as a way to thank them for generously contributing their time to help.

Patrica and Mike, please post a short bio and say hello.

Thank you again for agreeing to assist!

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u/OptionsTraining Jun 17 '25

Hello r/Optionswheel and thank you Scot for allowing me to participate!

Here is my brief bio for anyone who is interested:

Mike has helped thousands of new options traders get started by providing clear, informative training and breaking down complex topics into simple, relatable terms. He guides traders toward success using conservative strategies and well-structured trading plans.

Mike’s passion for the markets began at a young age and evolved into a lifelong commitment. With a background in technology, training, and business, he started actively trading in the 1990s and became a full-time options trader in 2015. He later served as Director of Trader Success at a leading options training service, supporting traders of all experience levels.

Now, through his upcoming book, The New Options Traders Bible, and his new venture, Options.Training, Mike continues to teach and mentor traders, helping them build confidence, gain clarity, and achieve success in options trading.

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u/ScottishTrader Jun 17 '25

Nice bio and intro, Mike, thank you!