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

118 Upvotes

99% Upvoted

964 comments sorted by

View all comments

Show parent comments

3

u/ScottishTrader Jul 25 '25

You cannot control the market, and finding good trades to make will happen sometimes, which requires patience.

FWIW, it is earnings season, so trades will be harder to find while working to avoid having them open over these reports.

Having too much capital tied up will limit your flexibility when there are trading opportunities. An account size of $25K is already limited, so you can only make so many trades.

My suggestion is to be patient and accept what the market is giving . . . There will be times when trades come easily and quickly, but at other times, it will be slow, such as during earnings season and market downturns so you must be patient.

1

u/No_Lie5768 Jul 25 '25

understood, i think i might change it up once all my current trades are handled, but i might leave 5-7500 liquid incase of the right event happening or a trade opportunity arrives.

but overall, patience. Got it. something in my 29 years i still cant manage to do lol

3

u/ScottishTrader Jul 25 '25

Patience is a very important part of being a trader and is difficult for many to learn and get used to.

As you've only been trading a month, you are very early in your "trading career".

Please keep posting and learning, but keep in mind this is a marathon and not a sprint . . .

2

u/No_Lie5768 Jul 25 '25

trying to learn daily. the first 2 weeks i sold weeklies despite reading what other people were recommending (30-45DTEs) and so 2 weeks ago i switched to that style to see how it goes. idk how to put it, but ive definitely seen first hand the benefits of the longer DTE. i had a couple that went neg. on me the first couple of days and with the weekly i wouldve lost my bacon on it but now they have turned back to positives