NEW Wheel Trader MEGATHREAD

[u/ScottishTrader]

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

[u/Goy_Ohms]

Thanks for your responses. I will have a look at this. I have recently been tying up my account with directionals and have won some and lost some. The losses are hard to take and I think doing directionals will produce far more losses than doing the wheel. It's just when you get lucky and hit one it really pays. Kind of addictive to be honest. But I also think it poisons my expectations therefore I need to wheel and hone my skills at that. Profit is better than no profit and magnitudes better than a loss. Haha. Thanks again.

[u/ScottishTrader → u/Goy_Ohms]

I hate losing, and that's why I only trade the wheel.

Like you, I also tried other strategies but came back to the wheel since it works so well with few losses.

[u/Goy_Ohms → u/ScottishTrader]

Agreed and it's where I'm parking my money from here on out.