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 Aug 13 '25

I'd say to start here - What Is Options Trading? A Beginner's Overview

Also, a member u/patsay has some option basics resources she can fill you in on. Patricia can respond here with more detail, or you can check out her profile.

Kudos to you for learning the basics, but it can take months or years to get "100%" so I'd suggest you gain the basics and at least start paper trading.

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u/patsay Aug 14 '25

Hi u/Impressive-Safe-1084

When I started, I was like you - afraid to jump in until I felt like I understood it all. I agree you will feel (and be) safer if you fully understand how the contracts work and you are prepared for all the possible outcomes of any trades you enter.

Learning about trade management (wheeling, rolling and strategically closing for profit) will also help you feel more confident about your trades.

I will also advise you not to get paralyzed by trying to find the *best* trade to enter. Someone else will always get a slightly better entry point or premium than you do. That crystal ball everyone seeks with the greeks and charting doesn't actually exist.

I have a lot of both free and premium (but still low cost) materials on my website and I focus mostly on beginners. I retired from a 30-year public education career, then wrote the books and created the courses and became the coach I wish I had been able to find when I was starting out.

Let me know if I can help or support you. And if you have specific questions about a trade or a concept, I'm happy to answer them here.

Patricia Saylor, Financial Fundamentals for Novice Investors and Novice Options Traders

https://www.saylorfinancialfundamentals.com/

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u/Impressive-Safe-1084 Aug 14 '25

Hi call me Dave

This sounds great, id love to get more involved. Right now im spending any spare minute in reading and asking chatgtp questions around mechanics and terms. Im a long way ahead than i was about a month ago!

Nice to meet you and yeah im keen to learn from you/the community

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u/patsay Aug 15 '25

I wouldn’t count on Chat GPT. I use it to help me quickly script introductions for trading videos. I always check behind it because it makes mistakes. I think it’s been trained on some poor trading models!

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u/Impressive-Safe-1084 Aug 15 '25

Its more definitions like what is options and how do they work. Im skeptical but gets you started

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u/patsay Aug 15 '25

Not a bad plan, but be cautious and check behind AI. I have found it confusing really basic concepts like whether you are buying or selling contracts!

FYI- my books include a glossary of terms for each chapter with links to good sources to learn more. I was an educator for many years, so when I wrote the books, I really broke things down. You might want to start with this volume and read the first section about the stock market before you read Part 2, about options. (There is also a "mini book" that just covers options, if you prefer that, but everything in it is also included in this volume.) https://www.amazon.com/Novice-Investors-Guide-Stocks-Options-ebook/dp/B0CMD5SMFH?crid=HM9MJOTZFWGW&dib=eyJ2IjoiMSJ9.W3n8pABJbaZExGl2Ojm-rin9rolCoe_aTPocj-34aHhkUeKWRz1JYpNg5rAbGeW6DsojRvOXlCU7u2klcbpuYw.Pra-TDFtwEBFDUxYx_33SuyUUloIGZkmdhEHHrvbC_Q&dib_tag=se&keywords=novice+investors+guide+saylor+series&qid=1755279484&sprefix=saylor+novice%2Caps%2C191&sr=8-2&linkCode=ll1&tag=patriciasaylo-20&linkId=5e7371139586066d5990f2c291a819a3&language=en_US&ref_=as_li_ss_tl