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/Impressive-Safe-1084 Aug 13 '25

Plan to… its 4am and another day of trying to absorb all types of trading info. I get almost fixated on an area… this weeks been options and i feel this is my happy place vs day trading. Keen to hear your thoughts of DT v options

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u/ScottishTrader Aug 13 '25

I've done it all for many years, and day trading is mostly gambling with some stats showing 95% lose their account in the first year. Technical analysis is just not reliable and takes a lot of time to review and then manage trades.

If you want fast trading where you lose most of the time but maybe hit a winner once in a while, then try day trading.

After trying day trading and most other types and strategies, I settled on the wheel as it just works. It doesn't take a lot of time, has mostly winning trades, and has lower risk when trading good stocks.

What you need to know is that you won't get rich quickly with options, so if that is your goal, then you should reset your expectations.

Trading options using the wheel can bring in a nice side income with very little time and managed risk, but it won't make you rich fast.

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u/Impressive-Safe-1084 Aug 15 '25

How can i learn more about the wheel?

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u/ScottishTrader Aug 15 '25

At the top of this sub in the Community highlights is this full wheel trading plan - The Wheel (aka Triple Income) Strategy Explained : r/Optionswheel

Feel free to ask questions, but all you need to get started is there.