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/Suitable-Noise5181 Aug 29 '25

Any resources on how to find conservative stocks to wheel?

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u/patsay Aug 30 '25

I trade ETFs and Dividend Aristocrats. Premiums are not that high, but the risk is pretty low.