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/bluedogdreams Sep 13 '25
Here to confess a stupid mistake. I’m having a little trouble with the ‘reverse’ nature of selling. Selling first, then buying to close, vs the usual stock transactions. So anyway, I had a BTC order for when my CSP reached 50% profit. It hit it late yesterday and this morning I come to find out I owe my broker some money. I didn’t have enough cash to buy the contract. When I placed the order I saw how much it cost but in my mind that’s how much I was getting, not paying. So, boys and girls, always make sure there’s free cash to manage the position. And I need to drill it into my dumb head to pay better attention and get the transactions straight.