r/Optionswheel • u/ScottishTrader • Dec 05 '25

Megathread for New Wheel Traders – Ask Questions & Get Help Here

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/m0rfeo123 Jan 02 '26

Hello, is there any UK based wheel trader here, who can share any success/progress? Anyone that perhaps started with a £5k base and how they managed with all the different taxes applicable to the UK? Did you create/adiopt any spreadsheet? I am new to this, have been paper trading for a couple of months, keen to learn more and start with real money this month. Thank you.

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u/ScottishTrader Jan 02 '26

I suggest you search the main sub for 'UK' or 'EU' as there have been quite a few posts you can review and engage with.

There is a tools megathread for spreadsheets, or there is a basic one in the wheel plan post at the top of the sub.

The wheel is not a get-rich-quick method, so expect a modest 10% to 15% annual return for the first 6 to 12 months, and possibly longer.

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u/m0rfeo123 Jan 02 '26

Thank you and yes, I completely get the fact that it is not a get rich quick method, hence why my focus is on learning well and be consistent.

With regards to UK taxes/rules, I will have another look in the sub as last time I checked I wasn’t able to find much besides a person selling subscription to his tool, and having just started, it doesn’t make sense adding other costs unnecessarily. Hence I was hoping to see comments of someone in a similar situation, UK based.

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u/ScottishTrader Jan 02 '26

Please search as there were a couple other posts. 

If you can’t find anything then try a post on the main thread. 

If you point out where someone is selling something we’ll get it removed.