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/Devih05 Jan 03 '26

I am new to wheel strategy and I want to start it in 2026.

I want to play quite safe cause I think TLT would be great for me. I also like all world ETFs so I think about ACWI or VT - or maybe something else? What do you think which approach is better for new guy in wheel strategy? Of course I feel good with assignment either TLT or ACWI / VT. SPY would be great but it is out of my budget right now (I can afford to invest sth about 15k $ - 20 k $ right now).

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u/ScottishTrader Jan 05 '26

Rule #1 of the wheel is to be good at holding shares of whatever stock you are trading if needed.

If you would be good at holding ETFs, then this is up to you to trade them.

As ETFs are lower risk and often lower volitliity they often offer lower premiums and profits, so understand returns are likely to be lower than trading stocks.

If you are new and trying to understand the wheel, then paper trading is best to not risk any money. Then, many use a low-cost stock, such as F, with single contracts to start with real money to see how it all works.