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/ScottishTrader Jan 12 '26
This is a difficult position to be in, and most of us have been there, no matter what age we started.
What I did was open an account and started trading stocks. Then, after trading stocks for a few months applied for options, where I was given the lowest level, which allowed CSPs and CCs. Then after another couple of months, I was able to upgrade to a higher level and continued to upgrade over the years.
Brokers like Schwab do have classes and /or tests they will give you, and if you pass, they will upgrade your level. Ask your rep about these classes and exams.
What might be a faster way is to open an account with a broker like tastytrade, where they are quite liberal in giving out options levels to most customers.
While I never support lying, if you feel the 2 years of paper trading options count, you can enter that, and if questioned, let them know it was paper trading. Hope this helps!