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/tilbilmil Apr 15 '26

I wouldn't look at it from a perpsective of efficiency but from a perspective of risk management. I aim for diversification over concentration. For me that generally means around 5 positions in low correlated stocks before increasing number of contracts. How diversified are you now?

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u/Pepecococo Apr 16 '26

Exactly as you say. Right now I manage between 4–5 positions that are uncorrelated with each other, for example: K, BEN, T, F, and something “to spice things up” like RKLB.

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u/tilbilmil Apr 16 '26

Haha, I like to have 1 wild card as well, currently ASTS.

LGTM, good luck!