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Non-Tech : The Critical Investing Workshop
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To: pinhi who wrote (29186)8/16/2000 9:30:38 PM
From: jc2020  Read Replies (3) of 35685
 
Hi Pinhi,

I've only been writing cc for 3 months now and certainly agree with V I'd be way ahead if I'd started earlier.

I have been called out several times but still better off overall than without doing cc. My best learning experience was buying ELON about 64 and writing the July 65's right after June expiry. Stock dropped, as you know, and I had several opportunities (when intrinsic value dropped and calls were at 3/16) to buy back and resell them again. Could have done that twice during that one month, but didn't, so I lost additional premium I could have received. At next write, after July 65s expired worthless, stock was at close to 35 so wrote the 35's for August. I could get exercised on Friday (stock has been between 33+ and 38+ last few days)or I may decide to buyback and re-write at a higher strike (roll up to say 45 or 50) and a few months out for a higher premium and wait for a dip to buy back and regain some of my equity, then write the closer in calls again and pick up more premium to catch up on equity.

Also agree with Scott, nice to write on a few you know pretty well and getting started in IRA where taxes don't make a difference. I've done some in taxable account as well (40-50% of folio). Thanks Scott for the GMST idea, nice premium. Have been following it some and will buy some to sell cc on as well.

How's my thinking on this V or anyone else? Don't tell me you're getting a headache again, <ggg>

2020
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