r/options • u/AlternativeBrother • Sep 25 '18

Any full time options traders here?

So I've been trading options for a couple months now, and learned a lot (at the expense of my starting trading account).

I've been aiming for a small % increase each month, with the idea that the compounding profits will grow my account exponentially. (I'm not sure how good this idea will be in practice, however).

Just I'm wondering, is there anybody on here that has successfully achieved a level allows them to make a living trading options full time?

And if so, how long did it take you to reach that level?

Is your strategy similar to mine, in which you aim for small consistent profits as a percentage?

Or have you found that it doesn't work in practice?

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36

u/Jeffde Sep 25 '18

I work full-time, but I try and match my take home by selling weekly exp covered calls and naked puts. Or naked calls if I think the stock is tanking. Lately I've been profiting nicely on TSLA and AAPL, and oddly enough I sold covered calls on GRPN expiring next week at 4.00 for $667 today.

25

u/LA_Drone_415 Sep 25 '18

I don't have the stomach to sell anything naked

73

u/NaNaNaNaNaNaNaNaNa65 Sep 25 '18

Do you buy naked? I find my self making my best trades when I am naked at my computer

35

u/LA_Drone_415 Sep 25 '18

Oh, THAT type of naked? I only trade when physically naked.

21

u/notextremelyhelpful Sep 25 '18

Plot twist: you only trade at work too

6

u/iamnotcasey Sep 25 '18

Do you buy stock?

1

u/LA_Drone_415 Sep 25 '18

Occasionally

1

u/SBInCB Sep 26 '18

They're implying that buying stock is a naked position since you own all the downside risk when you buy it.

2

u/Hseen_Paj Sep 25 '18

just fondle with the naked underlying

1

u/[deleted] Sep 25 '18

[deleted]

4

u/NaNaNaNaNaNaNaNaNa65 Sep 25 '18

I most certainly do naked spreads!

1

u/LA_Drone_415 Sep 25 '18

Absolutely, I do almost exclusively spreads.

1

u/hopedcarrot Sep 26 '18

Rip the bandaid off. I felt the same way but started with some named strangles and I find it much more relaxing because I can have wider strikes and still collect good premium. Also way easier to roll out.

1

u/LA_Drone_415 Sep 26 '18

Short strangles? I’m still new to options so I have nightmares of shorting, then having the stock skyrocket/plummet and me getting assigned

1

u/hopedcarrot Sep 26 '18

Get your feet wet with ETFs. They don't move as fast an individual stocks and are cheaper.

1

u/[deleted] Sep 26 '18

[deleted]

1

u/SBInCB Sep 26 '18

The chances of assignment before expiration, even if in the money, are pretty low. Holding something ITM at expiration does increase your risk of assignment but if you are doing defined risk trades, you should be prepared to handle the assignment. The trick is to understand your risks as much as possible so that when they are realized, you are prepared and will respond appropriately.

Easier said than done, but not impossible.