Low Risk Options Strategy For Small Portfolio That Can Make You Thousands!
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- Опубликовано: 7 фев 2025
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How to do a Poor Man's Covered Call
In this video I will show you how to trade a Poor Man's Covered Call (PMCC). The technical name of the Poor Man's Covered Call is a Diagonal Debit Spread. This is specific type of spread that uses a LEAPS option as the collateral needed to purchase a short call against to collect passive income in the form of options premium. Because we have more control of this option it comes with low risk and is perfect for those with small portfolios. Just using the poor man's covered call has made me thousands of dollars this year and you can too!
Check out the time stamps below for video specifics.
Time Stamps:
Intro 0:01
What Is The PMCC 1:29
Why Do This 2:10
Why Do I Love It 3:20
Step 1 4:31
Step 2 6:05
Step 3 7:35
Step 4 9:40
Step 5 12:55
When To Close 13:50
Profit 14:50
What If The Stock Tanks? 15:19
What If Assigned? 17:24
Keep Learning 18:25
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DISCLAIMER: The content discussed in these videos are solely my opinion and should never be used as financial advice. This channel is for entertainment purposes only. Make sure to consult with a professional before making money decisions. This video and description contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission; all of which helps grow the channel! Thank you for your support!
I think this is my new favorite instructional channel solely for how straightforward and serious you were around the 16:20 mark. So many channels brush over the risks and downsides because they know people are tuning in just to become millionaires. This is the first time someone was completely realistic with the answer of "then you lose, it's not rocket science, try a better stock next time". Inspires a lot of confidence that you're truly here to educate and share your knowledge rather than push hopium for subscribers. Thank you
👊🏻
Great Brad! This is one of those videos to watch a couple of times before jumping in. Especially the point you make at 11:10 on the strike price.
Nice.. Good luck
I like Etrade to run my PMCCs with them because they don't mess with your long call at all when the short call gets assigned. They simply assign you a short position at the strike price of the short call you sold and begin charging interest (8% APR). You can close the short position first thing Monday morning often for 1/3 the price you would have paid for buying the call back on Friday.
That sounds like a great tip.. nuts and bolts ÷/- of different platforms is basic, but lacking in good material. Please advise if you have any good content producers that go deeper than UI on the different platforms.
I got 2 webull sign ups from friends, shared your channel so they can learn. You make it so simple.
Cheers. Thank you
Great video Brad. It made sense to me to not pay more for the leaps than the difference between the strikes. That's where I had trouble before. Thanks for making a video with so much clarity.
Brad, I can tell you are a teacher by profession....you do a great job explaining concepts to newbies!
Thanks 👍
I am long on hut 8. I did two in the money leaps thanx to your videos and I am killing it… thank you …
Great news. Keep up the good work!
Great comprehensive video! FYI for anyone on Interactive Brokers, if your short call gets assigned, you will end up with -100 shares plus a credit of 100 * short call strike price, but you still will still have your LEAPS call. This is actually a good thing as you get to keep the time value of your option. So if you wanted to exit the position, you would sell your LEAPS call (which still has the time value in it) and buy back 100 shares to zero out your position. It kinds sucks if your broker forces you to exercise your LEAPS to zero out the position since the extrinsic value gets left on the table.... however, Interactive Brokers has such a steep learning curve and not intuitive at all, so pick your poison 👍
Thank you for sharing
Wait does IB force you to exercise your leaps?
Brad, your explanations are brilliant! Much clearer than Tastytrade, Shadowtrader, TOS, etc etc. Thank you so much for cutting through the confusion!
Appreciate the kind words
Better than most videos out there on this topic. Thanks Brad great stuff!
Glad it was helpful!
The problem with using leaps as colllatoral with a short near term call option is when the underlying stock shoots up, the rise of short call premium rises faster than the premium on leaps.
I have had the opposite experience
Thank you so much for sharing your wisdom, this video has help me so much
You are so welcome
@@BradFinn I , did my first poor Man's covered call today , thanks to your video, question on a normal coverd call .... Is there a certain detail I should go for ?
Around the 9:00 mark you said that options greater than 365 days qualifies as Long Term Capital Gains. It`s my understanding that all options are classified as Short Term Investments.
If I am wrong, thank you for correcting me.
This was a great video. Thanks.
Your understanding is incorrect. Cheers
www.investopedia.com/ask/answers/12/leap-option-held-more-than-12-months-tax-treatment.asp
Great video as usual. A few more helpful tips:
1. The best stock for PMCC is a stock with "moderate" implied volatility. High IV stocks will make your leap too expensive and risky. Low IV stocks don't give you enough premium for the covered call you sell.
2. Using Technical analysis on the stock helps tremendously. Buying leap at support and selling covered call at resistance increases your chances of success.
Good luck guys, and keep up the good work, Brad
Thanks for sharing!
LEAPS *
Omg.. you are a great teacher.. love your passion in teaching. I have subscribed your channel.
Thank you
You have some serious knowledge. my head is spinning listening to your videos.....
it will come together. Keep learning
Brad, your a wonderful teacher. I don’t think people have been very kind lately especially on YT. Thought I’d let you know though.
Thanks for letting me know.
I like your videos. I have been selling cash covered puts for a while now. I like the Wheel strategy now.
Good stuff!
The detail in this video is much needed. Thank you so much for taking the time to make it comprehensive.
Thank you Jeff! Ill tell you this was my longest edit ever.. Over 4 hours for this one!
Superb Brad !! Tks always for all you do here. I have been learning massive precious lessons and principles on options trading and investing with you. It looks like when you speak, you do in advance on what I m about to ask myself.... You are great master man !! Thank you again
Appraise the kind words
I really appreciate the way you explain everything!
I appreciate it. Thank you! Please share the channel.
I have been doing the wheel strategy that you have suggested and it’s been working wonders. It’s a slow and steady process which everybody needs to understand. Of course I have been playing it safe with my covered calls because I do not want to get as exercised, however understanding the Delta and the theta has been really helpful from your videos.
Cheers! Im glad its been working out. I Wheeled for YEARS before I tried the PMCC
Excellent video thanks amigo!
Glad you liked it!
Just don’t exercise. close the leap and short call if the strike price on short call is breached. The amount you paid for the leap is not important since the value of the call increases faster than the short call. If you exercise you’ll almost always take away less money. Manually close/roll. Never let it exercise
Not sure what a leap is. Maybe you ment LEAPS. But then again you would give advise if you didn’t know what the acronym stood for right? So I guess I’ll google leap
@@BradFinn lol wow that some petty stuff dude. Okay but can you refute what I said concerning PMCC. The long call and the short call if not exercised but closed would be more money in your pocket and the limit of selling above your “break even” is just not true. Try to at least research this concept before dismissing it and honestly being a bit of douche. I was trying to just point out one of the many ways to make money.
also if you correct spelling at least don’t include mistakes in your response because “ ment” I don’t know 🤷🏻♂️ did you mean meant. You know. I’m still quite in shock from your reaction. It wasn’t like I was dismissing your stance or message, I just added to it. Never said your way is wrong just not the most efficient. Which is okay everyone invest differently. Well respond reply remove my messages idc. Hopefully a few people got to see this interactions
Best explanation I found thus far! Thanks Brad🙏🏻
Very welcome!
Thanks for the video. You mentioned that we should not pick a stock has a high chance to go up a lot in order to product the covered call. But if it does happen, can we just roll the covered call to a higher strike price? What are the pros and cons of doing this? Thanks
Of course. It’s just annoying for people that want to be a little more passive and hands off
This is the most solid video on LEAPS! Thank you, Brother
Thank you for watching
@Brad Finn - So you sell your short call.. Say you wait a week and you have your 40% profit. You buy-to-close and take your 40%. How long do you typically wait until you sell your next call?
So by doing this I don’t need 100 shares? Or collateral for the hundred shares?
Correct. Collateral is the long call
Thank you for the informative video! I just have a few questions. Let's say that my short call gets assigned and I'm happy with the profit I have from a long call since the price went up. I decide to close the spread.
1. If the short call is assigned. Which action is made? I sell to close the long option or do I exercise the long option to buy shares ( let's say I don't have any cash left in my account)?
2. My long call automatically exercises at which price? Is it the premium that I paid for the LEAP option at the beginning or the current price of the LEAP option I purchased?
Thanks in advance.
You are welcome
Great video Brad. Where did you learn options to begin with? Just curious bro.
Self taught really. When I made my way to RUclips inthemoney was a good help
@@BradFinn Thanks Brad. Happy New Year brother.
Hi Brad. Love the videos full of great info. Thank you for that. How do you keep track of your different option strategy performance?
Spread sheets
Solid video Brad!
Thank you
Hey Brad and everyone!! PMCC! What do I do with my short call, when the value continues to rise??? I’m still in the money, but I can’t buy to close for more premium.
Roll it
So what do you do if the stock price drops after starting this and on the short call you can't get a max .2 delta and the needed strike spread? Sit on it and hope the stock turns?
Awesome video man. Thanks for sharing man. You D man.
Thanks for watching!
Thanks Brad. I needed this one and its appreciated. Can you quantify "deep in the money"?
8:11
.75 delta or better
If your short call goes ITM at what point do you typically wait to roll it up and out? Will you let EV run down? Maybe do it a day before expiration?
Depending how bad it is I’ll probably wait 1-2 days out
I am humbled by your attitude. That is correct, keep learning
Thanks Martin!
great content!!!! thanks
Thank you
Commenting before the video. Ill probably regret it. I always manage to pick a stock that blows through my covered call. Except one time I picked pltr at like 35 and it died lol. I havent had a successful pmcc yet.
I have had some amazing LEAPS tho!
I roll up and out to a less itm strike when my PMCC short leg goes itm. I can usually do it for net credit. Eventually my strike catches up to the stock price. Then I have to remind myself to put on a bear trade because the underlying price inevitably tanks😂
You have to learn how to buy to close to roll up and out as explained in the video
@@BradFinn yeah. I have work to do. I'm getting there tho.
Good explanation
Can you use this strategy with a cash account?
Depends on the broker
How are you going to avoid spike during earning that crossing your strike price ? Roll it UP ?
Yup
Let’s go Brad! Awesome teacher
Appreciate it!
Nice video Brad, easy to understand. Do you happen to know how Interactive Brokers will deal with Covered Call that got assigned
I do not. Maybe someone in the comments may
Brad, How can you lose $ if the trade is set up correctly? As long as your short call strike $ covers the cost of the premium you paid for LEAP + the long call (if exercised when your short call $ gets reached) where's the risk if this happens? Great videos and sorry for what may seem like basic questions. Just trying to wrap my head around what happens when strike $ on short call gets reached with Robinhood? Having a little difficulty finding it in the disclosures on the site so any experience with this happening, specifically with Robinhood, would be greatly appreciated. Thanks
Robinhood automatically exercises the LEAPS
@@BradFinn Thanks Brad!
Brad you are the master of breaking strategies down, so I have a question. I open a long call OTM, the market turns, stock drops and my option isn’t looking good. I hear you say roll options, but can I convert this single leg into a vertical by selling a call, collecting the premium to reduce some of my losses? If you already have a video about this I’d love to watch it. Thanks
Thank you so much for the kind words!
LEAP is great!!!!
Not sure what that is so I will take your word for it 🤙🏻
I recently started to trade options the tastytrade way of buying to close at 50% am I right to assume you would still be inclined to pay taxes on the whole credit for example sell a strangle for $1 but buy to close for 50 cents you would be taxed for the whole 100 someone told me just the 50 but doesn't make sense
Brad, continue to learn and really appreciate the videos that you put out. So glad that i stumbled onto the channel. Learning each day and making some mistakes, but that goes with the territory! Overall growing positively with the help of your inputs and the discord discussions. Hopefully one of these days we can get a beer! Cheers!
Looking forward to it bud. Cheers
I think this video would benefit from examples, graphs, numbers, etc
This is a follow up. I think you would benifit from watching more than one video to get the entire picture etc.
Here’s the original that people asked for a condensed version of 🤙🏻
ruclips.net/video/JDcBrrT_Kws/видео.html
@@BradFinn I agree. The original video is very good
Thanks for the video. And what you think about PMCC on ETFs like QQQ? They are not so volatile like stocks and won't tank (some of stocks will grow if some will fall), or it can go sideways, while it is not too bad for call selling
6:26
@@BradFinn thanks, i understand
Your video is awesome. Love your breakdown screens shot with details!!!!
Thank you Henry!
I'm a bit confused by not paying more for the LEAPS than the difference between the strikes. If I want to protect myself from losing money on an assignment, wouldn't the key metric be the break even number? And if it is the break even number, which seems to make sense, I'm not sure what stocks this will work with that are worth a damn because if you look at deep in the money LEAPS for major growth stocks like MSFT or AAPL, the breakeven is considerably higher than the strike and even if you aren't being greedy on premium, you're still going to have to take some risk.
There is risk in every investment
What's a good ratio for LEAPs vs buy+hold stocks for 100k portfolio? (ur opinion)
Thats up to you. I know people that are ALL in LEAPS and options. I know some people that hate them.
All of my portfolio break downs are done monthly here on RUclips.
Here is the most recent look
ruclips.net/video/-ik466OlrM0/видео.html
When your LEAPS tanks and you sell at a loss and buy another doesn't that trigger a wash sale? In my etrade account the loss from a wash sale is automatically added to the cost basis of the new position until I've held it for a year. I know it's mostly just a tax thing, but those disallowed losses can pile up if you want to trade long positions on a particular underlying with any frequency.
Yes, the wash sale does apply to options like stocks in. 61 day period. To avoid this the second option would be done 30 days before closing the first or 30 days after. I was gonna mention that but the video was getting long. I’ll probably make a video one day if I’m ever in the position where’s one of my stocks tank
Love the PMCC and all your videos, keep up the awesome videos!
Thanks! Will do!
You ever thought about combining a poor man’s covered call with a poor man’s covered put? Essentially using a long dated straddle and selling short dated strangles against it
yeah 17:11 Check out the video
@@BradFinn I did see that. I was assuming you meant buy a long put, sell a short put and make a diagonal. I was referring to making a 4 legged trade. I figured it would be a good low vol strategy that is market neutral but doesn’t have the same problem as iron condor.
This is awesome, thanks for clarifying and explain this more in detail. I’d love to join the discord but the link posted took me to your pateron are those linked? Thanks again great video!
Yes. My discord is a patreon tier
#Liked
#Subscribed
#Bell'd
#Shared on my Social Media,
and finally
#Commented
completes my feeding of Algo, The RUclips Popularity Dragon...!! 🐉
Cheers! Thank you!
Can you do this video for those of us on webull ?
No. They don’t allow diagonal debit spreads at this time
Brad, the problem with the PMCC is you miss out on the appreciation of the options value IF you get assigned may sometimes be more than the actual profit from the PMCC, since you miss that extrinsic value. Am I right, or am I right? thoughts?
Depends. I held some QCOM deep ITM calls and sold CCs against them through earnings last week. I was comfortable with the spread and if the stock tanked, it’s cool, keep the premium. Would up getting called away and I settled for a crispy 30% gain.
I dont see any problems with it. If they dont work for you then dont do them. Simple as that.
As the buyer of the LEAPS I can not get assigned. I have the power on that from. Not sure which call you meant because you didnt specify.
EV goes to zero as you approach expiration so as far as the short call there really is not EV and like I just mentioned I control the EV of the LEAPS...
1. Don't do PMCC on a stock in breakout. In this case, you may want to buy and hold the LEAPS throughout the breakout, then outright sell it or do CC on it when the stock consolidates.
2. If your sold CC gets ITM, you can always roll it up and out.
3. If you are close to LEAPS expiring, and you can't roll up and out, I would just accept assignment. There will be only little EV left, and you have already made a lot of money selling CCs on it, and will still make a lot on assignment (difference between the LEAPS strike price and strik price of the CC).
I hope this helps
Just discovered pmcc.When you buy long dated leaps
For premium, someone on the other side receives this premium for selling it to you.Is this correct?If so could you do a video on their perspective.Just trying to get my head around all this.
Yes. Every option has two parties. A buyer and a seller. The counter party just believes the opposite outcome than you
Love your videos Brad, it’s been good to learn about the wheel strategy and options in general from your lessons, but I’ve got a question about something I’ve kinda hit a wall in.
I sold some Cash secured puts but never saw my premium drop into my buying power. Reaching out to Robinhood, they claim that it’s been rolled into part of my cash collateral. My understanding was that I wouldn’t have been able to write the option in the first place if I didn’t have the cash on hand, is this right?
You would not
So it should just ping immediately into my buying power, right?
See you atv100k!
Yes you will
Thank you
You're welcome
Hey Brad, great video. Ok so maybe I missed it but my question is what happens if the stock price goes lower than the leap price during the short leg strike date (but not assigned) So have leap but weekly short leg and during the week it goes below leap strike price? Would I get margin call to cover with cash? And the difference or the entire amount?
No because you cant be assigned on the LEAPS.. it is a buy option. and you would not be able to write the call if the short calls expiration was after the LEAPS expiration
@@BradFinn no I mean I write a option expiring in a week, which starts out covered by my ITM leap, but during the week the stock tumbles below the leap strike price and the written weekly option is no longer covered by the ITM leap.
@@tristansdadreviews in that case you're making money in your short leg (the credit you received when you first entered) that's why he said buy leaps 1year from the date. Within that 12months, you should see profit in your leaps. He also said to monitor the trade from time to time to know when to exist
Hey Brad I love your videos, if you are doing a PMCC do you need the cash available to purchase the 100 shares to cover the short call assignment? or if you are assigned will your broker automatically exercise your long call to cover your short call? So basically do you need the cash to purchase 100 shares or will your broker take care of using the long call to cover the assignment so you don't need the cash to buy the 100 shares
You just need the difference between the underlying and the short call. If your short call is for say $50 and the stock goes up to $52, your short call will be exercised. You then need to cover the $2 x 100
Correct
@@brianwieber7914 short call sell/call, do we have to enter a new short call when it hits the expire and enter a new short call position??
@@danielmuang3005 you can roll a position before the expire date to a further date which is a quick way to close a position and open a new one OR you can let the option expire if it is out the money and then open a new one.
@@brianwieber7914 so with this method, depends on if you do weekly or monthly short call, you are collecting premium until it hit the date on your leap options contract? and thank you for the reply, and really try to educate myself
Yessirrr! 🔥🔥 Poor men creating their own Dividends for years now! 😜😄🙌🏼 Great video, Brad! 👏🏼👏🏼👏🏼
Truth!
Hey Webull does have spreads just not diagonal or Calender spreads, yet. Also Fidelity allowed me to do diagonals with just an online application. About to start PMCC in that account for the first time since I can't do it in my main brokerage which is Webull.
Good luck. Thanks you very much for the update
@@BradFinn Thank you. I'll let you know how it goes.
On webull you can do spreads on a margin account only
👍🏻
I am doing PMCC with AAPL and my strike price is like $5 above the current price..exp is Fri..I got an email from RH that because of dividend I'm in danger of early assignment..my premium was close to what I got in for so I closed it but do you think that would have happened?
Tough to say. That would be the only time Ive heard of early assignment. But its still rare!
What could come of lying about your finances to get access to options levels in a brokerage? The brokerage can’t prove your claims or not outside of maybe your annual income level. They don’t know what assets or liquidity one may have.
One majors thing that could come. You can lose all your money by know knowing what the fuck your doing!
How about just sell put at low strike price. At is guareantted profit
Go for it
Awsome video!!!
Thanks!!
just keep rolling the short call if stock price blows by the strike price.
That you for reiterating that important point from the video!
Just curious if you know how RH handles if the short call gets assigned? Which of the methods you explained.
They exercise your long call to cover the assignment
Chiming in. I'm currently level 2 robinhood, it said I'm currently not eligible for level 3 based on my profile. I went in and adjusted everything to current information. It still won't allow me access to level 3..should I try again in a week?
No idea Christen. Reach out to them. If your inelible there’s gotta be a reason
What's everyone's favorite leap? I am riding a AMD leap right now...I bought it Monday and the leap is up almost $400 from the purchase date...
NIO
ASTR MVST ASTS
Do you always play the same stock?
Good stuff
Thank you
In your discord chat do you list plays of the week?
Not sure what you mean.
@@BradFinn like list stocks to option trade and at what strike price to enter
No. My discord is not an alert Chat. I take questions and go through my mindset after I make a trade. The descriptions for discord are all listed in patreon.
Ok smarty pants, then what does the “P” stand for in LEAPS. I LEAP for LEAPS 😂
antici”P”ation! :)
@@BradFinn That’s no fair. It’s cheating 😂. I was kidding all the same
Such a helpful video! I finally jumped on the TTCF train 😁
Im on that train with you
Can you show how to do it on Robinhood!
ruclips.net/video/1CNdWnEuHag/видео.html
Or
ruclips.net/video/JDcBrrT_Kws/видео.html
I think the Poor Man's covered call is often times mistaken as a replacement for the traditional covered call but at a lower buy in price. The biggest drawback I see is getting into a Poor Man's covered call with a LEAPS and a short term option 45dte or less. If the underlying moves too fast in the right direction you can actually lose money do to the gamma exposure of the short call. A poor man's covered call would also want to look for long term vega expansion which is most prevalent when the VIX is below its historical average. I feel that the pmcc is a much more niche strategy that is used as a short cut because of the low price of entry. It just isn't a good replacement for the traditional covered call. If you want leverage, then wouldn't it just make more sense to buy 50 shares with cash then buy the additional 50 shares on margin and go about selling your covered call that way? I personally think yes, but interested to hear your opinion. Cheaper than fully cash purchased covered call, as well as none of the gamma risk or the need for positive vega exposure.
I’ve never seen the two confused. But thank you for showing the confusing way of explaining what i said. Cheers
@@BradFinn I see it pretty frequently. What are your thoughts on using margin to decrease the upfront capital on a covered call vs the pmcc?
@@BradFinn Also I hope you didn't take my initial comment the wrong way! I wasn't criticizing the video, but just looking for a discussion between the two strategies
Nah it’s all good. I welcome everyone’s opinions
wait, if the underlying moves fast in the right direction your long call's delta would increase and it's value would increase to offset the loss of the short call... so you could just buy to close the short call and no real harm done... not much of a downside if you ask me, and as Brad said, you were supposed to pick a stock that was steady, so if it ends up being volatile, that is either your mistake or an outlier unavoidable mistake... but the mistake gets neutralized by the gains in the LEAPS call.. unless I'm mistaken?
short call sell/call, do we have to enter a new short call when it hits the expire and enter a new short call position?? anyone? thanks
or let say your short call is up 40% and you close that positions, do you have to enter a new short call position?
when the option is closed a new one must be opened
@@BradFinn thank you, hopefully there will b one done on your up coming video on how to do that!
What happens if you get assigned on a pmcc?
watch the video
Let's say you want to sell covered calls against LEAPS, and you don't care too much about how much money you make on the LEAPS option itself, your intention is to just open up a path way to collect weekly premium. Assuming the difference between your LEAPS strike price and your covered call strike price is greater than the premium you paid for the LEAPS option, why would you care about having the LEAPS option closed out if your intention from the beginning was to just collect weekly premium? When comparing this to buying out 100 shares in the wheel strategy, at least with this you're not at risk of purchasing stock at a significantly higher price and getting stuck with it there. What are your thoughts?
Go for it
I assume the total premium over the LEAP option period cannot cover the amount that you paid for the LEAP option at the beginning. We try to sell a safety short call with a high strike price, which is a really small premium. Again, depending on the ticket you choose, a stable company gives you a small premium even with a lower strike price. Therefore, I think this strategy mostly focuses on the profit from the LEAPS option. Weekly premium from short leg will help lower the price that you paid for the LEAPS option at the beginning.
where is the discord link ???
First link in description
Rather have a leap that takes off
Cool
Cool thanks for the info, I'm gonna do a pmmc with Amc
James, I was thinking the same to myself.. but then again Im not here to tell anyone what to do with their money. You can lead a horse to water but you can not make them drink
Would anyone know how to do a PMCC on fidelity?
It’s called a diginal debit spread in Fido
So does this mean a poor man’s cash secured put is doable?
Does anybody do this strategy on SPY?
Yup
I love "the rich woman's boy toy", one of my favorites 👀....question tho, why buy to close the short leg for a loss? Why not let yourself get assigned and run a small wheel? I'm on webull by the way, might be why im a little confused
🤦♂️....edit: you answered my question, I should've watched til the end before typing
👍🏻
Awesome breakdown with easy to follow instructions for making money with a small amount of resources!
Thank you so much
What's your discord
Chat Forum. First link in the description
Thanks Brad, for breaking it down for us.
Any time!
Beware! Robinhood does NOT support Level 3 in Retirement accounts.
👍🏻