Retirement Leg

Good morning everyone.
So I notice that most people on here only discuss the trading leg. I don't see much conversation on the other two legs (W&O, Vault).
Lately I have been concentrating more on Covered Calls (Widow & Orphan/Printing Press) and just wanted to open up a new thread for people to discuss this.
I think I heard others mention that Gary no longer teaches this, so I'm not sure what the second leg is now or what he considers the retirement leg.

Are there many of you out there even doing W&O/Printing Press anymore?
Or maybe I should ask if there are any of you doing covered calls or buy/write, being that not everyone follows Gary's rules to the letter and I'm not trying to just get this conversation locked into Gary's old rules.
I have heard that some have even switched to using Weekly's where the time decay is a lot quicker on their option and are easily making 2-3% a week without a lot of piano sitting.

Just opening this up for conversation.

Blessings to you all.

I don't do W/O. I practiced it and didn't like it. I did better trading. Before I buy any stocks right now to keep and pass on to family I want a better and steady market. This market is way to "jittery". Those stocks I would buy however would be ones that paid a great dividend.

Thanks Darcy.
I know your specialty is in the short charts. I remember at one point you were doing the Printing Press, I think it was on WLT and were hoping to one day do it on AAPL when you could afford 100 shares. ( I think it was before the big split)
I'm glad you have found the thing that works so good for you and remain focused on that.

So, if Gary no longer teaches W&O, then what "leg" do you use to fund retirement choice? Perhaps because stock splits are so few now, the main selection criteria for W&O stocks was lost.

W&O is still done, and it can be completed just as given in previous classes. As there are a few new spins on the way you approach W&O it has very little to do with the structure of how it is done. Gary is constantly finding new ways, that he has tested, to stay current in the market. Although there may be a new way of doing things do not assume that older methods for some reason do not work! This is why he often screams that this is a by yourself thing. You hear a rumor that W&O is different and it immediately puts doubt in your mind that they way you are doing it does not work! It does!

I do W&O on a regular basis. My last W&O trade, well technically not a W&O trade start to finish, was on a company named Alnylam Pharm. ALNY. I bought on 11/16 and outright sold the stock on 12/3. I decided to sell the stock because I was satisfied with the result and looking at the big picture I didn't want to fight what was likely to come over the next few weeks. I locked in 16% and on to the next one!

The trades are there! Be patient.

Hey Fireman, Thanks for the input.

I was not questioning if selling covered calls works (W&O, Printing Press) and was not implying that Gary taught us wrong and I'm sorry if it came off that way.
I was just opening up a thread for people to discuss another leg of the stool other then the trading leg.
I wasn't sure if Gary taught this anymore so I wasn't sure if some of the newer people on this forum would be able to participate, that's all.

Anyway, for those of you doing covered calls I would love to have conversations about it.

Thanks all.

PastorP,

Feel free to direct message me if you have any specific questions. In general, if you are wanting to jump start the W&O leg you may want to consider a round of the classes, S1-S3. There are some subtle details in the classes that wasn't taught/available in the earlier classes, particularly on what "trading the evidence" clearly means. Some of these details are well worth the investment.

That said, I have used weekly options to harvest premiums, mainly on NFLX, with moderate success. Without careful thought to the entry criteria, its easy to get lured into the what appears to be good premiums resulting from the higher volatility.

It is difficult to get used to going "all in" on the W&O leg.

I do the WO trades just as stated in original courses, but I do not go all in. I stay 30 K to 50K max.

Thanks MES1960,
So Instead of doing one "all in" trade a month, you may do multiple trades on different stocks to spread out your money?