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Posted by bruceworking 
May 01, 2020 08:30PM
I've been using the trastytrade information to enhance the gary style. They use a lot of statistics which is not Gary's way. But, understanding IV rank and how to use it has been good. I make a fair amount of money selling puts with their idea and the charts from Gary. I would recommend studying their methods and grabbing the nuggets. Look up the "Super Trader" and what she did to make a ton of money. It changed how I do the w&o. She uses 50 days out to sell the calls. I was selling the calls too short.
Re: tastytrade
May 02, 2020 12:22PM
If you are talking about "Karen the super trader" you should be aware that she blew up her account and was prosecuted by the SEC for fraud. She paid a cash settlement to avoid prosecution.

Here are two links that discuss the riskiness of her trading strategies.


If you are doing Gary's W&O style then you are hedged on your short calls and should be OK. Although I'm a much inferior trader to Gary I do disagree with his naked trading strategies. I will never sell options without being hedged.

I also agree with your comment about IV rank. It is important, along with doing a check of the current IV of the option you are considering and comparing it to the historical volatility of the underlying. I don't want to sell undervalued options or buy overvalued ones.
Re: tastytrade
May 02, 2020 06:31PM
Wow, I didn't hear that she got in trouble. Thanks for sharing that. I thought what she was doing was cool but, not for me.
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