Localwoman Wheel Challenge

I’ve decided that in order to trade consistently I need an approach that’s less time-consuming. I get burned out pretty quick if I’m on webull and in trading-floor all day while also juggling work responsibilities.

Wheeling seems like a good solution–a bit more of a “set-and-forget” style with much less downside risk than straight options trading, but of course the gains are smaller.

I managed to get my account back up to just over $2k as a starting point. I’ve been debating what my initial goal amount should be, but keep coming back to $10k. Not really sure how realistic that is, or in what time frame I could hope to accomplish it, but it’s a nice round figure.

My plan is to keep as much of my account’s capital as active as possible. I’d like to try and keep 90% in either CSPs or stock (with CCs) at all times. I will allow myself to still do some options trading (server plays/callouts) with the remainder.

I’ll probably just do weekly updates unless there’s big news or something.

Current balance: $2,232.00

Open positions:

  • CLSK - 100 shares @ $9.80 cost basis. This is going to be a long hold. I sold a jan '25 $20 call against these which isn’t ideal and it’s kind of a long story how I ended up in this position. If bitcoin implodes at any point this year I can probably buy it back and start selling near-dated CCs again which would be preferable.
  • ENVX - $11.50 CSP 2/23 @ .75 - might get assigned on this one but if the price sticks around
    $10.50-$11 that’s totally fine.
  • NVO - $150C June @ 1.47
  • Cash - $123
1 Like