u/Prestigious_Emu729

https://preview.redd.it/ryg13mawnkwg1.png?width=1811&format=png&auto=webp&s=7680134ac9b313f4fd72c0094020f360235a6b4b

Hello, All,

I'm pretty happy with how my F wheel project is going, so I decided to spread my wings a bit, and try working with a more volatile, higher-premium underlying. So I decided to start a campaign with SOFI. For this campaign, I'm going to manage it differently that with the F wheel. My plan is only to buy shares with realized premium, avoid assignment when I can, and to sell quickly if possible (at a profit of course), when assigned.

To start out I did 3 things today. First I sold a May 15 CSP at a strike of $17.50 for $0.65 ($65.34 after fees). If it never BTC, that works out to almost 56% AROI. Second, I purchased 2 shares @ $19.36, giving me the beginning of a "Free" position. That left me with about $25.00 in remaining premium, so I used that to set up a GTC BTC order at $0.17.

I'm looking forward to managing this one and getting a look at a different way of using the wheel!

As always, comments, cheers and jeers, thoughts or advice, are always appreciated.

Thanks,

Tom

P.S. If this looks similar to Pats latest you-tube video, I confess--that is where I got my inspriation to open this campaign. Want to be up front about that. I'm not going to "copy" her, as my strategy for managing the options (for now) is slightly different, but figured I should credit her.

https://preview.redd.it/5iog9qsd9svg1.png?width=1639&format=png&auto=webp&s=f2f2dc257858876f68889b5ce2d1800b8e79ddea

Hello, All!

Some activity on my F wheel today. First my 5/1 11.50 CSP BTC executed today. My total net income on that one was 17.68 over 9 days, which provided a nice AROI of 62.35. NICE.

Now my error (I'm embarrassed to post this part, but promised myself that as part of the learning process I would share the bad choices and errors as well). As the price is threatening the strike on my CC, and I'd like to preserve the shares, I decided to look at rolling it up and out. Here is the error. I rolled my 5/1 13 CC out to 5/15 14 cc. Because of a distraction while I was working it out, I took a net debit of 21.98 on the roll. Lesson learned, if I get interrupted, STOP and come back to it.

That said, it isn't all bad. Because of that roll, I've increased possible capital gains should it execute by $1.00 per share, and even with the error, my per-share cost basis has decreased to 12.45 per share, it was a silly mistake, but a survivable one.

Because of that, no new shares bought, so my share balance still stands at 108 shares.

Thats about it for this update. Comments, jeers, etc., always appreciated!

Thanks!

Tom

EDIT:

OMG, I forgot to mention that I also opened a 5/15, 12.00 CSP for a net of $24.34. It's in the spreadsheet above, but didn't mention it in my post (was too focused on the "mea culpa," and neglected that. That is a part of the lowering of the cost basis.