Notes from the desk
The opinionated stuff — what I actually think, drawn from years of trading my own book. Not glossary entries. The pieces I wish I'd read before I wasted months doing it the hard way.
Is the Wheel Actually Worth It? I Ran It for Years
I ran the wheel for real, across more than one kind of market, and I came away convinced it is one of the most oversold strategies in retail options.
Essay · by JLRealized vs. Implied Volatility: The Only Edge That Matters in Put Selling
If you take one idea from everything I have ever written about selling options, take this one: the entire edge lives in the gap between implied and real…
Essay · by JLCash-Secured vs. Naked Puts: What I Do vs. What I'd Teach a Beginner
Cash-secured and naked puts are the exact same trade with one difference that decides whether a bad month is a dent or a funeral.
Essay · by JLWhat a Put-Selling Book Really Does on a Black Monday
Every put seller should rehearse, in cold blood, exactly what their book does on the day the market falls apart — because the day it happens is the wors…
Essay · by JLHow Much Capital You Actually Need to Sell Puts
Most content selling you on put-writing quietly skips the part where the math says your account is too small — so let me say it out loud.