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Wheel Strategy Tips - How to "Fly Rescue Missions"

Wheel Strategy Tips - How to "Fly Rescue Missions" To get the transcript and MP3, go to: https://www.rockwelltrading.com/coffe... You might have heard me talking about "rescue missions" when a Wheel Strategy Trade is in trouble. In this video, I will show you exactly what that means and also talk about more wheel strategy tips, e.g. trading the wheel option strategy, trading the wheel in a down market, and several the wheel option strategy example. Wheel Strategy Overview: 1:20 What Are Rescue Missions?: 3:32 How Do You Fly A Rescue Mission?: 7:39 When Should You Fly A Rescue Mission?: 10:17 Important Rules: 22:06 The Wheel Strategy Overview: 1) Sell Put options and collect premium 2) You may or may not get assigned 3) when you are assigned, you sell calls and collect more premium. Problem What if you can't get enough premium for the calls? (at least 30% annualized) Don't sell below the assigned strike price. Rescue Missions: You sell more put options below the assigned strike price Advantage: You collect more premium If you are getting assigned, you lower your cost basis Easier to get out of the trade RIDE example: Got assigned at 21.50, currently trading at 16.23 (100 shares) The idea is to sell strike price at 11.50 put, collect more premium. If assigned, we would own 100 more shares at 11.50. This would bring the average per share down from the initial 21.50/share to 16.50/share, lowering our dollar cost basis making it easier to get out of the trade. How Do You Fly A Rescue Mission? Sell Put below the assigned strike Same amount or more Follow the Wheel Calculator I want to make at least 30% annualized When Should You Fly A Rescue Mission? Only if you can’t get enough premium for the calls WAIT!!! Don’t fly rescue missions too early! You need to keep your powder dry (MARGIN) Only consider this if the stocks went down at least 30% from your assigned price Examples: AAPL: down 12% -- NO rescue mission GDXJ: down 9% -- NO rescue mission RIDE: down 24% -- NO rescue mission yet We can start thinking about it IMPORTANT: You can’t rescue every trade! 5 Stocks NOT to sell puts on when trading The Wheel: “Reddit Stocks”: GME, AMC, BB, BBBY, SLV Stocks with earnings before expiration Stocks with Phase 3 clinical trial (SRPT) Crazy stocks Stocks with premiums that are too good to be true Stocks above Leveraged ETFs (2x, 3x, …) Summary Yes, you can fly rescue missions Don’t trade “stupid stocks” (see above) Have a plan BEFORE you sell puts Where’s the next support level Rescue Mission Don’t panic Don’t start flying rescue missions too early Recommended Links & Videos: How To Find The Best Stocks For The Wheel (Last Video):    • Видео   The Wheel Strategy Playlist:    • The Options Wheel Strategy   How to find strong support and resistance:    • How To Identify Strong Support & Resi...   Wheel Book Waitlist: https://www.rockwelltrading.com/wheel... Rockwell Merchandise: https://store.rockwelltrading.com/ #StockMarket #OptionsTrading ================================================================================ ✅ First, subscribe to my channel here so you never miss a new video: https://bit.ly/3aLKLDz 📺 Watch My Daily Trading Routine that takes me less than 15 minutes a day: https://go.rockwelltrading.com/my-tra... 📕Get a FREE Hardback Copy Of My New Book “The Wheel Options Trading Strategy”: https://go.rockwelltrading.com/the-wh... 💻 Need a broker? We prefer trading using Tradier! Sign up here: https://go.rockwelltrading.com/tradie... 📈 TradingView is my favorite charting platform. I use the Pro Version: https://go.rockwelltrading.com/tradin... ================================================================================ tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with Rockwell Trading Services, LLC whereby tastyworks pays compensation to Rockwell Trading Services, LLC to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Rockwell Trading Services, LLC by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Rockwell Trading Services, LLC or this website. tastyworks does not warrant the accuracy or content of the products or services offered by Rockwell Trading Services, LLC or this website. Rockwell Trading Services, LLC is independent and is not an affiliate of tastyworks.