When we entered the course we were educated in selling put and call options on dividend paying blue chip companies and it was a fantastic course.
Three to four months in, I tentatively began to sell a couple of puts and subsequently picked up my first couple of premiums for doing so, all good, so I then confidently sold a few more puts (another 4 contracts in Feb with March, April, May & June exp dates) not knowing anything about what was going to happen to the worlds stock markets, this then became a true baptism of fire when Covid 19 struck, with all the shares being assigned and worth only half the value of our selling strike prices, bloody hell, what just happened and what now!!
This is where the strength of Greg’s excellent work and tuition truly came to the forefront as we worked on two excellent strategies to get us out of this unforeseen situation, one was to commence selling covered calls on the assigned shares and if not back to breakeven / profit on the first sold covered call, we would then roll the options prior to expiration and keep doing so until back in profit.
The second strategy (my preferred and used) was to sell puts with the view to getting assigned, this would then bring the overall average down of you entire share holding, and bring in big premiums to offset against the original share devaluations, to which, with the average price now reduced we in-turn could sell covered calls which would also bring in big premiums, this would enable us to get out of the over all campaign in profit.
This was the ultimate test of this Strategy and hopefully we are going to come out of it in profit. Thanks to Greg’s teachings I don’t think you will find any other System that could do this. I hope to continue using the system on into my retirement and latter years