Paper trade with fake money before doing it for real, you can learn from mistakes without losing a penny.

Who would you recommend for paper trade account??

@daviddolan66 I like TD Ameritrade's Think or Swim platform. Allows for both live and paper trading.

Thanks for the reply. Yes iv opened a TD Ameritrade account and Il be paper trading from tomorrow. Iv been watching Tim Sykes DVDs and doing theory now for the past few months. I think its about time I got my feet wet and jump in there. Thanks.

So you own 100 shares of a specific stock and then you write an option hoping that the option buyer fails? Am I correct in that assessment?

Or I don't own any stock but have the cash to write cash-backed puts, if assigned, write covered calls on the shares until shares are taken away...rinse repeat

So you're buying the pit not selling the put?

I'm selling the put, but with enough money that if assigned shares I can have enough to buy them, then I sell calls.

ok i see. can you adjust them on the fly once they have been placed if the strategy calls for it

As long as they haven't executed yet, then yes, I can and normally do adjust. I place weekly trades in Sunday evening and re-evaluate Monday premarket.

thanks. BTW I started following you

No worries, best of luck. I post my stuff real time here, in case you're ever curious. http://www.thelion.com/bin/forum.cgi?tf=writing_options