Option Rolling Strategies

Option trading is a challenging profession and there is no limit to the different combination of trades you can attempt when you first open a trade and then when the trade is ongoing

One strategy I use is rolling up PUTS that I have sold when a stock is going up. When you sell a PUT against a stock, and the stock then goes up the PUT you sold will give you a profit proportional to the stock going higher. When this happens you can immediately buy back the PUT you sold and then sell another put at a later month or a higher strike price. This strategy allows you to lock your gains on the PUT you sold and then generate more income selling a put against the same stock
The other end of this kind of trade would be to ROLL down the PUT you bought to protect your downside and I did this in a big way when the stock market corrected in October 2014 because of the Ebola virus scare and some financial problems in Europe. In every case, careful record keeping is vital so you know how you're doing for every trade or any range of time.
As always, when you sell puts you just have to also BUY puts because if you don't and things go badly you can put yourself into a very bad position. Another strategy I use with BULL PUT SPREADS is to maintain a very high cash position to always cover the PUTS that I have sold in case the stock or stocks are PUT to me. If you don't have a good solid cash position against your PUT positions your broker can charge you margin interest and that is something you never want in your account
When a stock is automatically PUT to you this means you are forced to buy a stock at a certain price. This means that at or before the expiration of PUT option the stock falls below the price you sold the PUT at. If this happens you can immediately sell the stock for a loss and then re-sell the PUT again at a later month at a different or same strike price and very often you can make more money from selling that put than you lost in selling the stock. In some cases, when the stock is not doing well your just better off taking the loss on the stock and hopefully the amount you made in PUT selling premium will either greatly offset that loss or in fact you can actually make an overall profit
Option trading is a full time job, and when things are moving fast you have to be nimble and take profits or protect yourself by buying more protective puts or raising more cash. I did this strategy frequently in October 2014 when every stock in the stock market went down, most especially energy stocks
Another strategy that you can try is to roll call options, where you write a covered call against a stock, and the stock doesn't move that much and when it's close to expiration time, you can roll up the call you sold to a later month after taking a profit on the original call you sold by buying it back. I am not a fan of covered calls overall because too often you get a good call called from you and the call option you sell against the stock is not enough money to protect your downside

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