New series · with Mrs Wheel Deal
Road to a Million
A brand-new joint account. $100 on day one. Destination: $1,000,000 by 2032 — same doctrine, ten thousand times smaller.
Collect 2 CaptureCollected premium isn't yours yet. It's captured when the contract dies or you close it. The kiln holds everything in between.
Bread crumbs & the loafPremiums are bread crumbs that keep you from starving. Capital appreciation is the ENTIRE loaf.
The Four QuestionsWhat was the original objective? Are you OK with any outcome? Net credit or debit? Fix or band-aid? Every trade answers all four.
The oxygenBuying power is the book's air supply. Premiums come and go — but they're tied to your oxygen, which is your BPR.
The Ripper ProtocolOn a ripper rally, cut the first call rung into strength and let the stock run. Re-arm when the tape cools.
The all-in priceEvery put strike is the price you'd go all in at. Size is what “all” means for your book. If you wouldn't toast the fill, don't sell the contract.
The Notional LineA hard cap on short-put size: never more notional on one put strike, per expiration, per ticker, than the account could truly take delivery of — $10M a line in the flagship, $1M in a $1M account. A supersized backstop IS your all-in price: assignment at the cap means closing everything else and going all in. If that fill wouldn't be a toast, the promise was too big before the storm came.
Cover, never overYour share count is your call ceiling. Never more short calls than shares you're prepared to deliver or roll.
Sunny and 75Rungs go back on in good weather — green tape, bid vol — never on a schedule. Otherwise you're premium drunk.
The Six M'sMoat, Management, Market, Money, Movement — and the Main M: can YOU manufacture the win on it, at your size?
Say it out loudRules get amended on the record, not drifted past. A plan you don't say before the print is a plan you improvise after it.
It's the strategist, not the strategyThe holder is part of the book. A trade that keeps your hands steady can beat the one that models best.
Own the waitShares carry the weight. Premiums carry the waiting. We get paid every day the car doesn't arrive.
It always comes down to your objective. We do what makes the most dollars and sense for our individual businesses — one size fits most, not all. Ultimately, the name of the game is flexibility. Collect 2 Capture.
