Mar 132022

Just a quick update. It’s been 3 weeks and I’ve made a few trades:

  1. I closed my $24 RIOT covered call for $74 profit
  2. Opened and closed a $21 RIOT covered call for $38 profit
  3. Opened a $20.5 RIOT covered call for $108 credit. It’s currently up $30

I now have $112 in realized profits, but RIOT is down to $15.20. My net loss is ($413). If I wasn’t selling options I would be sitting at ($615). From that perspective the options are helping a lot.

My ETF has continued to drop on account of Russia. I guess I should have waited a few months to start this experiment. Alas here we are:

I’m not too worried about RIOT right now, the call option premiums are still high. Even if RIOT drops a bit further I can continue collecting the premium selling options around $20. I could even collect more premium selling cals around $18, which is closer to my new cost basis.

I’m still counting on another bitcoin rally someday in the future. I plan on collecting these call premiums until that day comes, if ever. The ETF should recover eventually, I’m not worried about it.

Spam your friends:

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