When I first began trading options with an options veteran I lost a shit ton of money. It sucked. The issue I had was that I was following their plays based on nothing but just faith.
The options contracts I was buying were cheap but had no liquidity compared to the tickers I trade now.
The first priority in trading options for income is to focus on a limited amount of tickers with massive liquidity. You don’t want to be holding options that nobody else wants.
Here’s my ticker list… all of these tickers are massively liquid early in the expiration period, especially weekly. Don’t go too far out of the money on AAPL, MSFT, FB or SPY. These tickers can pay big time when you are already in the money. Scale out with profit.
The second priority is to stick to a defined risk profile with an emphasis on size and time frame. Keep this in mind, if you are trading options for income like I am keep the timeframes close and in the money.
In the video (coming soon) I’ll record I’ll go over some tickers that I trade almost every week.