Covered Call Boot Camp
Their Ignorance Makes Money For You
By now, youíre starting to get the picture, but you may be saying, "This sounds great, but if itís so good, why isnít everyone doing it?"
Well, plenty of wealthy people have their portfolio managers doing this all the time, but there are two reasons why more people donít do it: ignorance and greed. The fact is that many people donít understand writing covered calls, and when you try to explain it, they simply donít want to be bothered. Theyíd rather go on hoping their current strategies will get them where they want to go. Thatís ignorance.
"We donít get emotionally involved with our stocks. We pick them with the sole purpose of collecting the option premium. If we sell the stock at a profit, thatís gravy."
Where the greed comes in is that people who are trying to get rich quick arenít willing to give up their dreams that the stock they picked will go sky high and put them on easy street. Hence, they wonít write options because they donít want to give up the cherished stock of their dreams. We donít get emotionally involved with our stocks. We pick them with the sole purpose of collecting the option premium. If we sell the stock at a profit, thatís gravy. When theyíre gone, weíre happy, even if we buy more of the same stock and write more options on it.
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