I use ticker symbol MSTY since it is a proxy for Bitcoin. Look at he cash it generated for me in the last 3 months!
Notes:
I use dividend reinvestment each and every month
I sell covered calls against my long position each and every month
When Bitcoin drops, I buy more MSTY using Robert Lichello's automatic investment management
Do not use Ally Invest as they have 6 different levels so you never get past the very basic option trades. My significant other cannot reach level 3 because her retirement income is under 25K.
Collect you dividend
Sell covered calls above your cost basis
Sell cash secured puts below your cost basis
My proxy for BTC has been MicroStrategy Inc. I wanted to give my wife exposure to crypto in her retirement account. And ALLY INVEST doesn't let you buy bitcoin.
But I found a better way. The miners of bitcoin. You can scale in much easier because the price allows for easy LEAP OPTION trades. See my day trade below:
OPTION TRADERS
STOCK TRADERS
100 shares would cost $8016, but 1 option contract (which controls 100 shares) cost $1940
When the stock moves 1/2%, the option moves almost 4%
A Poor Man's Covered Call (PMCC), or Synthetic Covered Call, is used to generate regular income as per the standard Covered Call, but instead of purchasing 100 shares of stock, a Deep ITM Call (which is often a long-dated LEAP) is bought.
1. Purchase a deep in the money long-dated Call
2. Write/sell a nearer-dated near-the-money Call
Step by Step Tutorial