My First Options Trade on Wealthsimple!
Finally dipped my toes into options trading on Wealthsimple, and honestly... I kind of regret not starting sooner! 😅
For the longest time, I completely avoided options. I used to hear words like "strikes," "expirations," and "premiums" and assumed it was way too complicated or just a form of gambling. But after diving in, I realized it's actually an awesome tool when used right.
I started small by selling a covered call on $BMNR (Exp Oct 23, $32 strike) collecting a nice $123USD premium, which I immediately rolled right back into buying more shares.
My average price on BMNR is sitting comfortably at $17.56, so keeping a small portion encumbered (~10%) while letting the rest ride feels like a true win-win setup. If it gets called away at $32, I lock in massive gains and plan to spin right back around to sell a cash-secured put at $28. If it dips, I keep my shares, keep the premium, and keep compounding.
Curious how many of you use options in your Canadian brokerages? Do you run the wheel strategy too, or do you stick strictly to buy-and-hold? Let’s chat! 👇📊
