Learn the wheel strategy, step by step
Seven short lessons that take you from never having sold an option to running the full loop with your own money — including the two ways the wheel loses. Read them in order. Every lesson shows the losing path as clearly as the winning one, because that is the part that keeps you in the game.
Written by Terrell K. Flautt — 20 years investing and swing trading, 5 years trading options. Educational content only, not investment advice.
Course 1 — The Wheel, From ScratchFree
- 1The wheel strategy, end to endThe whole loop in five lines, a full turn in dollars, and the two ways it goes wrong. Start here.
- 2Selling cash-secured putsHow you get paid to agree to buy a stock you already wanted — and the outcome nobody shows you.
- 3Selling covered callsGetting paid while you hold shares, and the trade-off underneath it: you are renting out your upside.
- 4Assignment, without the fearWhat actually happens when you get assigned, when it happens early, and why on the wheel it is a planned step.
- 5Rolling: buying timeHow to roll a put or a call, credit vs debit, and the honest limit — rolling defers a problem, it does not fix one.
- 6Choosing what to wheelThe five-point checklist, why the fattest premium is a trap, and when an ETF beats a hot ticker.
- 7How much to start, and sizingThe mechanical minimum, the honest minimum, and the one question that decides whether you survive a bad assignment.
Nickelpie Pro — the weekly research
The course teaches you the mechanics. Nickelpie Pro is the ongoing part: a weekly members' letter of honest, transparent research — what we're watching, with our own positions disclosed every issue. It's $30/month, cancel in one click, and it exists to fund the free education staying free.
See what Pro includes →In development
These are the advanced courses we're building next — same plain-English, show-the-losing-path approach, aimed one step past the basics. They're not finished yet, and we'd rather say so than sell you a placeholder. Join the free list and you'll be first to know when each one opens.
Advanced options income
Spreads, managing a portfolio of positions, tax handling, and the mechanics of scaling the wheel past a starter account.
Reading a company before you wheel it
Working from primary sources — SEC filings, earnings, the balance sheet — to tell a dip from a death spiral.
Futures and crypto, from scratch
The same plain-English, show-the-losing-path treatment applied to two areas beginners are usually thrown into blind.