I tried out the wheel strategy since Jan this year. In order not to get margin calls, I used no leverage at all. So I sell cash-secured puts, with enough cash in my account to pick up the shares if I get assigned. When I was assigned the shares, I turned around and sold covered calls. This is supposed to be a safe strategy because no leverage is involved. However, I have to be mindful of another variable called excess liquidity. The platform will send me an alert if my excess liquidity falls below 16%, notifying me that I am in danger of being liquidated. Yes, so always keep enough cash in your account so that your excess liquidity is above 16%. And enjoy your options trading journey!
A very insightful analysis on crypto stocks. It divides crypto stocks into 4 categories: 1. Stablecoins plays: CRCL 2. Exchanges: COIN, HOOD 3. Miners: RIOT, MARA, etc 4. Crypto Treasuries: MSTR, SBET, etc Personally, I prefer SBET, as a high risk and high reward play on cryptos.