If I'm working full time and can't be watching the computer all day, can I still do these trades safely? What happens if there is a rapid adverse change in stock price? Can I set a point for the brokerage to unravel the whole trade?
You should be using limit orders on every trade anyway. Selling covered called is fine. The only downside to that is if the option is called, you may miss a big upswing in your stock. Thats about the only truly safe option play. Other options trades can be lucrative, but come with a lot more risk. 85% of options contracts expire worthless.
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