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anyone recommend a covered call strategy

  1. I am reasonably familiar with the language of options and have traded futures and stocks. I am now in the position to maybe retire if I can generate a decent income from covered calls as I have the capital.

    Personally I hate blue chips as an investment and would never invest in them for growth but if I can generate on ongoing income...then I might/. Assuming I know what I'm doing as far as writing the options themselves,a couple of things concern me:

    -all is rosy as long as the stock gently trends up. How do you best deal with a falling share (no prob in itself) as far as being excercised a price below your purchase price.

    -what is the best method of re-entry after excercise. Writing puts??

    Any other tips would be welcome.

    Thanks in advance.

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