I started the plan yesterday.
Long UYG at 8.00,
sold the November 7.00 strike put for 0.75, but
held off selling the November 12.00 strike call, as it was trading at 0.25, which I was not willing to accept, considering the upmove potential and the possibility, that we are near a Double or Tripple Bottom.
Charts favor a further downmove, I know. Still this morning we have a huge reversal in the Asian markets and Europe is opening with a Gap-Up. With the FED meeting ahead we might actually see some kind of relief rally and then I should be able to sell my November 12.00 strike call at 1.00$ or more.
I also had a sell order for the DDM (Ultra Proshares Dow30) November 23.00 strike Put in the market yesterday, but wasn't filled.
Only thing I need to get used to now is, that my account window on my trading platform is now always showing open positions, which have nothing to do with my daytrading business. Actually I'm already thinking about opening a second account and moving the longer term stuff there. Might be a good idea, if I do not incur monthly costs in that account at IB. Will have to check, if an account without any market data subscriptions will cost me something.