I was buying naked calls and puts on QQQ thru Jan -Mar 03. I did no good, as the market traded side ways for a while. Sellers of options did better.
During pre and post IRAQ war, buyers did better.
I dont think covered, naked, buyer or seller make the diffrence. You get paid for getting tomorrows direction right. Will it go up, down or sideways, and over what time period? Take a view, THEN build you strategy around your view.
