Cash-Secured Puts: A Complete Course

A free, plain-English deep dive into the one strategy this site is built around: getting paid to wait to buy stocks you already want. Six short lessons take you from the mechanics to managing a live position with the risk under control. No jargon, no hype, no login.

The 6 lessons

1. 1 What Is a Cash-Secured Put? The mechanics in plain English — the obligation you sell, the cash you set aside, and the three ways it can end.
2. 2 Why Sell Cash-Secured Puts? Getting paid to wait to buy a stock you already want — and the honest risks behind the income.
3. 3 Choosing the Strike Delta, support, and the price you would actually pay — how to pick a strike instead of chasing premium.
4. 4 Testing and Sizing the Trade The breakeven, return, and downside checks — and why you size for the assignment, never the premium.
5. 5 Managing and Rolling Taking profit early, when to roll versus take assignment, and how to roll without digging a hole.
6. 6 Assignment and the Wheel What actually happens when you are assigned — and how owning the shares turns into the wheel.

New to options entirely? Begin with the broader Learn Options course first, then come back here to go deep on Cash-Secured Puts.