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By now, you’re starting to get the picture, but you may be saying, "This sounds great, but if it’s so good, why isn’t everyone doing it?"

Well, plenty of wealthy people have their portfolio managers doing this all the time, but there are two reasons why more people don’t do it: ignorance and greed. The fact is that many people don’t understand writing covered calls, and when you try to explain it, they simply don’t want to be bothered. They’d rather go on hoping their current strategies will get them where they want to go. That’s ignorance.

Where the greed comes in is that people who are trying to get rich quick aren’t willing to give up their dreams that the stock they picked will go sky high and put them on easy street. Hence, they won’t write options because they don’t want to give up the cherished stock of their dreams. We don’t get emotionally involved with our stocks. We pick them with the sole purpose of collecting the option premium. If we sell the stock at a profit, that’s gravy. When they’re gone, we’re happy, even if we buy more of the same stock and write more options on it.

Next: No System Is Perfect, Right?

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