You don't get the credit for the sold calls. It's the same as buying them. As they go down, you make money. It's not like you sell something and instantly get paid.
When you sell calls, you're actually going to be upside down for the first week or so. If the stock keeps going up, your account will show your calls getting very upside down. But the stock appreciation will go up too and will offset that loss. It's not really until expiration that it all comes together. It's something you have to get used to because it's a different way of trading.
I don't like blanked naked shorting options. Eventhough the odds are in your favor I'm just not comfortable with it. The beauty of covered calls is that you really have no margin exposure at all. The worst that can happen is that the stock falls below the strike and you then become an investor. But, each time you sell calls, you lower your basis by that much. That's how I ended up with free KLAC and EBAY shares. I bought KLAC I think it was at $55 and have sold so many calls against them, I now have lowered my basis on it to nothing. If you're patient, that's something you might want to think about. I own 1000 shares of KLAC and 2500 EBAY free because of that.
Also, another quick way to lower your basis is to buy puts when you see tops form on the stock. So, while your selling calls, you're also buying puts for the downside protection, that if you time right, can multiply your lowering of your basis. Just make sure it's a one to one trade. Meaning, that if you own 1000 shares, you buy 10 puts and short 10 calls. That way you know that for each $1 you make on the options, you're lowering your basis by $1 per share.
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