It's not just a good plan ...
It's a great plan!
Once I got the hang of it, that's all I do and I've been doing it for years. I've gained so much confidence in how well it works such that I only use one stock symbol and go all-in using both my Individual and Retirement accounts.
The only caveat (which posed limits on what I could do years ago) was that one should (pronounced must) only trade stocks that have weekly options, which provides more opportunities to tweak the trades as the options come down in price quicker than they would if you were stuck with monthly expiration options. Using weekly options, I've had no trouble creating very high percentage gains at the end of every month and year.
I was born into a farmer family. My father had milk cows, and he also grew feed crops for those cows. That's a very smart way to run a farm because he didn't have to buy any feed crop from other farmers for the purpose of feeding his cows. Some of the grain that he harvested fed his cows, while the excess grain was sold to dairy farmers which didn't have sufficient land to grow all the feed that they needed. Bingo!
Buy all the stock you can afford. Choose one that is alive and well as shown by its pricing (feeding) habits. You know, like TEVA, as it goes up and down in relatively confined and predictable ranges so your stock might be assigned at the end of the first week or it might not in which case you sell Calls again during the next week, and maybe again during the following week. Hey, if you are going to own stock, at least milk it. If it gets assigned away at the end of the week, buy it back on the following Monday or a little later depending on how it's trending. You might get it cheaper than the price it was assigned at. Or buy that other milk cow you've been watching, then sell its Calls.
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