/RedDeadOnline Simple Questions & FAQ Thread.

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PC / Next-Gen / Stand-alone Questions

Q) If I buy on Rockstar Launcher, can I play with friends on Steam?

Yes, you can play with friends on PC regardless of what store they bought it from. Even Steam GTA, uses Rockstar to launch the game.

Q) Can we transfer our characters from PS4 and Xbox One to PC?

No, you cannot transfer characters to a different platform, e.g Xbox to PC. The game is cross-gen however, so if you play PS4 you can continue on PS5.

Q) If I buy a next-gen console, can I play with friends on old-gen consoles?

Yes! The game is backwards compatible on console, so you can play with friends on PS4/PS5 or XB1/XBX

Q) If I already own Red Dead Redemption 2, do I need to buy Red Dead Online again when it goes standalone?

No! Red Dead Online is still part of the RDR2 game.

Red Dead Online: General Questions

Q) What are the currencies in Red Dead Online?

Cash, the main currency in RDO that is earned through almost every activity.
Gold Bars, the premium currency in RDO that can be purchased using real money. You earn a small amount of gold for completing activities online.
Role Tokens, earned by levelling up in each role, used to unlock abilities & items for the five current roles.

Q) What is the Outlaw pass?

The Outlaw Pass is an in-game purchase using the premium Gold currency that allows you to earn items/rewards as you level up.
Outlaw Pass are only available for a limited time and once they finish, you can't access them again.

Q) What are Daily Challenges?

Every day at 6am UTC, you are given a new list of 7 daily challenges as well as 15 role daily challenges. They can range from hunting specific animals or finding certain herbs, to completing PVP/Freeroam events.
Initially, you earn 0.1 Gold per completed challenge plus a bonus if you complete all 7 regular challenges.
After completing at least 1 challenge per day for 7 days, you then earn a little more gold per challenge each week before your daily challenge streak resets after 28 days.
Your daily challenge streak will then reset, and you start the process again.
In addition to this, there are also 3 daily challenges for each role available and you can do a max of 9 role daily challenges. Daily challenges for roles will also differ depending on your rank within each role.

Q) What are Free-roam events (role/normal)

Every 45 minutes, you'll receive an invite to a free-roam event. Free-roam events can be activities such as fishing, horse racing, archery competitions, or PVP. You earn XP + cash for completing.
There are also role specific events that happen every 90 minutes, you need to be ranked up and enrolled in each role before you'll see invites for these activities.
You can see the schedule for free-roam & role events here

Q) What are ability cards?

Abilities in Red Dead Online are assigned to a character through Ability Cards. These are divided into two different types. Dead Eye cards that grant abilities only active during Dead Eye, while Passive cards add abilities that are always active, no matter what you do. Passive abilities are further divided into several different categories.
In Red Dead Online, it's not possible to assign all of the available abilities to the character, as there are only 4 slots available. One slot is used for a single Dead Eye card, while the remaining three slots are used for Passive abilities. ^{^{^{^Source.}}}

Q) What are the playing styles online?

Defensive: Players in Defensive mode will be indicated by a shield icon, will take reduced damage from enemy players, cannot be lassoed, melee attacked, executed or targeted with auto-aim. Defensive players will also be excluded from being targeted in PvP-related missions such as Player Assassination. Those who attack Defensive players receive hefty penalties via the Hostility system, while players who initiate conflict while in Defensive mode will be instantly pulled out of Defensive mode and also receive similar Hostility penalties.
Offensive: The Offensive playing style is set as the default and is how most players traditionally interact in Free Roam – free to engage in hostile contact with other players if you are prepared to accept the potential consequences.

Red Dead Online: Other Questions

Q) How do I dual wield?

At rank 25, you can buy an off-hand holster which allows you to equip a second handgun.

Q) How do I change appearance

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to Online Options > Scroll down to Change Appearance

Q) How do I setup camp

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to camp options > Choose location for camp
Camps can be used to access wardrobes, collect items you've ordered via the catalog, craft & cook and fast travel if upgraded.
A small camp is suitable for 1-4 posse members and costs $1 per in game day. A large camp is suitable for 1-7 posse members and costs $2 per in game day.

Q) Where is the gun locker?

You unlock it through the trader role, then purchase it at Wilderness Outfitters in camp, and then it appears at your specific tent in camp.

Q) How do I buy a dog?

At your camp, head to Cripps and access Wilderness Outfitters, from there you can select the dog option.

Q) What can dogs be used for?

Looking cool at your camp and warning you of camp raids when you unlock the perk. Not really much else. (They're not companions like Dogmeat from Fallout 4)

Q) I saw an item, but can't find it on PC or Xbox One.

Some items are exclusive to PS4, so you may see things promoted by Rockstar that aren't yet available on your platform or it may be from an old Outlaw Pass.

Q) What is the best Horse

This post should help.

Q) What are the best Weapons

Captain Balrick's arsenal should help you decide

Q) What is the best ability card loadout

This post in the /RedDeadOnline mega-guide should help.

Q) What is the best way to make money/gold

This post should help.

Q) Where are the treasure maps located?

You can find them all here.

Red Dead Online: Roles

Q) Can I have more than 1 role active?

Yes! You can play in all roles concurrently.

Bounty Hunter Role

Q) What is the Bounty Hunter role?

Get started as a Bounty Hunter when you meet the Legendary Bounty Hunter in Rhodes and purchase the Bounty Hunter License. The standard cost is 15 Gold Bars.
Licensed Bounty Hunters can pick up work by visiting bounty boards located near law offices, post offices and train stations across the states. There is no shortage of criminals to be dealt with and the targets range in difficulty, from lone low-level petty thieves to notorious outlaws with armed protection details and a watchful eye. Taking on an armed gang or bringing multiple targets to justice is made easier with the help of a Posse, who will all earn a cut of the final bounty. And keep in mind, bringing in targets alive will yield a greater reward.
Reaching Bounty Hunter Rank 12 will open up the opportunity to take down other players with high bounties of $20 or more. Bounty Hunters will be notified through an invite about the opportunity to hunt down the wanted player when they’re nearby in a structured pursuit. The wanted player must escape (or surrender) within the allotted time and if captured, they’ll also have opportunities to escape and flee. If the Bounty Hunter brings the target in alive, they’ll receive an award while the criminal serves time.

Q) What are legendary bounties?

Legendary bounties are high-tier bounties, they usually involve a mini-story/cut scene. They're also much tougher than a regular bounty.
There are 10 legendary bounties that can be access as part of the Bounty Hunter role and 3 that can be accessed (when they've all released) by purchasing the Prestigious Bounty Hunter upgrade.

Trader Role

Q) What is the Trader role?

our trusted camp companion, Cripps, has long dreamed of starting a trading outpost and you’re going to help him make it happen - by becoming a partner in the fledgling Cripps Trading Company. Combining Cripps’ lifetime of working with animal materials and your skills at hunting and frontier security, you’ll have the perfect ingredients to develop a thriving business.
Once you agree to help Cripps, you can start turning your camp into a business by sourcing items for Cripps to convert into sellable goods. An investment of 15 Gold Bars to purchase a Butcher’s Table will get your business up and running.
Once you’re operational, you’ll provide Cripps with Materials through hunting animals – pristine pelts and carcasses will provide better yields. You’ll also take on Resupply Missions to acquire additional necessities through less than savory tactics. Once supplied, Cripps will begin turning the materials into sellable goods, which can then be sent out on low-risk local deliveries for payment or across greater distances for a premium.
Improve your hunting yields with a Hunting Wagon for larger hauls or upgrade your Delivery Wagons for larger sales. As business flourishes and your presence becomes known in the market, your competition may grow jealous of your success, so keep an eye out for raids on your camp. As your trade grows, you might consider purchasing a camp dog from Wilderness Outfitters. Not only are dogs great camp companions for all players, but a Trader of sufficient rank can teach their dog to warn of incoming attacks.

Q) Can I skip the medium wagon?

No, you need to buy the medium wagon, then the large wagon.

Q) What can I sell to Cripps?

You can sell carcasses & small animals (e.g squirrels). Along with some animal parts, e.g feathers.
Cripps does not accept meat, fish or skinned carcasses.

Q) How long does it take Cripps to make goods after resupplying?

Cripps requires materials and supplies to produce goods. You give him materials by donating carcasses and pelts. He uses two units of materials to produce one good. You either buy supplies or obtain them through resupply missions. Either way, that gives enough supplies to produce 25 goods. As long as both materials and supplies are available, Cripps produces 1 good every 2 minutes (1 in-game hour).

Collector Role

Q) What is the Collector role?

Seek out the mysterious travelling saleswoman Madam Nazar to acquire the Collector’s Bag and get started on the path of the Collector. It will cost 15 Gold Bars for access to collecting and selling rare items.
With Madam Nazar’s help, you will be able to explore the world finding valuable treasures, whether they’re discarded Tarot cards in abandoned camps, buried treasures unearthed with your trusty shovel, hidden family heirlooms and more.
Collect individual pieces and sell them off directly to Madam Nazar or collect entire sets for even more valuable sales. As you progress, you’ll unlock enhanced searching skills; more useful tools like a metal detector; benefits like increased carrying capacities; the ability for your horse to directly pluck and pass herbs to you while mounted, and more.

Q) Where is Madam Nazar?

Madam Nazar can be located by completing a map/collection for her. Her location is posted daily on /RedDeadDailies - She changes location at 6am UTC time each day.
You can also find her using https://madamnazar.io/

Q) Who is Madam Nazar?

Madam Nazar is the Collector role vendor, you can obtain maps, cosmetics & other items such as the shovel from her.

Q) Why is Madam Nazar?

...

Q) Where do you buy a shovel?

From Madam Nazar, it costs $350. If you need help finding her, check /RedDeadDailies

Q) Where do you buy a metal detector?

From Madam Nazar, it unlocks at level 5 and costs $700. If you need help finding her, check /RedDeadDailies

Q) Can you sell collector items individually or does it need to be a full set?

Yes, however you get far less money than you would if you sold a full collection

Q) Can you only have one collector map active?

Yes, if you try to open a second map, it may auto-close and almost looks like a bug, however, you should only try and activate one at any given time.

Moonshiner Role:

Q) I already met Maggie but I didn't buy a shack, now I can't find how to buy the shack?

In the options menu (left on the D-pad, or L on PC), select "Camp & Properties" → "Moonshine Shack" → "Shack Location".

Will be expanded upon soon...

Naturalist Role

Will be updated soon...

Useful Red Dead Online Resources

/RedDeadDailies - A subreddit dedicated to sharing daily challenge information
/RedDeadCollector - The best place to ask for support with any locations for collector items.
Collector map.
/RedDeadOnline mega-guide.
Free-roam event schedule
Red Dead Online Discord

This thread will be posted at 6am UTC every Monday. We'll aim to update & add any additional questions in time for the new thread being posted each week.

/r/RedDeadOnline Simple Questions & FAQ Thread.

/RedDeadOnline Simple Questions & FAQ Thread.

PC / Next-Gen / Stand-alone Questions

Q) If I buy on Rockstar Launcher, can I play with friends on Steam?

Yes, you can play with friends on PC regardless of what store they bought it from. Even Steam GTA, uses Rockstar to launch the game.

Q) Can we transfer our characters from PS4 and Xbox One to PC?

No, you cannot transfer characters to a different platform, e.g Xbox to PC. The game is cross-gen however, so if you play PS4 you can continue on PS5.

Q) If I buy a next-gen console, can I play with friends on old-gen consoles?

Yes! The game is backwards compatible on console, so you can play with friends on PS4/PS5 or XB1/XBX

Q) If I already own Red Dead Redemption 2, do I need to buy Red Dead Online again when it goes standalone?

No! Red Dead Online is still part of the RDR2 game.

Red Dead Online: General Questions

Q) What are the currencies in Red Dead Online?

Cash, the main currency in RDO that is earned through almost every activity.
Gold Bars, the premium currency in RDO that can be purchased using real money. You earn a small amount of gold for completing activities online.
Role Tokens, earned by levelling up in each role, used to unlock abilities & items for the five current roles.

Q) What is the Outlaw pass?

The Outlaw Pass is an in-game purchase using the premium Gold currency that allows you to earn items/rewards as you level up.
Outlaw Pass are only available for a limited time and once they finish, you can't access them again.

Q) What are Daily Challenges?

Every day at 6am UTC, you are given a new list of 7 daily challenges as well as 15 role daily challenges. They can range from hunting specific animals or finding certain herbs, to completing PVP/Freeroam events.
Initially, you earn 0.1 Gold per completed challenge plus a bonus if you complete all 7 regular challenges.
After completing at least 1 challenge per day for 7 days, you then earn a little more gold per challenge each week before your daily challenge streak resets after 28 days.
Your daily challenge streak will then reset, and you start the process again.
In addition to this, there are also 3 daily challenges for each role available and you can do a max of 9 role daily challenges. Daily challenges for roles will also differ depending on your rank within each role.

Q) What are Free-roam events (role/normal)

Every 45 minutes, you'll receive an invite to a free-roam event. Free-roam events can be activities such as fishing, horse racing, archery competitions, or PVP. You earn XP + cash for completing.
There are also role specific events that happen every 90 minutes, you need to be ranked up and enrolled in each role before you'll see invites for these activities.
You can see the schedule for free-roam & role events here

Q) What are ability cards?

Abilities in Red Dead Online are assigned to a character through Ability Cards. These are divided into two different types. Dead Eye cards that grant abilities only active during Dead Eye, while Passive cards add abilities that are always active, no matter what you do. Passive abilities are further divided into several different categories.
In Red Dead Online, it's not possible to assign all of the available abilities to the character, as there are only 4 slots available. One slot is used for a single Dead Eye card, while the remaining three slots are used for Passive abilities. ^{^{^{^Source.}}}

Q) What are the playing styles online?

Defensive: Players in Defensive mode will be indicated by a shield icon, will take reduced damage from enemy players, cannot be lassoed, melee attacked, executed or targeted with auto-aim. Defensive players will also be excluded from being targeted in PvP-related missions such as Player Assassination. Those who attack Defensive players receive hefty penalties via the Hostility system, while players who initiate conflict while in Defensive mode will be instantly pulled out of Defensive mode and also receive similar Hostility penalties.
Offensive: The Offensive playing style is set as the default and is how most players traditionally interact in Free Roam – free to engage in hostile contact with other players if you are prepared to accept the potential consequences.

Red Dead Online: Other Questions

Q) How do I dual wield?

At rank 25, you can buy an off-hand holster which allows you to equip a second handgun.

Q) How do I change appearance

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to Online Options > Scroll down to Change Appearance

Q) How do I setup camp

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to camp options > Choose location for camp
Camps can be used to access wardrobes, collect items you've ordered via the catalog, craft & cook and fast travel if upgraded.
A small camp is suitable for 1-4 posse members and costs $1 per in game day. A large camp is suitable for 1-7 posse members and costs $2 per in game day.

Q) Where is the gun locker?

You unlock it through the trader role, then purchase it at Wilderness Outfitters in camp, and then it appears at your specific tent in camp.

Q) How do I buy a dog?

At your camp, head to Cripps and access Wilderness Outfitters, from there you can select the dog option.

Q) What can dogs be used for?

Looking cool at your camp and warning you of camp raids when you unlock the perk. Not really much else. (They're not companions like Dogmeat from Fallout 4)

Q) I saw an item, but can't find it on PC or Xbox One.

Some items are exclusive to PS4, so you may see things promoted by Rockstar that aren't yet available on your platform or it may be from an old Outlaw Pass.

Q) What is the best Horse

This post should help.

Q) What are the best Weapons

Captain Balrick's arsenal should help you decide

Q) What is the best ability card loadout

This post in the /RedDeadOnline mega-guide should help.

Q) What is the best way to make money/gold

This post should help.

Q) Where are the treasure maps located?

You can find them all here.

Red Dead Online: Roles

Q) Can I have more than 1 role active?

Yes! You can play in all roles concurrently.

Bounty Hunter Role

Q) What is the Bounty Hunter role?

Get started as a Bounty Hunter when you meet the Legendary Bounty Hunter in Rhodes and purchase the Bounty Hunter License. The standard cost is 15 Gold Bars.
Licensed Bounty Hunters can pick up work by visiting bounty boards located near law offices, post offices and train stations across the states. There is no shortage of criminals to be dealt with and the targets range in difficulty, from lone low-level petty thieves to notorious outlaws with armed protection details and a watchful eye. Taking on an armed gang or bringing multiple targets to justice is made easier with the help of a Posse, who will all earn a cut of the final bounty. And keep in mind, bringing in targets alive will yield a greater reward.
Reaching Bounty Hunter Rank 12 will open up the opportunity to take down other players with high bounties of $20 or more. Bounty Hunters will be notified through an invite about the opportunity to hunt down the wanted player when they’re nearby in a structured pursuit. The wanted player must escape (or surrender) within the allotted time and if captured, they’ll also have opportunities to escape and flee. If the Bounty Hunter brings the target in alive, they’ll receive an award while the criminal serves time.

Q) What are legendary bounties?

Legendary bounties are high-tier bounties, they usually involve a mini-story/cut scene. They're also much tougher than a regular bounty.
There are 10 legendary bounties that can be access as part of the Bounty Hunter role and 3 that can be accessed (when they've all released) by purchasing the Prestigious Bounty Hunter upgrade.

Trader Role

Q) What is the Trader role?

our trusted camp companion, Cripps, has long dreamed of starting a trading outpost and you’re going to help him make it happen - by becoming a partner in the fledgling Cripps Trading Company. Combining Cripps’ lifetime of working with animal materials and your skills at hunting and frontier security, you’ll have the perfect ingredients to develop a thriving business.
Once you agree to help Cripps, you can start turning your camp into a business by sourcing items for Cripps to convert into sellable goods. An investment of 15 Gold Bars to purchase a Butcher’s Table will get your business up and running.
Once you’re operational, you’ll provide Cripps with Materials through hunting animals – pristine pelts and carcasses will provide better yields. You’ll also take on Resupply Missions to acquire additional necessities through less than savory tactics. Once supplied, Cripps will begin turning the materials into sellable goods, which can then be sent out on low-risk local deliveries for payment or across greater distances for a premium.
Improve your hunting yields with a Hunting Wagon for larger hauls or upgrade your Delivery Wagons for larger sales. As business flourishes and your presence becomes known in the market, your competition may grow jealous of your success, so keep an eye out for raids on your camp. As your trade grows, you might consider purchasing a camp dog from Wilderness Outfitters. Not only are dogs great camp companions for all players, but a Trader of sufficient rank can teach their dog to warn of incoming attacks.

Q) Can I skip the medium wagon?

No, you need to buy the medium wagon, then the large wagon.

Q) What can I sell to Cripps?

You can sell carcasses & small animals (e.g squirrels). Along with some animal parts, e.g feathers.
Cripps does not accept meat, fish or skinned carcasses.

Q) How long does it take Cripps to make goods after resupplying?

Cripps requires materials and supplies to produce goods. You give him materials by donating carcasses and pelts. He uses two units of materials to produce one good. You either buy supplies or obtain them through resupply missions. Either way, that gives enough supplies to produce 25 goods. As long as both materials and supplies are available, Cripps produces 1 good every 2 minutes (1 in-game hour).

Collector Role

Q) What is the Collector role?

Seek out the mysterious travelling saleswoman Madam Nazar to acquire the Collector’s Bag and get started on the path of the Collector. It will cost 15 Gold Bars for access to collecting and selling rare items.
With Madam Nazar’s help, you will be able to explore the world finding valuable treasures, whether they’re discarded Tarot cards in abandoned camps, buried treasures unearthed with your trusty shovel, hidden family heirlooms and more.
Collect individual pieces and sell them off directly to Madam Nazar or collect entire sets for even more valuable sales. As you progress, you’ll unlock enhanced searching skills; more useful tools like a metal detector; benefits like increased carrying capacities; the ability for your horse to directly pluck and pass herbs to you while mounted, and more.

Q) Where is Madam Nazar?

Madam Nazar can be located by completing a map/collection for her. Her location is posted daily on /RedDeadDailies - She changes location at 6am UTC time each day.
You can also find her using https://madamnazar.io/

Q) Who is Madam Nazar?

Madam Nazar is the Collector role vendor, you can obtain maps, cosmetics & other items such as the shovel from her.

Q) Why is Madam Nazar?

...

Q) Where do you buy a shovel?

From Madam Nazar, it costs $350. If you need help finding her, check /RedDeadDailies

Q) Where do you buy a metal detector?

From Madam Nazar, it unlocks at level 5 and costs $700. If you need help finding her, check /RedDeadDailies

Q) Can you sell collector items individually or does it need to be a full set?

Yes, however you get far less money than you would if you sold a full collection

Q) Can you only have one collector map active?

Yes, if you try to open a second map, it may auto-close and almost looks like a bug, however, you should only try and activate one at any given time.

Moonshiner Role:

Q) I already met Maggie but I didn't buy a shack, now I can't find how to buy the shack?

In the options menu (left on the D-pad, or L on PC), select "Camp & Properties" → "Moonshine Shack" → "Shack Location".

Will be expanded upon soon...

Naturalist Role

Will be updated soon...

Useful Red Dead Online Resources

/RedDeadDailies - A subreddit dedicated to sharing daily challenge information
/RedDeadCollector - The best place to ask for support with any locations for collector items.
Collector map.
/RedDeadOnline mega-guide.
Free-roam event schedule
Red Dead Online Discord

This thread will be posted at 6am UTC every Monday. We'll aim to update & add any additional questions in time for the new thread being posted each week.

/r/RedDeadOnline Simple Questions & FAQ Thread.

/RedDeadOnline Simple Questions & FAQ Thread.

PC / Next-Gen / Stand-alone Questions

Q) If I buy on Rockstar Launcher, can I play with friends on Steam?

Yes, you can play with friends on PC regardless of what store they bought it from. Even Steam GTA, uses Rockstar to launch the game.

Q) Can we transfer our characters from PS4 and Xbox One to PC?

No, you cannot transfer characters to a different platform, e.g Xbox to PC. The game is cross-gen however, so if you play PS4 you can continue on PS5.

Q) If I buy a next-gen console, can I play with friends on old-gen consoles?

Yes! The game is backwards compatible on console, so you can play with friends on PS4/PS5 or XB1/XBX

Q) If I already own Red Dead Redemption 2, do I need to buy Red Dead Online again when it goes standalone?

No! Red Dead Online is still part of the RDR2 game.

Red Dead Online: General Questions

Q) What are the currencies in Red Dead Online?

Cash, the main currency in RDO that is earned through almost every activity.
Gold Bars, the premium currency in RDO that can be purchased using real money. You earn a small amount of gold for completing activities online.
Role Tokens, earned by levelling up in each role, used to unlock abilities & items for the five current roles.

Q) What is the Outlaw pass?

The Outlaw Pass is an in-game purchase using the premium Gold currency that allows you to earn items/rewards as you level up.
Outlaw Pass are only available for a limited time and once they finish, you can't access them again.

Q) What are Daily Challenges?

Every day at 6am UTC, you are given a new list of 7 daily challenges as well as 15 role daily challenges. They can range from hunting specific animals or finding certain herbs, to completing PVP/Freeroam events.
Initially, you earn 0.1 Gold per completed challenge plus a bonus if you complete all 7 regular challenges.
After completing at least 1 challenge per day for 7 days, you then earn a little more gold per challenge each week before your daily challenge streak resets after 28 days.
Your daily challenge streak will then reset, and you start the process again.
In addition to this, there are also 3 daily challenges for each role available and you can do a max of 9 role daily challenges. Daily challenges for roles will also differ depending on your rank within each role.

Q) What are Free-roam events (role/normal)

Every 45 minutes, you'll receive an invite to a free-roam event. Free-roam events can be activities such as fishing, horse racing, archery competitions, or PVP. You earn XP + cash for completing.
There are also role specific events that happen every 90 minutes, you need to be ranked up and enrolled in each role before you'll see invites for these activities.
You can see the schedule for free-roam & role events here

Q) What are ability cards?

Abilities in Red Dead Online are assigned to a character through Ability Cards. These are divided into two different types. Dead Eye cards that grant abilities only active during Dead Eye, while Passive cards add abilities that are always active, no matter what you do. Passive abilities are further divided into several different categories.
In Red Dead Online, it's not possible to assign all of the available abilities to the character, as there are only 4 slots available. One slot is used for a single Dead Eye card, while the remaining three slots are used for Passive abilities. ^{^{^{^Source.}}}

Q) What are the playing styles online?

Defensive: Players in Defensive mode will be indicated by a shield icon, will take reduced damage from enemy players, cannot be lassoed, melee attacked, executed or targeted with auto-aim. Defensive players will also be excluded from being targeted in PvP-related missions such as Player Assassination. Those who attack Defensive players receive hefty penalties via the Hostility system, while players who initiate conflict while in Defensive mode will be instantly pulled out of Defensive mode and also receive similar Hostility penalties.
Offensive: The Offensive playing style is set as the default and is how most players traditionally interact in Free Roam – free to engage in hostile contact with other players if you are prepared to accept the potential consequences.

Red Dead Online: Other Questions

Q) How do I dual wield?

At rank 25, you can buy an off-hand holster which allows you to equip a second handgun.

Q) How do I change appearance

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to Online Options > Scroll down to Change Appearance

Q) How do I setup camp

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to camp options > Choose location for camp
Camps can be used to access wardrobes, collect items you've ordered via the catalog, craft & cook and fast travel if upgraded.
A small camp is suitable for 1-4 posse members and costs $1 per in game day. A large camp is suitable for 1-7 posse members and costs $2 per in game day.

Q) Where is the gun locker?

You unlock it through the trader role, then purchase it at Wilderness Outfitters in camp, and then it appears at your specific tent in camp.

Q) How do I buy a dog?

At your camp, head to Cripps and access Wilderness Outfitters, from there you can select the dog option.

Q) What can dogs be used for?

Looking cool at your camp and warning you of camp raids when you unlock the perk. Not really much else. (They're not companions like Dogmeat from Fallout 4)

Q) I saw an item, but can't find it on PC or Xbox One.

Some items are exclusive to PS4, so you may see things promoted by Rockstar that aren't yet available on your platform or it may be from an old Outlaw Pass.

Q) What is the best Horse

This post should help.

Q) What are the best Weapons

Captain Balrick's arsenal should help you decide

Q) What is the best ability card loadout

This post in the /RedDeadOnline mega-guide should help.

Q) What is the best way to make money/gold

This post should help.

Q) Where are the treasure maps located?

You can find them all here.

Red Dead Online: Roles

Q) Can I have more than 1 role active?

Yes! You can play in all roles concurrently.

Bounty Hunter Role

Q) What is the Bounty Hunter role?

Get started as a Bounty Hunter when you meet the Legendary Bounty Hunter in Rhodes and purchase the Bounty Hunter License. The standard cost is 15 Gold Bars.
Licensed Bounty Hunters can pick up work by visiting bounty boards located near law offices, post offices and train stations across the states. There is no shortage of criminals to be dealt with and the targets range in difficulty, from lone low-level petty thieves to notorious outlaws with armed protection details and a watchful eye. Taking on an armed gang or bringing multiple targets to justice is made easier with the help of a Posse, who will all earn a cut of the final bounty. And keep in mind, bringing in targets alive will yield a greater reward.
Reaching Bounty Hunter Rank 12 will open up the opportunity to take down other players with high bounties of $20 or more. Bounty Hunters will be notified through an invite about the opportunity to hunt down the wanted player when they’re nearby in a structured pursuit. The wanted player must escape (or surrender) within the allotted time and if captured, they’ll also have opportunities to escape and flee. If the Bounty Hunter brings the target in alive, they’ll receive an award while the criminal serves time.

Q) What are legendary bounties?

Legendary bounties are high-tier bounties, they usually involve a mini-story/cut scene. They're also much tougher than a regular bounty.
There are 10 legendary bounties that can be access as part of the Bounty Hunter role and 3 that can be accessed (when they've all released) by purchasing the Prestigious Bounty Hunter upgrade.

Trader Role

Q) What is the Trader role?

our trusted camp companion, Cripps, has long dreamed of starting a trading outpost and you’re going to help him make it happen - by becoming a partner in the fledgling Cripps Trading Company. Combining Cripps’ lifetime of working with animal materials and your skills at hunting and frontier security, you’ll have the perfect ingredients to develop a thriving business.
Once you agree to help Cripps, you can start turning your camp into a business by sourcing items for Cripps to convert into sellable goods. An investment of 15 Gold Bars to purchase a Butcher’s Table will get your business up and running.
Once you’re operational, you’ll provide Cripps with Materials through hunting animals – pristine pelts and carcasses will provide better yields. You’ll also take on Resupply Missions to acquire additional necessities through less than savory tactics. Once supplied, Cripps will begin turning the materials into sellable goods, which can then be sent out on low-risk local deliveries for payment or across greater distances for a premium.
Improve your hunting yields with a Hunting Wagon for larger hauls or upgrade your Delivery Wagons for larger sales. As business flourishes and your presence becomes known in the market, your competition may grow jealous of your success, so keep an eye out for raids on your camp. As your trade grows, you might consider purchasing a camp dog from Wilderness Outfitters. Not only are dogs great camp companions for all players, but a Trader of sufficient rank can teach their dog to warn of incoming attacks.

Q) Can I skip the medium wagon?

No, you need to buy the medium wagon, then the large wagon.

Q) What can I sell to Cripps?

You can sell carcasses & small animals (e.g squirrels). Along with some animal parts, e.g feathers.
Cripps does not accept meat, fish or skinned carcasses.

Q) How long does it take Cripps to make goods after resupplying?

Cripps requires materials and supplies to produce goods. You give him materials by donating carcasses and pelts. He uses two units of materials to produce one good. You either buy supplies or obtain them through resupply missions. Either way, that gives enough supplies to produce 25 goods. As long as both materials and supplies are available, Cripps produces 1 good every 2 minutes (1 in-game hour).

Collector Role

Q) What is the Collector role?

Seek out the mysterious travelling saleswoman Madam Nazar to acquire the Collector’s Bag and get started on the path of the Collector. It will cost 15 Gold Bars for access to collecting and selling rare items.
With Madam Nazar’s help, you will be able to explore the world finding valuable treasures, whether they’re discarded Tarot cards in abandoned camps, buried treasures unearthed with your trusty shovel, hidden family heirlooms and more.
Collect individual pieces and sell them off directly to Madam Nazar or collect entire sets for even more valuable sales. As you progress, you’ll unlock enhanced searching skills; more useful tools like a metal detector; benefits like increased carrying capacities; the ability for your horse to directly pluck and pass herbs to you while mounted, and more.

Q) Where is Madam Nazar?

Madam Nazar can be located by completing a map/collection for her. Her location is posted daily on /RedDeadDailies - She changes location at 6am UTC time each day.
You can also find her using https://madamnazar.io/

Q) Who is Madam Nazar?

Madam Nazar is the Collector role vendor, you can obtain maps, cosmetics & other items such as the shovel from her.

Q) Why is Madam Nazar?

...

Q) Where do you buy a shovel?

From Madam Nazar, it costs $350. If you need help finding her, check /RedDeadDailies

Q) Where do you buy a metal detector?

From Madam Nazar, it unlocks at level 5 and costs $700. If you need help finding her, check /RedDeadDailies

Q) Can you sell collector items individually or does it need to be a full set?

Yes, however you get far less money than you would if you sold a full collection

Q) Can you only have one collector map active?

Yes, if you try to open a second map, it may auto-close and almost looks like a bug, however, you should only try and activate one at any given time.

Moonshiner Role:

Q) I already met Maggie but I didn't buy a shack, now I can't find how to buy the shack?

In the options menu (left on the D-pad, or L on PC), select "Camp & Properties" → "Moonshine Shack" → "Shack Location".

Will be expanded upon soon...

Naturalist Role

Will be updated soon...

Useful Red Dead Online Resources

/RedDeadDailies - A subreddit dedicated to sharing daily challenge information
/RedDeadCollector - The best place to ask for support with any locations for collector items.
Collector map.
/RedDeadOnline mega-guide.
Free-roam event schedule
Red Dead Online Discord

This thread will be posted at 6am UTC every Monday. We'll aim to update & add any additional questions in time for the new thread being posted each week.

LMT: A Deep Dive

Edit 1: More ARKQ buying today (~50k shares). Thank you everyone for the positive feedback and discussion!
Bottom Line Up Front (BLUF) or TL;DR for the non-military types:
LMT is a good target if you want to literally go to the moon, and my PT is $690.26 in two years (more than 2x from current levels). Justification and some possible trade ideas are listed below, just CTRL-F “Trade Ideas”. I hope you guys enjoy this work and would appreciate any discussion or feedback. I hope to catch you in the comments.
Team,
We interrupt today’s regularly scheduled short squeeze coverage to discuss a traditionally boring stock, LMT (Lockheed Martin), with significant upside potential. To be clear, this is NOT a short squeeze target like many reddit posts are keying on. I hope that this piece sparks discussion, but if you are just looking for short squeeze content, all I have to say is BUY, HOLD, and GODSPEED.
The source of inspiration for me writing this piece is threefold; first, retail investors are winning, and I believe that we will continue to win if we continue to identify opportunities in the market. In my view, the stock market has always been a place for the public to shine a light on areas of innovation that real Americans are excited about and proud to be a part of. Online communities have stolen the loudspeaker from hedge fund managers and returned it to decentralized online democracies that quickly and proudly shift their weight behind ideas they believe in. In GME’s case, it was a blatant smear campaign to destroy a struggling business. I think that we should continue this campaign by identifying opportunities in the market and running with them. It may sound overly idealistic, but if reddit can take on the hedge funds, I non-ironically believe that we can quite literally take good companies researching space technology to the moon. I think LMT may be one of several stocks to help get us there.
Second, a video where the Secretary of State of Massachusetts argues that internet boards are full of a bunch of unsophisticated, thoughtless traders really ticked me off. This piece is designed to show that ‘the little guy’ is ready to get into the weeds, understand business plans, and outpace analysts that think companies like Tesla are overvalued by comparing them to Toyota. That is a big reason that I settled on an old, large, slow growth company to do a deep-dive on, and try my best to show some of the abysmal predictive analysis major ‘research firms’ do on even some of the most heavily covered stocks. LMT is making moves, and the suits on wall street are 10 steps behind. At the time of writing this piece, Analyst Estimates range from 330-460 (what an insane range).
Third, and most importantly, I am in the US military, and I think that it is fun to go deep into the financials of the defense sector. I think that it helps me understand the long-term growth plans of the DoD, and I think that I attack these deep-dives with a perspective that a lot of these finance-from-day-one cats do not understand. Even if no one ever looks at this work, I think that taking the time to write pieces like this makes me a better Soldier, and I will continue to do it in my spare time when I am feeling inspired. I wrote a piece on Raytheon Technologies (Ticker: RTX) 6 months ago, and I think it was well-received. I was most convicted about RTX in the defense sector, but I have since shifted to believing LMT is the leader in the defense space. I am long both, though. If this inspires anyone else to do similar research on other companies, or sparks discussion in the community, that is just a bonus. Special shout-out to the folks that read more than just the TL;DR, but if you do just read the TL;DR, I love you too!
Now let us get into it:
Leadership
I generally like to invest in companies that are led by people that seem to have integrity. Jim Taiclet took the reins at LMT in June of last year. While on active duty, he served as a C-141B Starlifter pilot (a retired LMT Aircraft). After getting out he went to work for the American Tower Corporation (Ticker: AMT). His first day at American Tower was September 10, 2001. The following day, AMT lost 13 employees in the World Trade Center attack. He stayed with the company, despite it being decimated by market uncertainty in the wake of 9/11. He was appointed CEO of the very same company in 2004. Over a 16 year tenure as CEO of AMT the company market cap 20x’d. He left his position as CEO of AMT in March of last year, and the stock stagnated since his departure, currently trading at roughly the same market cap as to when he left.
Jim Taiclet was also appointed to be the chairman of the board this week, replacing the previous CEO. Why is it relevant that the CEO came from a massive telecommunications company?
Rightfully, Taiclet’s focus for LMT is bringing military technology into the modern era. He wants LMT to be a first mover in the military 5G space, military application of AI space, the… space space, and the hypersonic glide vehicle (HGV) space. These areas are revolutionary for the boomer defense sector. We will discuss this in more detail later when we cover the company’s P/E multiple and why it is absolute nonsense.
It is not a surprise to me that they brought Taiclet on during the pandemic. He led AMT through adversity before, and LMT’s positioning during the pandemic is tremendous relative to the rest of the sector, thanks in large part to some strong strategic moves and good investments by current and past leadership. I think that Taiclet is the right CEO for the job.
In addition to the new CEO, the new Secretary of Defense, Secretary Lloyd Austin, has strong ties to the defense sector. He was formerly a board member for RTX. He is absolutely above reproach, and a true leader of character, but I bring this up not to suggest that he will inappropriately serve in the best interest of defense contractors, but to suggest that he speaks the language of these companies effectively. I do not anticipate that the current administration poses as significant of a risk to the defense sector as many analysts seem to believe. This will be expanded in the headwinds section below.
SPACE
Cathie Wood and the ARK Invest team brought a lot of attention to the space sector when the ARKX, The ARK Space Exploration ETF, Form N-1A was officially filed through the SEC. More recently, ARK Invest published their Big Ideas 2021 Annual Report and dedicated an entire 7-page chapter to Orbital Aerospace, a new disruptive innovation platform that the ARK Team is investigating. This may have helped energize wall street to re-look their portfolios and their investments in space technology, but it was certainly not the first catalyst that pushed the defense industry in the direction of winning the new space race.
In June 2018, then President Trump announced at the annual National Space Council that “it is not enough to merely have an American presence in space, we must have American dominance in space. So important. Therefore, I am hereby directing the Department of Defense (DoD) and Pentagon to immediately begin the process necessary to establish a Space Force as the sixth branch of the Armed Forces". Historically, Department of Defense space assets were under the control of the Air Force. By creating a separate branch of service for the United States Space Force (USSF), the DoD would allocate a Chairman of Space Operations on the Joint Chiefs of Staff and clearly define the budget for space operations dedicated directly to the USSF. At present, this budget is funneled from the USAF’s budget. The process was formalized in December of 2019, and the DoD has appropriated ~$15B to the USSF in their first full year of existence according to the FY21 budget.
Among the 77 spacecraft that are controlled by the USSF, 29 of them are Lockheed Martin GPS satellites, 6 of them are Lockheed Martin Space-Based Infrared Systems (SBIRS), and LMT had a hand in creating and/or manufacturing for several of the other USSF efforts. The Next Generation Overhead Persistent Infrared Missile Warning Satellites (also known as Next-Gen OPIR) were contracted out to both Northrup Grumman (Ticker: NOC) and LMT. LMT’s contract is currently set at $4.9B, NOC’s contract is set at $2.37B.
Tangentially related to the discussion of space is the discussion of hypersonic glide vehicles (HGVs). HGVs have exoatmospheric and atmospheric implications, but I think that their technology is extremely important to driving margins down for both space exploration and terrestrial point-to-point travel. LMT is leading the charge for military HGV research. They hold contracts with the Navy, Air Force, and Army to develop HGVs and hypersonic precision fires. The priority for HGV technology accelerated significantly when Russia launched their Avangard HGV in December of 2019. Improving the technology for HGVs is a critical next-step in maintaining US hegemony, but also maintaining leadership in both terrestrial and exoatmospheric travel.
LARGE SCALE COMBAT OPERATIONS (LSCO)
The DoD transitioning to Large-Scale Combat Operations (LSCO) as the military’s strategic focus. This is a move away from an emphasis on Counter-Insurgency operations. LSCO requires effective multi-domain operations (MDO), which means effective and integrated strategies regarding land, sea, air, space, and cyberspace. To have effective MDO, the DoD is seeking systems that both expand capabilities against peer threats and increase the ability to track enemy units and communicate internally. This requires a modernizing military strategy that relies heavily on air, missile, and sensor modernization. Put simply, the DoD has decided to start preparing for peer or near-peer adversaries (China, Russia, Iran, North Korea) rather than insurgencies. For this reason, I believe that increased Chinese and Russian tensions are, unfortunate as it may be, a boon to the defense industry. This is particularly true in the missiles/fires and space industry, as peer-to-peer conflicts are won by leveraging technological advantages.
There are too many projects to cover in detail, but some important military technologies that LMT is focusing on to support LSCO include directed energy weapons (lasers) to address enemy drone technology, machine learning / artificial intelligence (most applications fall under LMT’s classified budget, but it is easy to imagine the applications of AI in a military context), and 5G to increase battlefield connectivity. These projects are all nested within the DoD’s LSCO strategy, and position LMT as the leader in emergent military tech. NOC is the other major contractor making a heavy push in the modernization direction, but winners win, and I think a better CEO, balance sheet, and larger market cap make LMT the clear winner for aiding the DoD in a transition toward LSCO.
SECTOR COMPARISON (BACKLOG)
The discussion of LSCO transitions well into the discussion of defense contractor backlogs. Massive defense contracts are not filled overnight, so examining order backlogs is a relatively reliable way to gauge the interest of the DoD in a defense contractor’s existing or emerging products. For my sector comparison, I am using the top 6 holdings of the iShares U.S. Aerospace & Defense ETF (Ticker: ITA). I hate this ETF, and ETFs like it (DFEN) because of their massively outsized exposure to aerospace, and undersized allocation to companies like LMT. LMT is only 18% smaller than Boeing (Ticker: BA) but is only 30.4% of the exposure of BA (18.46% of the fund is BA, only 5.62% of the fund is LMT). Funds of this category are just BA / RTX hacks. I suggest building your own pie on a site like M1 Finance (although they are implicated in the trade restriction BS… please be advised of that… hoping other brokerages that are above board will offer similar UIs like the pie design… just wanted to be clear there) if you are interested in the defense sector.
The top 6 holdings of ITA are:
Boeing Company (Ticker: BA, MKT CAP $110B) at 18.46%
Raytheon Technologies (Ticker: RTX, MKT CAP $101B) at 17.84%
Lockheed Martin (Ticker: LMT, MKT CAP $90B) at 5.62%
General Dynamics Corporation (Ticker: GD, MKT CAP $42B) 4.78%
Teledyne Technologies Incorporated (Ticker: TDY, MKT CAP $13B) at 4.74%
Northrop Grumman Corporation (Ticker: NOC, MKT CAP $48B) at 4.64%
As a brief aside, please look at the breakdowns of ETFs before buying them. The fact that ITA has more exposure to TDY than NOC and L3Harris is wild. Make sector ETFs balanced how you want them to be balanced and it will be more engaging, and you will likely outperform. I digress.
Backlogs for defense companies can easily be pulled from their quarterly reports. Here are the current backlogs in the same order as before, followed by a percentage of their backlog to their current market cap. All numbers are pulled from January earning reports unless otherwise noted with an * because they are still pending.
Boeing Company backlog (Commercial: $282B, Defense: $61B, Foreign Military Sales (FMS, categorized by BA as ‘Global’): 21B, Total Backlog 364B): BA’s backlog to market cap is a ratio of 3.32, which is strong, but most of that backlog comes from the commercial, not the defense side. Airlines have been getting decimated, I am personally not interested in having much of my backlog exposed to commercial pressures when trying to invest in a defense play. Without commercial exposure, their defense only backlog ratio is .748. This is extremely low. I understand that this does not do BA justice, but I am keying in on defense exposure, and I am left thoroughly unsatisfied by that ratio. Also, we have seen several canceled contracts already on the commercial side.
Raytheon Technologies backlog (Defense backlog for all 4 subdivisions: 67.3B): Raytheon only published a defense backlog in this quarter’s report. That is further evidence to me that the commercial aerospace side of the house is getting hammered. They have a relatively week backlog to market cap as well, putting them at a ratio of .664, worse off than the BA defense backlog.
Lockheed Martin backlog (Total Backlog: $147B): This backlog blows our first two defense backlogs out of the water with a current market cap to backlog ratio of 1.63.
General Dynamics Corporation backlog (Total Backlog: $89.5B, $11.6B is primarily business jets, but it is difficult to determine how much of their aerospace business is commercial): Solid 2.13 ratio, still great 1.85 if you do not consider their aerospace business. The curveball here for me is that GD published a consolidated operating profit of $4.1B including commercial aerospace, whereas LMT published a consolidated operating profit of $9.1B. This makes the LMT ratio of profit/market cap slightly in favor of LMT without accounting for the GD commercial aerospace exposure. This research surprised me; I may like GD more than I originally assumed I would. Still prefer LMT.
Teledyne Technologies Incorporated backlog (Found in the earnings transcript, $1.7B): This stock is not quite in the same league as the other major contractors. This is an odd curveball that a lot of the defense ETFs seem to have too much exposure to. They have a weak backlog, but they are a smaller growing company. I am not interested in this at all. It has a backlog ratio of .129.
Northrop Grumman Corporation backlog ($81B): Strong numbers here. I see NOC and LMT as the two front-runners in the defense sector. I like LMT more because I like their exposure to AI, 5G, and HGVs more than NOC, but I think this is a great alternative to LMT if you like the defense sector. Has a ratio of 1.69, slightly edging out LMT on this metric. LMT edges out NOC on margins by ~.9%, though, which has significant implications when considering the depth of the LMT backlog.
The winners here are LMT, GD, and NOC. BA is attractive if you think anyone will have enough money to buy new planes. BA and RTX are both getting hammered by commercial aerospace exposure right now and are much more positioned as recovery plays. That said, LMT and NOC both make money now, and will regardless of the impact of the pandemic. LMT is growing at a slightly faster rate than NOC. Both are profit machines, but I like LMT’s product portfolio and leadership a lot more.
FREE CASH FLOW
Despite the pandemic, LMT had the free cash flow to be able to pay a $2.60 per share dividend. This maintains their ~3% yearly dividend rate. They had a free cash flow of $6.4B. They spent $3.9 of that in share repurchases and dividend payouts. That leaves 40% of that cash to continue to strengthen one of the most stalwart balance sheets outside of big tech on the street. Having this free cash flow allowed them to purchase Aerojet Rocketdyne for $4.4B in December. They seem flexible and willing to expand and take advantage of their relative position during the pandemic. This is a stock that has little downside risk and significant upside potential. It is always reassuring to me to know that at the end of the day, a company is using its profit to continue to grow.
HEADWINDS
New Administration – This is more of an unknown than a headwind. The Obama Administration was not light on military spending, and the newly appointed SecDef is unlikely to shy away from modernizing the force. Military defense budgets may get lost in the political shuffle, but nothing right now suggests that defense budgets are on the chopping block.
Macroeconomic pressure – The markets are tumultuous in the wake of GME. Hedgies are shaking in their boots, and scared money weighed on markets the past week. If scared money continues to exert pressure on the broader equity markets, all boomer stocks are likely weighed down by slumping markets.
Non-meme Status – The stocks that are impervious to macroeconomic pressures in the above paragraph are the stonks that we, the people, have decided to support. From GME to IPOE, there is a slew of stonks that are watching and laughing from the green zone as the broader markets slip deeper into the red zone. Unless sentiment about LMT changes, I see no evidence that LMT will remain unaffected by a broader economic downturn (despite showing growth YoY during a pandemic).
TAILWINDS
Aerojet Rocketdyne to the Moon – Cathie Wood opened up a $39mil position in LMT a few weeks ago, and this was near the announcement of ARKX. The big ideas 2021 article focuses heavily on satellite technology, deep learning, and HGVs. I think that the AR acquisition suggests that vertical integration is a priority for LMT. They even fielded a question in their earnings call about whether they were concerned about being perceived as a monopoly. Their answer was spot on—the USFG and DoD have a vested interest in the success of defense companies. Why would they discourage a defense contractor from vertical integration to optimize margins?
International Tensions – SolarWinds has escalated US-Russia tensions. President Biden wants to look tough on China. LSCO is a DoD-wide priority.
5G.Mil – We still do not have a lot of fidelity on what this looks like, but the military would benefit in a lot of ways if we had world-wide access to the rapid transfer of encrypted data. Many units still rely on Vietnam-era technology signal technology with abysmal data rates. There are a lot of implications if the code can be cracked to win a DoD 5G contract.
TRADE IDEAS
Price Target: LMT is currently at a P/E of ~14. Verizon has roughly the same. LMT’s 5-year P/E ratio average is ~17. NOC is currently at a P/E of ~20. TSLA has a P/E Ratio of 1339 (disappointingly not 1337). P/E is a useless metric because no one seems to care about it. My point is that LMT makes a lot of money, and other companies that are valued at much higher multiples do not make any money at all. LMT’s P/E ratio is that of a boomer stock that has no growth potential. LMT’s P/E is exactly in line with the Aerospace and Defense Industry P/E ratio standard. LMT’s new CEO is pushing the industry in a new direction. I will arbitrarily choose a P/E ratio of 30, because it is half of the software industry average, and it is a nice round number. Plus, stock values are speculative and nonsense anyway.
Share price today: $321.82
Share price based on LMT average 5-year P/E: $384.08 (I see this as a short term PT, reversion to the mean)
Share price with a P/E of 30: $690.26
Buy and Hold: Simple. Doesn’t take much thought. Come back in a year or two and be happy with your tendies (and a few dividends to boot).
LEAPS Call Debit Spread (Based on last trade prices): Buy $375 C 20 JAN 23 for $26.5, Sell $450 C 20 JAN 23 for $12. Total Cost $14.5 for a spread width of $75. Max gain 517% per spread. Higher risk strategy.
LEAPS: Buy $500 C 20 JAN 23 for $7.20. Very high-risk strat. If the price target is hit within two years, these would be in the money $183 per contract for a gain of 2500%. This is the casino strat.
SOURCES
https://www.lockheedmartin.com/en-us/news/features/2020/james-taiclet-from-military-pilot-to-successful-ceo.html
https://www.warren.senate.gov/newsroom/press-releases/in-response-to-senator-warrens-questions-secretary-of-defense-nominee-general-lloyd-austin-commits-to-recusing-himself-from-raytheon-decisions-for-four-years
https://news.lockheedmartin.com/2019-08-30-Lockheed-Martins-Expertise-in-Hypersonic-Flight-Wins-New-Army-Work
https://www.lockheedmartin.com/en-us/capabilities/hypersonics.html
https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK%E2%80%93Invest_BigIdeas_2021.pdf?hsCtaTracking=4e1a031b-7ed7-4fb2-929c-072267eda5fc%7Cee55057a-bc7b-441e-8b96-452ec1efe34c
https://www.deseret.com/2018/6/19/20647309/twitter-reacts-to-trump-s-call-for-a-space-force
https://comptroller.defense.gov/Portals/45/Documents/defbudget/fy2021/fy2021_Budget_Request_Overview_Book.pdf
https://www.airforcemag.com/lockheed-receives-up-to-4-9-billion-for-next-gen-opir-satellites/
https://spacenews.com/northrop-grumman-gets-2-3-billion-space-force-contract-to-develop-missile-warning-satellites/
https://www.lockheedmartin.com/en-us/capabilities/directed-energy/laser-weapon-systems.html
https://emerj.com/ai-sector-overviews/lockheed-martins-ai-applications-for-the-military/
https://www.defenseone.com/business/2020/07/new-ceo-wants-lockheed-become-5g-playe167072/
https://www.wsj.com/articles/defense-firms-expect-higher-spending-11548783988
https://www.etf.com/ITA#efficiency
https://s2.q4cdn.com/661678649/files/doc_financials/2020/q4/4Q20-Presentation.pdf
https://investors.rtx.com/static-files/dfd94ff7-4cca-4540-bc4b-4e3ba92fc646
https://investors.lockheedmartin.com/static-files/64e5aa03-9023-423a-8908-2aae8c7015ac
https://s22.q4cdn.com/891946778/files/doc_financials/2020/q4/GD_4Q20_Earnings_Highlights-Outlook-Final.pdf
https://www.fool.com/earnings/call-transcripts/2021/01/27/teledyne-technologies-inc-tdy-q4-2020-earnings-cal/
https://investor.northropgrumman.com/static-files/6e6e117f-f656-4c68-ba7f-3dc53c2dd13a

/r/RedDeadOnline Simple Questions & FAQ Thread.

/RedDeadOnline Simple Questions & FAQ Thread.

PC / Next-Gen / Stand-alone Questions

Q) If I buy on Rockstar Launcher, can I play with friends on Steam?

Yes, you can play with friends on PC regardless of what store they bought it from. Even Steam GTA, uses Rockstar to launch the game.

Q) Can we transfer our characters from PS4 and Xbox One to PC?

No, you cannot transfer characters to a different platform, e.g Xbox to PC. The game is cross-gen however, so if you play PS4 you can continue on PS5.

Q) If I buy a next-gen console, can I play with friends on old-gen consoles?

Yes! The game is backwards compatible on console, so you can play with friends on PS4/PS5 or XB1/XBX

Q) If I already own Red Dead Redemption 2, do I need to buy Red Dead Online again when it goes standalone?

No! Red Dead Online is still part of the RDR2 game.

Red Dead Online: General Questions

Q) What are the currencies in Red Dead Online?

Cash, the main currency in RDO that is earned through almost every activity.
Gold Bars, the premium currency in RDO that can be purchased using real money. You earn a small amount of gold for completing activities online.
Role Tokens, earned by levelling up in each role, used to unlock abilities & items for the five current roles.

Q) What is the Outlaw pass?

The Outlaw Pass is an in-game purchase using the premium Gold currency that allows you to earn items/rewards as you level up.
Outlaw Pass are only available for a limited time and once they finish, you can't access them again.

Q) What are Daily Challenges?

Every day at 6am UTC, you are given a new list of 7 daily challenges as well as 15 role daily challenges. They can range from hunting specific animals or finding certain herbs, to completing PVP/Freeroam events.
Initially, you earn 0.1 Gold per completed challenge plus a bonus if you complete all 7 regular challenges.
After completing at least 1 challenge per day for 7 days, you then earn a little more gold per challenge each week before your daily challenge streak resets after 28 days.
Your daily challenge streak will then reset, and you start the process again.
In addition to this, there are also 3 daily challenges for each role available and you can do a max of 9 role daily challenges. Daily challenges for roles will also differ depending on your rank within each role.

Q) What are Free-roam events (role/normal)

Every 45 minutes, you'll receive an invite to a free-roam event. Free-roam events can be activities such as fishing, horse racing, archery competitions, or PVP. You earn XP + cash for completing.
There are also role specific events that happen every 90 minutes, you need to be ranked up and enrolled in each role before you'll see invites for these activities.
You can see the schedule for free-roam & role events here

Q) What are ability cards?

Abilities in Red Dead Online are assigned to a character through Ability Cards. These are divided into two different types. Dead Eye cards that grant abilities only active during Dead Eye, while Passive cards add abilities that are always active, no matter what you do. Passive abilities are further divided into several different categories.
In Red Dead Online, it's not possible to assign all of the available abilities to the character, as there are only 4 slots available. One slot is used for a single Dead Eye card, while the remaining three slots are used for Passive abilities. ^{^{^{^Source.}}}

Q) What are the playing styles online?

Defensive: Players in Defensive mode will be indicated by a shield icon, will take reduced damage from enemy players, cannot be lassoed, melee attacked, executed or targeted with auto-aim. Defensive players will also be excluded from being targeted in PvP-related missions such as Player Assassination. Those who attack Defensive players receive hefty penalties via the Hostility system, while players who initiate conflict while in Defensive mode will be instantly pulled out of Defensive mode and also receive similar Hostility penalties.
Offensive: The Offensive playing style is set as the default and is how most players traditionally interact in Free Roam – free to engage in hostile contact with other players if you are prepared to accept the potential consequences.

Red Dead Online: Other Questions

Q) How do I dual wield?

At rank 25, you can buy an off-hand holster which allows you to equip a second handgun.

Q) How do I change appearance

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to Online Options > Scroll down to Change Appearance

Q) How do I setup camp

Press Left on the D Pad (Keyboard TBC) to bring the Online menu up > Scroll down to camp options > Choose location for camp
Camps can be used to access wardrobes, collect items you've ordered via the catalog, craft & cook and fast travel if upgraded.
A small camp is suitable for 1-4 posse members and costs $1 per in game day. A large camp is suitable for 1-7 posse members and costs $2 per in game day.

Q) Where is the gun locker?

You unlock it through the trader role, then purchase it at Wilderness Outfitters in camp, and then it appears at your specific tent in camp.

Q) How do I buy a dog?

At your camp, head to Cripps and access Wilderness Outfitters, from there you can select the dog option.

Q) What can dogs be used for?

Looking cool at your camp and warning you of camp raids when you unlock the perk. Not really much else. (They're not companions like Dogmeat from Fallout 4)

Q) I saw an item, but can't find it on PC or Xbox One.

Some items are exclusive to PS4, so you may see things promoted by Rockstar that aren't yet available on your platform or it may be from an old Outlaw Pass.

Q) What is the best Horse

This post should help.

Q) What are the best Weapons

Captain Balrick's arsenal should help you decide

Q) What is the best ability card loadout

This post in the /RedDeadOnline mega-guide should help.

Q) What is the best way to make money/gold

This post should help.

Q) Where are the treasure maps located?

You can find them all here.

Red Dead Online: Roles

Q) Can I have more than 1 role active?

Yes! You can play in all roles concurrently.

Bounty Hunter Role

Q) What is the Bounty Hunter role?

Get started as a Bounty Hunter when you meet the Legendary Bounty Hunter in Rhodes and purchase the Bounty Hunter License. The standard cost is 15 Gold Bars.
Licensed Bounty Hunters can pick up work by visiting bounty boards located near law offices, post offices and train stations across the states. There is no shortage of criminals to be dealt with and the targets range in difficulty, from lone low-level petty thieves to notorious outlaws with armed protection details and a watchful eye. Taking on an armed gang or bringing multiple targets to justice is made easier with the help of a Posse, who will all earn a cut of the final bounty. And keep in mind, bringing in targets alive will yield a greater reward.
Reaching Bounty Hunter Rank 12 will open up the opportunity to take down other players with high bounties of $20 or more. Bounty Hunters will be notified through an invite about the opportunity to hunt down the wanted player when they’re nearby in a structured pursuit. The wanted player must escape (or surrender) within the allotted time and if captured, they’ll also have opportunities to escape and flee. If the Bounty Hunter brings the target in alive, they’ll receive an award while the criminal serves time.

Q) What are legendary bounties?

Legendary bounties are high-tier bounties, they usually involve a mini-story/cut scene. They're also much tougher than a regular bounty.
There are 10 legendary bounties that can be access as part of the Bounty Hunter role and 3 that can be accessed (when they've all released) by purchasing the Prestigious Bounty Hunter upgrade.

Trader Role

Q) What is the Trader role?

our trusted camp companion, Cripps, has long dreamed of starting a trading outpost and you’re going to help him make it happen - by becoming a partner in the fledgling Cripps Trading Company. Combining Cripps’ lifetime of working with animal materials and your skills at hunting and frontier security, you’ll have the perfect ingredients to develop a thriving business.
Once you agree to help Cripps, you can start turning your camp into a business by sourcing items for Cripps to convert into sellable goods. An investment of 15 Gold Bars to purchase a Butcher’s Table will get your business up and running.
Once you’re operational, you’ll provide Cripps with Materials through hunting animals – pristine pelts and carcasses will provide better yields. You’ll also take on Resupply Missions to acquire additional necessities through less than savory tactics. Once supplied, Cripps will begin turning the materials into sellable goods, which can then be sent out on low-risk local deliveries for payment or across greater distances for a premium.
Improve your hunting yields with a Hunting Wagon for larger hauls or upgrade your Delivery Wagons for larger sales. As business flourishes and your presence becomes known in the market, your competition may grow jealous of your success, so keep an eye out for raids on your camp. As your trade grows, you might consider purchasing a camp dog from Wilderness Outfitters. Not only are dogs great camp companions for all players, but a Trader of sufficient rank can teach their dog to warn of incoming attacks.

Q) Can I skip the medium wagon?

No, you need to buy the medium wagon, then the large wagon.

Q) What can I sell to Cripps?

You can sell carcasses & small animals (e.g squirrels). Along with some animal parts, e.g feathers.
Cripps does not accept meat, fish or skinned carcasses.

Q) How long does it take Cripps to make goods after resupplying?

Cripps requires materials and supplies to produce goods. You give him materials by donating carcasses and pelts. He uses two units of materials to produce one good. You either buy supplies or obtain them through resupply missions. Either way, that gives enough supplies to produce 25 goods. As long as both materials and supplies are available, Cripps produces 1 good every 2 minutes (1 in-game hour).

Collector Role

Q) What is the Collector role?

Seek out the mysterious travelling saleswoman Madam Nazar to acquire the Collector’s Bag and get started on the path of the Collector. It will cost 15 Gold Bars for access to collecting and selling rare items.
With Madam Nazar’s help, you will be able to explore the world finding valuable treasures, whether they’re discarded Tarot cards in abandoned camps, buried treasures unearthed with your trusty shovel, hidden family heirlooms and more.
Collect individual pieces and sell them off directly to Madam Nazar or collect entire sets for even more valuable sales. As you progress, you’ll unlock enhanced searching skills; more useful tools like a metal detector; benefits like increased carrying capacities; the ability for your horse to directly pluck and pass herbs to you while mounted, and more.

Q) Where is Madam Nazar?

Madam Nazar can be located by completing a map/collection for her. Her location is posted daily on /RedDeadDailies - She changes location at 6am UTC time each day.
You can also find her using https://madamnazar.io/

Q) Who is Madam Nazar?

Madam Nazar is the Collector role vendor, you can obtain maps, cosmetics & other items such as the shovel from her.

Q) Why is Madam Nazar?

...

Q) Where do you buy a shovel?

From Madam Nazar, it costs $350. If you need help finding her, check /RedDeadDailies

Q) Where do you buy a metal detector?

From Madam Nazar, it unlocks at level 5 and costs $700. If you need help finding her, check /RedDeadDailies

Q) Can you sell collector items individually or does it need to be a full set?

Yes, however you get far less money than you would if you sold a full collection

Q) Can you only have one collector map active?

Yes, if you try to open a second map, it may auto-close and almost looks like a bug, however, you should only try and activate one at any given time.

Moonshiner Role:

Q) I already met Maggie but I didn't buy a shack, now I can't find how to buy the shack?

In the options menu (left on the D-pad, or L on PC), select "Camp & Properties" → "Moonshine Shack" → "Shack Location".

Will be expanded upon soon...

Naturalist Role

Will be updated soon...

Useful Red Dead Online Resources

/RedDeadDailies - A subreddit dedicated to sharing daily challenge information
/RedDeadCollector - The best place to ask for support with any locations for collector items.
Collector map.
/RedDeadOnline mega-guide.
Free-roam event schedule
Red Dead Online Discord

This thread will be posted at 6am UTC every Monday. We'll aim to update & add any additional questions in time for the new thread being posted each week.

🚀💎🙌 GME (Almost-)ULTIMATE DD 🙌💎🚀

[Serious] Why do you think many African & Middle Eastern economies are not reaching their full potential ?

Comment your opinion or criticize someone else's opinion in a constructive way.
I will edit this table with better ideas I get from the comments.
This is my opinion, these are very simple general assessments, ideas for solutions to get us to talk & discuss these issue. Some of these things we cannot change easily or overnight, but we can make the decision that we will improve & have an improvement mindset right now.
I hope this makes you look at your issues in your own local town, city, country, region & apply this info or take it & evolve it into something better, time is running out, we have to change & improve ourselves, our countries in Africa & the Middle East now, or we will face a very bad future.
What awaits us down this current path is not good, but luckily we can change, improve & build a better future.
Everything you do matters, we are all cells inside an organism or nodes inside a network, we are all connected, literally these days through electricity & internet, just keep moving forward, evaluate, improve, but keep moving forward, don't stop.
Everything starts with a thought, an idea, imagination, they turn into words, actions & become reality.

Issue	Harm	Solutions
1 ) Lack Of Freedom	Harm from Restricting Freedom of speech & expression affects EVERYTHING, from being able to discuss new ideas, innovations & solutions without fear, complaining about corrupt officials, taking powerful companies to court, fighting against companies connected to corrupt politicians, speaking out against corruption, dictators, corrupt police, making posts, pics & videos about "sensitive" issues, etc...	We need legal protection for non-hateful, non-violent free speech & peaceful protesting. For now we can make posts, memes, comments, jokes, etc... about these issues to bring more awareness. We can choose to be free today, we must push the limits in some cases. Don't call for or threaten violence or hate, or harass people, be peaceful, but you can have different opinions & ways of doing things, that's ok. We'd still be living in trees or caves if we didn't have people who tried new things. Think free, be reasonable & enjoy yourself. Stay safe.
2 ) Not accepting people as they are, focusing on petty differences, but ignore big issues that can really harm us	Harms us when some of us put too much energy in trying to control our differences, what we think, what we do, how we dress, how we look like, talk, etc... & make big issues out of small thing & shift focus away from the things that really matter.	Just improve yourself, improve what's around you & if others want your advice or help, you can help them improve too, other than that, mind your own business. We have limited time & energy everyday, don't contribute with negativity & pettiness, yes, we're not perfect, but don't make it who you are.
3 ) Corruption	Harms citizen's faith in the system, in their officials & in each other because corruption becomes the normal way of doing things. It deprives honest people of succeeding, keeps corrupt parasites profiting instead of earning their profit honestly like we all should. Foreign citizens & companies don't want to invest in a corrupt system they don't trust.	Talk, post, discuss, make memes, videos about corrupt officials, corrupt systems & some proposed solutions. File complaints & lawsuits in the legal system. Start groups online & offline to discuss & take legal action to root our corruption & build better honest systems. If you see corruption, do not let it slide, root it out & stop it, do whatever you can & stay safe.
4 ) Crime	Harms us by either taking our lives, harming our physical & mental well being, deprives us of our personal property. Makes us feel unsafe & distrustful of others when crime is rampant & not addressed by the authorities. Causes harm in every system in our countries, no one wants to live, visit, do their best or just relax & live a normal life when they don't feel safe.	Our police should focus mainly on : Violence ( police brutality, murder, robbery, rape, assault, abuse, threats & anything similar ) & Non-violent ( scams, fraud, theft, property crime, white collar crime, cyber crime & anything similar ) Drugs should be decriminalized & treated as a health issue, not a criminal one. Bring attention to any issues in your area, do what you can, invest in your own & your family's self defense & home security. You are the main protector of yourself, stay safe.
5 ) Low quality Infrastructure & Public Services	Harms us by making things harder for us & wasting too much of our time & energy on getting things done that should be done in more efficient & faster ways. Public transportation, education, speed of govt. listening to & fixing things, from hazards, dangers, lack of clean water, slow or unreliable internet or electricity, inefficient processes, etc...	We & our govt. must find ways & new ideas to fund & improve our infrastructure & public services. Everyone should be able to get where they want ASAP, have fast internet, stable electricity, clean water, good court systems, etc... So we can get to our work & leisure without all these issues we don't have to have anymore.
6 ) Low Quality Education	Harms students by not preparing them for adult life, university, technical school, job application, starting their own business or investing. By not understanding the political systems, healthcare, monetary system, science, how all these these systems affect each other, critical thinking, etc... Everything in life is about information, our own cells even, without the right information & guides we will be lost & not progress as fast as we should.	For now we can supplement our education systems with things like Khan Academy & other online learning resources, we should use or start existing online system & offline systems & groups too. The knowledge is out there, we have to find solutions to make it more accessible & low cost to anyone who wants education. Last, but not least the way our students are treated has to improve, respect students & they will respect you back, if they don't, reasonable constructive non-physical & non-abusive punishment will do, then reward good behavior.
7 ) Inefficient Job Market	Harms applicants & employers by not making jobs easy to post, find & fill roles with quality applicants fast. Pushes people looking for jobs into hardships & problems from lack of a stable source of income, hurts people with business by not finding the right people who will help with their business, keep it running & make it better.	Create as many job sites & apps to connect business owners & govt. with job applicants ASAP. We must treat our employees with respect & pay them a fair living wage. Also root out nepotism, discrimination, racism, sexism, etc.... Hire people based on their ability & fit for the job, not who you think should be in charge & corrupt business owners & corrupt govt officials who favor certain people or companies & accept bribes for contracts must be rooted out.
8 ) Difficulty Starting Business or Registering Patents	Harms entire economy by making process difficult & unclear for inexperienced business owners or patent owners. Not approving or delaying things due to corruption & fear of competition, deprives country of new businesses that could be the next international company or new ideas, patents & technology that can improve the country significantly.	Bring awareness to this issue, to create an easier, more reliable & honest system for business in all our countries. Create media, from posts, to memes, videos, bring famous people on board, complain to the govt, propose new ideas, etc... The only way is to get the govt. aware of this issue & let them see that it's more beneficial for them & all of us to fix it, than it is to leave it the same
9 ) Complicated & untrustworthy investments	Harms us by not having reliable,simple to understand investments that earn us interest on our money. From both the private & govt. sector. Not only for citizens, but for foreigners too, investments fund businesses & govt. instead of taking loans.	Learn about local investments & write guides about them if you become an expert. Propose ideas & systems or start your own investment vehicle in a reliable & simple way with different risk levels (low/med/high) depending on what the investor wants. Report all investment scams & frauds to the police. Post about them & warn others.
10 ) Brain Drain	Harms us when some of our best minds, go to other countries without all these harmful issues we have. Instead of these great minds & scholars staying in our countries, fixing these issues, improving our economy & creating new technology & solutions, they help other countries which give their people better conditions to prosper in.	On a personal level, try to offer scholars & intellectuals incentives & opportunities to stay, bring awareness to this issue by creating media, so the govt. starts studying this issue, identifying the main causes & solving them ASAP, the whole economy is connected & these people who leave, see that, lose hope & leave...we have to make it a better place.
11 ) Using Foreign Currency & investing in foreign treasury securities & other govt or private investments.	Harms our currency by depending on US Dollar, Euro, UK Pound, FR Franc, etc... it reduces liquidity of our currencies. Investing in their foreign govt treasury securities finances their govt, instead of ours & their govt will always issue new currency, if they default on these securities, since their currency is widely accepted.	Avoid using foreign currency & investing in foreign treasury securities when possible. Use African & Middle Eastern currency or cryptocurrency (Bitcoin, etc..). Invest in African/Middle Eastern Treasury securities or other govt or private investments, not foreign.
12 ) War, Invasion & Occupation	Harms us by destroying our country, the enemy seizing land, natural resources, commits unpunished violence against innocent citizens, creating chaos, destroying our lives, safety & future.	Our govt develops defensive fusion & some Fission Nukes in ICBMs & SLBMs, Drone Swarms, cruise missiles, missile defense systems, satellites, Long range radars & sonars, etc... to let aggressors know, the price of attacking & attempting to destroy our country, is the swift destruction of their country. We want peace, freedom & prosperity for everyone in all countries. We want to engage in trade & leisure, business & pleasure, with everyone in all countries. Don't threaten or attack us.
13 ) Sanctions	Harms us by isolating us, restricting our trading, advancement & weakening our economy further. (That's their purpose)	Our govt. should stop doing anything that will get us sanctioned (corruption, terrorism, etc... ), but should not stop doing anything defensive, it is our right to develop & buy whatever defensive technology we need to defend ourselves.

My Options Overview / Guide (V2)

Greeting Theta Gang boys and girls,
I hope you're well and not bankrupt after last week. I'm just now recovering mentally myself. I saw a few WSB converts and some newbies asking for tips, so here you go. V2 of my Options guide. I hope it helps.

I spent a huge amount of time learning about options and tried to distill my knowledge down into a helpful guide. This should especially be useful for newbies and growing options traders.
While I feel I’m a successful trader, I'm not a guru and my advice is not meant to be gospel, but this will hopefully be a good starting point, teach you a lot, and make you a better trader. I plan to keep typing up more info from my notebook, expanding this guide, and posting it every couple months.
Any feedback or additions are appreciated
Per requests, I added details of good and bad trades I made. Some painful lessons learned are now included. I also tried to organize this better as it got longer.
Here's what I tell options beginners:
I would strongly recommend buying a beginner's options book and read it cover to cover. That helped me a lot.
I like this beginner book: https://www.amazon.com/dp/B00GWSXX8U/ref=cm_sw_r_cp_apa_OxNDFb2GK9YW7
Helpful websites:

Tasty Trade (TT) and Ally Invest have helpful articles and videos.
- https://www.tastytrade.com/tt
- https://www.youtube.com/c/tastytrade1/featured
Ally training:
- What is options trading? https://www.ally.com/do-it-right/investing/trading-options-for-beginners/?CP=EM2012111
- Top 10 options mistakes: https://www.ally.com/do-it-right/investing/top-10-option-trading-mistakes/?CP=EM2012111
3 common option mistakes: https://us.etrade.com/knowledge/library/options/common-mistakes-options-traders-make
Common options strategies: https://www.optionsbro.com/basic-options-strategies/
Investopedia has tons of great investing info for stocks and options: https://www.investopedia.com/
Kamikaze Cash Theta Gang Videos: https://youtube.com/playlist?list=PLOweupE79XXiBaeH_xBpkUcYUsrAaKQen
20 rules of professional traders: https://www.investopedia.com/articles/active-trading/022715/20-rules-followed-professional-traders.asp

Don't trade until you understand:

You can lose your entire contract value when buying.
You can lose a lot of money when selling "naked", theoretically unlimited.
How option expiration works.
Theta (decay) and how it works. This is imperative since it's attrition when buying and a payout when selling. https://www.optionseducation.org/advancedconcepts/theta
DTE: Days till expiration/expiry
Options positions with respect to price:
- ITM: In the money; strike is below stock value. Signif
- ATM: At the money; strike is just at or above the stock value, often very highly traded. Can be very effective with moderate - long term expiry.
- NTM: Near the money; strike is above the stock value, but fairly close. Slightly unofficial term.
- OTM: Out of the money; price is at least a few strikes from the current stock price. I would say 10-30% over stock price.
- Very OTM: Not a real definition, this is essentially a lottery ticket. Cheap, but almost certain to expire worthless unless there is explosive movement.
Understand delta in general and how delta changes with ITM and OTM options.
Understand all the greeks at a high level, as you get better understand them well. The greeks: https://www.optionsplaybook.com/options-introduction/option-greeks/
IV, IV crush, and how IV affects pricing. In general, you want to sell when IV is high and buy when the IV is low. Increasing IV is good for held calls/puts. IV drop or crush is generally good for sellers.
Selling options can be quite beneficial. Once you have a good general understanding, lookup thetagang . Kamikaze Cash has good youtube videos on most theta strategies (linked above). I personally believe selling options (especially cash secured) is much safer and can consistently make you profits. Θ Gang 4 life.
FOMO and how to avoid chasing a dangerous trend. DO NOT CHASE FROM FOMO!
What intrinsic and extrinsic value are. Know how they are affected by being exercised/assigned and how theta affects them.
Understand that some of WSB recommendations are straight up high-risk gambling and factor in the information accordingly. Be careful with Meme stocks and the survivorship bias on YOLO plays. However, I love the sub and think it’s hilarious. It has a lot of valuable information / DD if you are comfortable with the “colorful” language. It’s also great if you like rocket ship emojis.

Basics / Mechanics

Understand the 4 "main" option types. Buying or selling a call and buying or selling a put. Spreads and more complex multi-legged option strategies are based off these in some way (see below)
You can sell calls with 100 shares of stock or if you own an underlying longer term option; see LEAPS and PMCCs later. Selling calls naked is incredibly risky and often requires Level 4 (very advanced) permissions and usually a lot of capital. I will literally never sell calls naked since I don't want to ruin my life and end up living in a dumpster eating saltine crackers.
Puts can be sold/written cash covered (cash secured), which means you have the cash in your account to buy 100 shares. Your broker will put this money on hold until the trade is closed. Puts can be sold "naked" using Margin and Level 3 (with most brokers). Your broker will hold a percentage of cost of 100 shares (often 30-40%, 100% on meme stocks) allowing you to sell more puts. This increases your available capital/power as well as increasing risk.

General Tips and Ideas:

Don't EVER leave (short) spreads open on expiration day, close them. (more details below)
Start off trading very small. Slowly build up over weeks / months. You need to get accustomed to a fifty dollar swing a day, then a few hundred, then a few thousand. You need to ensure you don't get emotional (see below). I started trading options with 5k, then 25k, 50k, and later over 100k. I added my own funds over time and used my gains to build my account. Don’t go all in immediately, that’s dangerous and unwise.
Especially as you build up the amount of money you have invested, keep it diversified among several stocks.
- Don't go all in on one thing, ever. Be able to take a hit from one stock and not mortally wound your portfolio.
- A company may be doing great, then there's a major product issue out of nowhere. If you are overexposed in one stock this can really hurt you.
- I had to roll options I sold that were about to expire completely worthless because FDX's CEO changed and the stock took a hard dip.
Don't trade emotionally. If you realize you are emotionally trading for vengeance, you should probably exit the trade and cool off for several days with that stock. Same if you get caught up in a wave of hysteria.
Have a plan for every trade, ideally with entries / exits that are specific values, ranges, or a set condition. This helps remove emotions. This is super important for strong movements and high volatility (see later).
Use an options profit calculator from your broker or an online one before entering a "new" trade, especially a complex multi legged trade: https://www.optionsprofitcalculator.com/
“Rolling” an option: Closing your existing option and opening a similar one at different strike and/or expiration.
- Rolling a call “Up” would be selling a call you own and buying a cheaper call at a higher strike.
- Rolling a put “Down and out” closes your original one and buying or selling one at a lower strike at a longer expiry.
- Better broker interfaces have a literal “Roll” button. I know E-trade does. You can manually do it by selecting relevant contract legs.
If you have a losing trade, re-evaluate it. If your initial assumption is definitely incorrect, close it. Don't stay in losing trades forever and lose the entire value of the option over stubbornness. If you re-evaluate and you think your assumption was right, hold, potentially consider adding another cheaper option (or buy another call / put). Rolling out sold options can help here.
Don't try to day trade, especially with options. It's statistically unlikely to be profitable. Day-trading with options introduces extra liquidity risks and is dangerous, especially with spreads.
Try not to over-trade, you'll likely mis-time the market over time. When I get emotional I over trade, then lose additional money on wash sales. If you scale your entries into positions it should help alleviate your desire to exit positions when they turn badly against you. Whenever I buy calls I do it at larger increments after W almost made me loss my hair; luckily it eventually came back.
NEVER enter a position on a stock you have no idea about, especially when you read about it online or heard about it from some rando.
At market open options contracts are often volatile and inflated. Buying during this time can be more expensive. Options are usually cheaper mid-day, I read somewhere 2-3PM is cheapest. I’ve had success around 12-1PM EST after prices settle.
Try wheeling on cheaper stocks once you get all fundamentals down.
When selling puts if you are very bullish consider "doubling down"; note this is higher risk. Use the credit from your put sale to buy shares or a cheap call. This can be roughly inversed with puts, except I wouldn't ever recommend shorting shares.
Learn from your mistakes. You can’t go back in time and beating yourself up (to a point) is useless. Make a physical &/or mental note of it so you don’t do it again. If you don’t learn from it, then beat yourself up so you won’t do it again.
If you have friends that like to trade, I find it helpful to discuss strategies and planned plays. I talk openly with my close friends about my current holdings and planned trades, it helps keep me accountable. If I get a wide-eyed look, I might be doing something excessively risky or stupid. I’ve over-leveraged myself in calls twice and I knew I shouldn’t have done it both times. When I tell my friends what I did and I’m embarrassed, it exemplifies the face that I shouldn’t have done it in the first place. You will also get ideas for new strategies or plays from them. It’s good to stay versatile and use multiple strategies when appropriate. Beware of group think/echo chambers.
I recommend NEVER telling someone what to buy/sell and when. I’ll tell people MY plays or what I like and why, but I will not encourage them to emulate what I do. Depending on the audience, I’ll tell them my exact positions along with my exit and entrance strategy. With closer friends I’ll offer my thoughts on their trades (if asked). If my friend is doing something really risky (one of my friends does some scary stuff) I may ask them if they want my advice, and provide it, especially if they overlooked a risk/event. I will not encourage someone to execute/enter a trade since it has a high potential for hurt feelings or animosity all around.
Don’t fall in love with a stock. Just because something made you money before and you have high confidence in it doesn’t mean it will keep performing. I joke that FDX betrayed me when it started dipping and losing me money. I was over-confident of its bounce-back and sold too many puts too quickly. I’m in several losing trades because of it. However, I will keep good stocks in my rostetracking list or try different strategies or re-enter trades when they change their behavior.
As you start to both buy and sell options and get more experience in general, you'll start seeing the two sides to every trade. You will likely start adjusting your strategies or trying new trades out because of this. Things will likely click one day. Most/all the greeks and options concepts will become almost second nature. For me this was when I could build an Iron Condor from scratch, which was a watershed moment involving a good understanding of many strategies.
Understand Liquidity and volume.
- Trading in low volume, low open interest contracts results in wide bid/ask spreads and difficulty having your contracts filled. Look at all the data for a contract, not just the strike and price.
- Monthly Expiration dates typically have better liquidity.
- Multi-legged trades (Common examples are 2-legged vertical spreads or 4-legged iron condors) have more difficulty being filled, especially on bad brokers like Robin Hood. Having very liquid options for all legs is extremely helpful in obtaining timely and well-priced fills, which maximize your potential profits.
Time in market vs timing the market:
- It is extremely difficult to time the market perfectly. If you wait for the perfect opportunity forever, history has proven you will miss out on gains. Keeping all your money out of the market has proven to be ineffective. Now if there is something serious happening with a stock/the market (like say a new pandemic), don’t go all in. I recommend entering incrementally at dips. If the stock has huge upside potential it may never go down, so it might make sense to partially enter at the current price.
- IMIO selling puts is a great strategy to get into a stock you like, or at least make money off it. I think buying stock in lots of 100 is usually for suckers. Selling an ATM or ITM put (assuming the math works out) on a stock you were going to buy and hold is ALMOST free money.
- I recommend keeping some cash available regardless. If you have a very large account or expect a downturn, hedging with indexes like QQQ, SPY, or VIX or calls/puts may be wise.
Every trade can't be a winner. You will take some losses, you must get used to it. I don’t like having a realized loss of 1K or more on any trade. However, this will happen, especially with larger accounts.
- As long as you win more often and beat the S&P that year I consider it okay. I’m kind of aggressive, so I consider 20%+ annually good. 30%+ annually is great. 40%+ and I’m dancing. After trading options I am almost baffled by my old belief that 5% annual returns (mostly from dividend ETFs) was “good”. That’s nothing to me now since I’m willing to take risks. Note: While lots of people danced in 2020, realize that’s an insane Bull Run year and is atypical.
- Adhere to your own risk tolerance and never over-extend yourself, especially with margin use. Don’t make huge gambles leaving you uncomfortable. Only gamble with money you are willing to lose.
- My personal strategy is to make safer gains for the year and then enter slightly riskier strategies using those gains. I can be slightly-moderately more aggressive and compound my gains. For me I often sell puts to make money, then when I see a big opportunity I’ll sell a put and buy an OTM or moderately ITM call.
Understand it’s not safe to try and get rich overnight. However, once you hit big “steps” things may start to snowball. You can enter more positions and take more risks if you choose to.
- For me this when I hit 50k, then 100k. I was able to balance low and moderate risk positions to more significantly grow my account. I’ll even do a high risk thing now and again because my gains can absorb it (assuming I have them).
- I can’t wait to get to 250K, then 500K. I know it’ll take quite a long time, but I am confident I’ll eventually be able to have 500K and (hopefully) 1M in my non-401k trading account with gains and additions from my job. I can only imagine how “dangerous” I will be with that kind of capital.
If you missed "the next big thing" like AAPL, TSLA, or the time machine I’m building in my basement. Don't get upset, learn from it. Adapt and become a better trader for next time.
- Figure out why a company was so promising, before they mooned. Determine how you would have traded differently in hindsight. Apply those lessons to the next company you believe has long term growth prospects.
- For me that's putting in 1-2.5k towards shares and/or buying LEAPS on it. Depending on my bullishness I may buy “cheap”, fairly far OTM calls. The far OTM options are sort of lottery tickets. If I'm right the (relatively) low cost will have explosive profits; if I'm wrong, they didn't cost that much so it's a calculated loss I’m willing to accept. For more serious bets I’ll buy ITM LEAPS to run PMCCs on. I also like to buy 1-2K in my 401k for very long-term plays.
The stock market hates uncertainty, it seems to crave the status quo. A shakeup can potential tank a stock, even if it's nothing. With shares you can wait it out, but this can be problematic for options. If you see volatile/uncertain times ahead (politics, disease, manufacturing, earnings, etc.), you might want to reduce your overall portfolio risks or hedge.

Profit Retention / Loss Mitigation

If selling options, it is a viable strategy to close early after a large gain with many DTE left until expiry. See TT videos / strategies on this.
Don't hold options through earnings unless you literally want to gamble. I like playing on earnings run ups, but that can be risky.
If you hold options through earnings, IV crush will happen immediately afterwards, devaluing the option. However, if the option is profitable enough, IV crush won’t matter, which will still make money for a call buyer. A sold put sufficiently far OTM will benefit from IV crush, even if the stock dips after slightly bad or lukewarm earnings.
Don't throw good money after bad. Don't gamble on a recovery if your assumption appears to be wrong or the market is flat out tanking. If you are wrong and still believe in the company, wait twice as long as your original plan (wait for your 2nd entry point vs 1st) before adding to your position.
Consider using stop losses to lock-in profits on rides up or sometimes use them to prevent losses. Note, stops can be easily triggered in volatile options. Now when I'm up a lot on calls (especially around earnings or large momentum run-ups) I always set stop losses. I have been burned too many times. In December 2020 I didn't set a SL on several thousand dollars of FDX calls I was already up on and I "lost" ~$5K of unrealized gains. If you're up big, don't get too greedy.
A possible strategy if a stock is on a tear and you have multiple options open: Close some positions (I prefer to do this incrementally if the stock has momentum), but leave 1+ open in case the stock goes into outer space/the floor. Next, set a stop loss with a little buffer below its current movement / range so it doesn't get hit unless the stock falls hard. Finally, watch the stock closely and if it keeps rising, keep moving the stop loss up in little bits incrementally. This will let you keep more profits on a hot streak, but give some protection and secure more gains. It will also help eliminate FOMO if a stock exceeds your expectations.
Have rules when to roll out, down & out, or up & out. I like TT’s roll at break even or at 1x loss and to always roll for a credit (or for me a very minor cost). Obviously these rules need some monitoring. Know your stocks, the news, and technicals so you don’t jump the gun.
- If you roll early for a credit and you’re right, it’s not the end of the world. You’ll just need to hold longer, which will obviously tie up capital. Sometimes it’s better to tie up some money (especially if you aren’t paying interest) than eating a huge loss.
- Rolling too late can be worse though. I currently have a very underwater FDX put I sold that is over 2x loss, rolling it does almost nothing unless you want to pay a debit or extend it extremely far out.
On huge options gains, I strongly you recommend taking profits by rolling up/down or incrementally sell your contracts at several different prices (this is why having multiple contracts is nice).
- Rolling up involves selling your initial call, then using a fraction of your proceeds to buy a cheaper, further OTM call with the same expiry; puts are inverse this. When rolling up I like to ensure the new option’s cost is 15-40% of my realized gains. I’ll buy a more or less expensive new optoin based on my convication to the stock and predicted movements. You can also roll up and out to get a further expiry and strike.
- This is monumentally important if you are playing with incredibly high rising stocks or during a short squeeze.
- Sad story time: I completely screwed up when I forgot to roll up, twice, during the GME gamma/short squeeze. I didn’t take my own advice; I didn’t have a real exit or transition plan and I got emotional. It all happened so fast and I was at work; the insanity of the run up and subsequent gamma squeeze caught me off guard. I should’ve clocked out and thought through the situation for 15-30 minutes to form an impromptu plan, then executed trade(s). My moderate risk tolerance coupled with my desire to take profits took over. When the stock partially cratered after a run up, I sold to retain gains. In the heat of the moment I thought the squeeze was squoze and it was going to plummet into the ground and I wasn’t being rational.
  - On 1x 4K call I would’ve made an additional 15-25K if I rolled up to a cheaper contract with some of my profits.
  - I know I missed out on significantly more with a 2nd call I had. Depending when I rolled it, it would likely have been an additional 25-50k in profits.
- I talked about learning from your mistakes above. This mistake is branded into my brain due to the massive gains I missed out on by not rolling up. I’m furious with myself as I write this 1 week after the GME gamma squeeze, I’m a planner and I didn’t plan. If anything I own is significantly up ever again, I’m rolling up (or at least setting a stop loss). If necessary, I’ll roll up a trade multiple times to keep extracting profits.
- Learn from my mistake so you don’t miss out on gains too. I strongly recommend rolling up when you are up big on a call / roll down when you are up big on a put. This enables you to take profits, stay in the game, and keep extracting more gains.
If you trade a lot of options, talk to your broker about a discount. I was getting the standard $.50/contract with E-Trade, but I traded over 300 contracts a quarter and was able to get the fee reduced by over $.10 by just asking. I am now doing more spreads and condors, so once my volume gets very high, I’ll ask again.
If you have a broker that isn’t great and you want to switch, leverage your current trading fees to the new broker. Tell them you’ll move over $### thousand if they beat your current options trading fee per contract.

Trade Planning & Position Management Tips

As you gain experience, start monitoring what kind of Delta, OTM, DTE, etc. you are most profitable with. Use it in your future trades. You'll often see the tasty trade 30-45DTE .3 Delta strategy for selling.
Before entering a trade, look at rough technicals like resistances and supports to consider your relevant strikes as well as entry/exit points. Look at upcoming earnings & dividend dates as well as stock/market news.
Consider staggering strikes and expirations for safety and diversity; it’s nice to avoid assignment on 3 puts at once because you used the same strike for all 3.
Incrementally enter positions on large rises/falls. One of my favor strategies is to buy dips after over reactions. By doing this slowly in large price "steps" it helps combat FOMO and helps you avoid getting slaughtered.
- This will also help you avoid "chasing a falling knife". It also ties into having a plan.
- I set alerts at several predetermined prices and I REALLY try not to enter new trades unless I hit my preset points. It makes me less emotional and usually more effective.
Don't buy far expiration options with poor liquidity for shorter term plays. I bought 1x GME 1-year+ LEAPS call before the 2021 short squeeze. That was stupid, I should've bought 2-3x 60-120 day calls to have better liquidity. I also paper-handed it and missed out on my lambo.
If selling options, consider rolling (for a credit) to avoid assignment when it makes sense / meets your plan. Rolling closer to expiration can be a valid strategy to get theta on your side. On the flip side, if the stock moons or plummets it could've been better to roll before it got crazy deep ITM. See rolling “rules” above.
Covered Calls:
- If a stock has a large movement range, I think it can be worthwhile to wait to open a CC after the last one is closed/expires. I have been more successful waiting for another opportunity vs. opening one immediately on the Monday after the second the last one expires.
- Consider selling covered calls at all time highs/peaks. If you sell a CC and the stock dips significantly, and you think it’s temporary, you can buy to close your CC for a quick profit, then reopen it later.
- If you own Meme stocks, selling covered calls runs the risk of missing out on large gains. On these stocks I typically only sell them further OTM than I normally would or not at all. If I do sell CC on a Meme stock I try to ensure I have 25-100 other shares that won’t be called away.

-Advanced Beginner-
Spreads

Spreads (with 2 legs) are neat because they manipulate how delta and theta act. It caps your gains and losses, but you can profit with less stock movement. Try several spreads on a P/L calculator to see for yourself.
Spreads usually require margin trading.
Spreads allow you to define max losses (assuming you close before expiration day) and use less capital.
- Experienced traders will open many spreads at identical/similar strikes to heavily profit off movement. Spreads can make you/lose you a lot of money if you are right.
- For example. I could make a $200 premium off a $500 risk trade, max loss would be $300. This is much more effective capital utilization than a naked or cash secured put, however it does not have the same downside protection or “wheel” potential as a sold put. Higher risk, higher reward.
Vertical Debit spreads: I think of these like mini calls/puts. I personally don’t use them unless calls are outrageously expensive or the break even is absurdly high, but there’s nothing wrong with them. A call debit spread will lower your breakeven and overall cost vs just a call. You can do clever things like making a positive theta call spread if you’re creative. I like doing this since I hate losing money to theta.
Vertical Credit spreads:
- Very good theta strategy to define downside/upside risks.
- A put credit spread is bullish and allows you to bet on upward movement with less capital and defined losses.
- A call credit spread is a bearish strategy that allows you to bet on downward movement. These are very cool since they allow you to sell calls without selling naked calls, which can ruin you financially. I see selling these as better than buying puts since it’s so much easier to be profitable; to be redundant, Θ rocks.
- https://www.schwab.com/resource-centeinsights/content/reducing-risk-with-credit-spread-options-strategy-0
I repeat this on purpose: Don't EVER leave short spreads open on expiration day, close them. If you don't close, they better be VERY far from the strike on a non-volatile stock. In after hours a stock can jump/dip below your strike and be exercised without the other leg to protect you. This can lead to massive, life ruining losses. This is not an exaggeration, google this and be scared. It happened to a fair number of people with TSLA. Video explanation: https://www.youtube.com/watch?v=rtVFj9nRRDo&t=315s
Short Straddle:

Trading Mechanics, Taxes, Market Manipulation

Learn about wash sale rules. They suck and are very easy to activate with options. This will eliminate your ability to write off losses. Over trading can easily cause wash sales. https://www.investopedia.com/terms/w/washsalerule.asp
Short attacks:
- Learn to recognize these sketchy attacks by hedges/firms. They manipulate the market, it’s been documented countless times. A common one is rapid short selling, which pushes the price down.
- Short Ladder attacks:
  - https://www.google.com/amp/s/seekingalpha.com/amp/instablog/11442671-gerald-klein/3096735-anatomy-of-a-short-attack
  - Some people say short ladder attacks don't exist. I've seen some very strange stock nosedives off low volume, so I tend to think they do.
- If you plan well enough and the market doesn’t give up on the stock you may be able to use it as a great opportunity to buy the dip.
Cramer explains how he intentionally manipulated the market when he ran a hedge fund years ago. Multiple links to the video are below since this video gets pulled often, Cramer / The street never wanted this to go public.
- Reuters article: https://www.reuters.com/article/cramer-interview-idUKN2036292620070320
- httpss://youtu.be/r07Gg92YjOI
- https://youtu.be/VMuEis3byY4
- https://youtu.be/JEzsfPmh894
- https://youtu.be/QFfjX8dW-QQ
- Due to this video I don’t fully trust Cramer. His show can give you stock ideas to buy (or inverse), but you never know where his true loyalties lie.
Plan for taxes if you are up big. You may need to over withhold or contribute to taxes quarterly depending on your situation. https://www.irs.gov/taxtopics/tc306

-Intermediate / Advanced Strategies (work in progress)-
You’ll notice many of these strategies inverse one another.
Options Strategy Finder
This website is great for learning about new strategies, you’ll see many links to it below.
https://www.theoptionsguide.com/option-trading-strategies.aspx
Short Strangle / Straddle

Both of these strategies profit from little price movement. I recommend using a P/L calculator to determine BE, profit, etc.
A straddle sells (or buys) two options at the same expiry and strike.
A strangle sells (or buys) two options at same expiry with different strikes.
Both these strategies involved selling a Call and a Put for a credit. Straddle uses ATM legs, strangle uses OTM legs.
Limited max profits and unlimited risk. Due to the unlimited risk, I am not a fan. However, many people like these a lot.
https://www.theoptionsguide.com/short-strangle.aspx
https://www.theoptionsguide.com/short-straddle.aspx

Iron Condor and Iron Butterflies

These strategies profit from neutral or mostly neutral stock movement. They receive a credit to open and benefit from theta decay. If your stock is range bound, these may be a good choice.
These are both 4 "legged" trades, so you will have 4 trading fees to enter or exit the trade. A lower cost or zero cost broker shines here. However, “bad” free brokers will give you poor fills, which may not be worth the discount.
Condors and butterflies have "wings" which are your purchased puts and calls. The wider the wing the higher the max profit/risk. The condor body can be riskier and skinny with a narrow high profit range or wider for a much greater chance of success with lower payout.
An iron condor is built by combining a put credit spread and a call credit spread with the same expiry.
An iron condor can be thought of as a modified short strangle with limited risk, and therefore a bit less profit. I prefer defined limited risk.
The butterfly is similar except instead of a plateau it has a sharp peak. My personal mental note is that a condor looks more like a strangle with wings, while a butterfly looks like a straddle with wings.
Pay attention to earnings dates when you open these, I have forgotten to check before and it led to bad trades.
https://www.theoptionsguide.com/iron-condor.aspx
https://www.theoptionsguide.com/iron-butterfly.aspx

Long Condor (Debit Call Condor)

The debit version of an Iron Condor. You expect the price to stay inside your defined range. This strategy profits from neutral or mostly neutral stock movement. I’ve never tried this, Iron Condors make more sense to me.
Limited risk / limited reward.
https://www.theoptionsguide.com/condor.aspx

Short Condor (Credit Call Condor)

Inverse of an Iron Condor. You expect the price to go OUTSIDE your defined range. These are useful when you expect significant price movement. Credit to open.
Limited risk / limited reward.
Can be harder to set up. I want to try these, haven’t yet.
https://www.theoptionsguide.com/short-condor.aspx

Reverse Iron Condor

Inverse of an Iron Condor. You expect the price to go OUTSIDE your defined range. These are useful when you expect significant price movement. Debit to open.
Limited risk / limited reward.
https://www.theoptionsguide.com/reverse-iron-condor.aspx

LEAPs

LEAP Options are options that are long term with many DTE, often over a year until expiration. LEAP calls are great for long term growth plays (downtrends with LEAP puts) or simply when you really like a company and can't afford 100 shares. LEAPs (or any "longer term" option) enables you to sell a PMCC or PMCP (below)

PMCC / PMCP

PMCC or PMCP are poor man's covered call (or poor man's covered puts). They are diagonal options often used with purchased LEAPs. You sell a shorter DTE call/put with a further OTM strike than your purchased call/put. For PMCC/PMCPs it is often recommended to recoup your extrinsic value as soon as possible, some recommend with your first call CC or put sale, to ensure you are positive if the option is assigned early. These have a lot of moving parts and strategies. If you buy a barely ITM call/put and sell a nearby strike call/put you run the risk of the purchased option getting "blown by" on large stock movement and ending up with a very negative losing trade. Keeping your purchased LEAP deeper ITM should protect you. Check your initial PMCC using an options calculation to make sure you don't screw up.
I'm currently tinkering with these myself. So far I like .7-.9 delta call LEAPS with 30-45 DTE calls on my CC. The goal is to hold the LEAP long term, potentially until expiration, and constantly sell calls/puts on it that expire worthless. Typically the call/put is rolled up and out or down and out if it's going to be assigned, unless you don't want your LEAP anymore.
Some people look at these many sold CC or puts as profits, I look at them as lowering my cost basis until it's zero (or even negative). I have a page in my notebook I write each CC on my NIO LEAP (I Meme stock sometimes). I find it satisfying to slowly see the cost of the original option disappear. When I originally wrote this I had ~2 years left on it and it's 9-10% paid for; that doesn't even count the actual gains the LEAP has.
TT states this is considered an IV play, which I partially agree with. You want to buy these during low IV times since an IV drop will hurt your LEAP value. I look at them more as a way to sell calls/puts on a high IV company with a lot of price movement and potential upside/downside.

Advanced Orders

Guide to several order types: https://us.etrade.com/knowledge/events/webinars/order-types-from-basic-to-advanced-07162019
One Triggers Other (OTO):
- Good brokers will allow you to set these up, some will require a desktop to do it. This lets you link one action to another. In programming think of it like an if-then. You’ll tie a buy/sell to another buy/sell
- Setting trailing stops on options is very chaotic since their price movement can be drastic due to volatility. I prefer to set my trailing stop to a stock.
- What I like to do is set a trailing stop on a stock (or just link it to a stock price drop) and have it sell 1 share I own. Then it immediately executes a market order to sell my call. I’ve had good luck doing this with incredibly volatile plays were stop losses aren’t effective. I’ll often have an order saved and ready saved for when a strong run up starts. When my price alerts start blowing up my phone, I’ll immediately hit execute to turn it on.

Disclaimer:
I’m not a financial adviser, I'm actually an engineer. I’m not telling you to invest in a specific stock/option or even use a specific strategy. I’ve outlined and more extensively elaborated on what I personally like. You should test several strategies and find what works best for you.
I'm just a guy who trades (mainly options) part-time for financial gain and fun. I don't claim to be some investing savant.

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AITA for refusing to get a better job to help my mom with rent?

/r/RedDeadOnline Simple Questions & FAQ Thread.

/RedDeadOnline Simple Questions & FAQ Thread.

PC / Next-Gen / Stand-alone Questions

Red Dead Online: General Questions

Red Dead Online: Other Questions

Red Dead Online: Roles

Bounty Hunter Role

Trader Role

Collector Role

Moonshiner Role:

Naturalist Role

Useful Red Dead Online Resources

/r/RedDeadOnline Simple Questions & FAQ Thread.

/RedDeadOnline Simple Questions & FAQ Thread.

PC / Next-Gen / Stand-alone Questions

Red Dead Online: General Questions

Red Dead Online: Other Questions

Red Dead Online: Roles

Bounty Hunter Role

Trader Role

Collector Role

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Useful Red Dead Online Resources

/r/RedDeadOnline Simple Questions & FAQ Thread.

/RedDeadOnline Simple Questions & FAQ Thread.

PC / Next-Gen / Stand-alone Questions

Red Dead Online: General Questions

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Bounty Hunter Role

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LMT: A Deep Dive

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/RedDeadOnline Simple Questions & FAQ Thread.

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🚀💎🙌 GME (Almost-)ULTIMATE DD 🙌💎🚀

EDIT 3 : CONGRATS TO ALL GME HOLDERS. TRUELY HONORED TO BE PART OF THE GME FAM. 🚀

Introduction

Big picture

1.1 Macroeconomic View

1.2 Sector(s) View

GameStop Corp.

2.2 Timeline

2.2 Business Model and Management

2.3 The Short-Squeeze Thesis

2.4 Is GME Manipulated?

2.5 What 2020 Has Taught Us?

Risks

3.1 Upside Risks

3.2 Downside Risks

3.3 Overview

3.4 Commentary

Conclusion

4.1 Prices Targets

4.2 Valuations

4.4 Letter to the GME Gang

[Serious] Why do you think many African & Middle Eastern economies are not reaching their full potential ?

My Options Overview / Guide (V2)

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