With the idea of flipping stocks not working, I decided to try two new strategies Forex and monthly dividend stocks combined with selling covered calls. In order to make this move I switched from using TDAmeritrade because of their fees associated with options to Robinhood.
The first stock I picked ARR was a total dud, I received one months dividend before they did a 5-1 reverse split. now I’m holding a stock that I no longer have enough to sell covered calls on and its less valuable then what I paid for it. I’ll continue to hold it for a few months and see if I can make up the difference in dividends.
The next stocks I picked are all high risk stocks AGNC, HRZN, PSEC and GLAD. I’m currently holding enough to have sold calls for AGNC, HRZN and PSEC all expiring in Jan 2024 for a total profit of 55.94. I was able to sell 2 calls for ARR prior to the reverse split for 14.98 each. Additionally I’ve collected 45.41 in option income from TDAmeritrade. ARR paid 16 in dividends prior to the reverse split. All-in-all I’m sitting at 488.66 in profits between the two strategies, however if I was to sell all my positions in TDAmertidrade I’d be in a negative position. So I’ll be holding the TDAmeritrade positions a bit longer, FCEL/OPEN/AMRN/NKLA.