 Boom. What's up, Money Geeks with Vee here. Welcome to another video, guys. So into this video, I want to show you guys some extra tools that I've been leveraging in the market to increase my income, to actually increase my daily income as well as just increasing my profitability in the market. So we're gonna talk about that in today's video, but before we get started, guys, if you're new to the channel, we talk about how to earn money, how to save money, how to invest and build wealth. So if there's something that interests you, go ahead and hit that subscribe button and the notification bell so you don't miss out on new content. You guys know that here in the channel, I've showed you guys my trading strategy, which I'm actually working on an updated version because some things have changed. As a matter of fact, I'm improving and so I'm finding more tools and finding more ways to make my trading a lot more profitable. So I'm gonna do an updated video for you guys here. To this video, I wanna show you guys what I've been doing or explain to you guys another thing that I've been doing with some of the stock that I own already to continue to make profit. So let's take for instance Lucid, which is a stock that we've covered here on the channel and I give you guys update. I tell you guys when I think the stock is gonna pull back, I tell you guys when the stock, I think the stock is gonna bounce back and then I give you guys my price point. So using that being a long-term investor in Lucid and I own close about 4,000 shares of Lucid. So what I've been doing so far, I've been writing some cover calls in options to actually make some extra income. So I know for those of you guys that have no option experience, trust me I'm gonna explain this and I'm gonna start doing videos here on the channel talking more about options as well because I mean it's just important that if you are in the market, you need to learn all the other tools not just want mind focus but also diversify your different streams of income because if I'm sitting on 4,000 shares of Lucid and it's a possibility of me profiting from those shares and not losing any money in actually writing those cover calls, why not take advantage of it? So that's what I'm doing and I'm gonna explain that to you guys. If you can't really own any stock, let's say over 100 shares and so this would be something that you want to really consider to make profit but again, you have to be smart about it. You have to understand, do some research, know when those stocks are gonna move and when they're not gonna move and before you even write those cover calls. Before we actually jump into that I wanna kinda show you guys exactly what those cover calls are. So what is a cover call? Again, I'm reading this directly from Weibo's website. So a cover call stock strategy consists of writing a call or a put. Again guys, if you don't understand any of this trust me we are going to slowly but steadily work together to understand this. And again, my goal is not just to kinda teach you guys but I want you to understand before you make any of this move. I want you to really understand it and make sure that you are in a position to make the move and feel comfortable about it. So basically a call means that you believe that the price of the stock it's gonna go up, a put means that you believe that the price of the stock it's gonna go down. So that is the lamest definition of those two things. And so again, let's go back here and just kinda get the definition here. So a cover call stock strategy consists of writing a call or a put that is covered by an equivalent long slash short stock position. Notice that it says you have to have a long or short stock position in this case. So let's say for instance Lucid. I am long with Lucid. So I can write cover calls. I can write a calls or put in this case. So I can write cover calls for my Lucid stocks that I already own for my long-term shares. So if I, let's say for instance, I see that the price of Lucid is gonna go or the stock price of Lucid is gonna go up. Then what I can do in this case I can actually write a cover call and say, hey, let's say Lucid is currently trading at $25. I can write a cover call up with a strike price of about 30 but I don't anticipate that the price would get to 30. I anticipate that it would get to 27 or 28 and then pull back. So in that case, I'll collect some premium from whoever buys that particular call because when I sell the call somebody's gonna buy it. So if somebody buys that call and the price never make it to $30, I'll keep that premium at expiration. And so that's some of the stuff I've been doing and collecting some money on the site. So again, these are things that if you don't understand them, we're gonna go back to the basic. And guys, I want you to leave a comment below. If you don't understand any of this, make sure that you leave a comment below. So we're gonna take it, again, this is gonna be like us going to college. We're gonna start from day one. This is gonna be option 101 and we're gonna learn along the way. And again, guys, the whole objective here is you're gonna slowly learn. I don't want you to just jump in the fire. We're not gonna throw anybody in the fire here. We're gonna slowly learn and understand what we need to do and take advantage of the stocks that we already own to make some profit. So again, if you don't understand any of this stuff and you're new to these, no, just leave a comment below. Let me know, say I don't understand. We're gonna start, we're gonna go do definitions of options. And again, disclaimer, I am not any specialist as far as it comes to option. I am learning just as much as you guys are taking advantage of the opportunities in the market. So that is my disclaimer, just so you know. So in this case, why would you sell a cover call, right? So if you have, or let's say stock, again, I'm using Lucid as an example. If you have Lucid stock, you have a long-term position in Lucid and you bought it at, say, $19. And there's news that Lucid is gonna pop and you do a research and say you think that Lucid is gonna get to about $27, $26, $27, right? You can sell $30 cover calls. In this case, you bought it at $19. So even if it gets to $30, the person exercises that call and you lose your shares, you lose 100 shares, but you still make $10 per share along with the premium that that person paid for it. So if you're smart, in this case, it's something that you're not gonna lose any money. If you actually bought the stocks cheaper and then you write these calls. So I'm gonna show you guys just kind of a good example. Here is one of my cover calls that I have. So 200 shares of Lucid. So right now, I'm 52%, I can round up to, say, 53%. That's about $180 in the money for that particular call. So if I exercise this call right now, I get to keep that much, 180. But I still think that the price is gonna pull back a little bit. So when it gets to $200, I would exercise that. So that would be giving me at least 200 bucks profit for that particular trade. Again, this is me writing a call against 200 shares of Lucid that I own. And you guys know I own a lot more shares than that. But I'm risking those 200 shares, which my average is about $19 to make this extra income. So in this case, this cover calls here were $28, I think $29, October 8 cover calls. So I know for sure I'm not gonna wait til October 8. I'm gonna go ahead and close this position and keep $180 if I do it right now. But again, like I said, I want it to get to 200 before I can close it. So that is just a simple way in which you can take what you already have and make some profit off of it. So again, I wanted to bring this to you guys and just gonna introduce it. So we're gonna go in depth. I'm gonna talk about this and do more with more examples here on the channel. So again, this is something that if you already own the shares, cover calls are a way to go. I know you're probably sitting on YouTube talking about a poor man's cover call. But if you've already spent the money and bought the shares outright and own over 100 shares of any position, definitely look into writing this cause. And just so you know, not all stocks have options. So fine, if you have 100 shares of a stock that has options, then you can definitely benefit from the cover calls based on the movement in that particular stock. So for Lucid, when it pulled down, I can write cover calls for say $28, $29 strike price. When if it doesn't get to that strike price, I'll keep the premium at expiration. I'll keep that premium and keep my stocks. But if you ever made it to that 28 or 29 and this person wants to get it, wants to exercise it, then I would make a profit of between, so $29 minus $19. That's how much I'm gonna make per share. And then I keep the premium of that of whatever that person gave me because I'm gonna lose my shares. But you don't have to wait until expiration. You can actually exercise that or close that position so that you can keep your shares before expiration. So those are some of the benefits that I see here. So again, guys, we're gonna go to school here. We're gonna start talking about these option things here on the channel. I'll talk a bit about basically naked call. We'll talk about these cover calls, which I think cover calls are, in my personal opinion, if you own the stocks are a really easy way for you to generate some income without risking a lot. Again, this is only for stocks that you don't mind selling them for a profit. Again, if you buy 100 shares of, let's say, lucid at $19 and you are okay selling them at $28 or $29 for a profit, then you can totally do that and still get some extra premium. So let's say you're 200 shares, like you see in this case, the example I just showed you, 200 shares, so I put 200 shares, it goes up to $28 or $29. If I wait till expiration and this person exercise it, I still make $809 a share plus the premium of $344 that was paid to me by this person. So that's something that I want you to kind of have at the back of your mind before you jump into option. So again, I'm not an expert here, so we're gonna learn this together. So let me know in the comment section if this is something that you guys are interested in, we're gonna start covering that here on the channel because I'm definitely doing it on the site and in learning as we go, if you guys want, I'm gonna be putting those videos here, sharing with you guys or even selling when I make some cover calls. So right now, I'm actually looking at ChargePoint. Again, it's still kind of fluctuating but ChargePoint, I have some calls already and I'm gonna buy some more because it pulled back. That way, again, if anything, if the stock pops, then I benefit from those calls that I bought. So again, let me know in the comment section what you guys think about this. If you're new to the channel, we talk about how to earn money, how to save money, how to invest and build wealth. So that's something that interests you. Go ahead and hit that subscribe button in your notification bell so you don't miss out on new content. Also guys, if you're looking to get started with investing, Weibo has their promotion where if you sign up and deposit $5, you get free stocks, you get free crypto. Again, I'll put the links in the description below and as always guys, do your due diligence. Don't be a green savage, stay motivated.