Basic Training: Legging and Protecting Gains

• What is legging?
• How do you leg into a vertical call spread?
• When should you leg a spread? When should you not leg a spread?
• How do you protect you gains?
• How do you lock in a gain? Buy a protective put, but watch out for the cost.
• Do I write a call ITM, OTM, or ATM? Remember, a covered call is no a defensive play.
• How do you leg into a collar? How do you create a collar plus?
• How does your strategy change during a crisis?

Mail Call: Hey Recruits, it seems you have some questions!

• Question from TelStorm: This question is for Options Boot Camp. Please do discuss when to adjust long protective put with stock. When to sell put vs. just close the position? Do you roll to a lower strike or to a put spread? Thx.
• Question from Alexander Samuels, Chicago - You would never know you guys are Chicagoans from the way you complain about the weather! But seriously, can you discuss which options tools you guys prefer for analytics and trading? Do you have certain products you use every day? Are they in the price range of a basic options trader? I trade maybe 20 times a month, mostly income trades -short puts, wheels, covered calls, etc. What should a guy like me be using?