Beyond Buy and Hold
Options can generate income from stocks you already own or would like to own.
Covered Calls
Sell call options against shares you own. Collect premium in exchange for capping your upside. Best for stocks you're willing to sell at a higher price.
Cash-Secured Puts
Sell puts on stocks you'd like to buy at a lower price. You collect premium whether or not you end up buying the shares.
The Wheel Strategy
Combine puts and covered calls in a cycle: sell puts until assigned, then sell covered calls until shares are called away. Repeat.
Risk Management
Only use strategies on quality stocks you'd be happy to own long-term. Keep position sizes reasonable relative to your portfolio.