Mark,

Will there be a follow up to your Rookie's Guide To Options book that will go over more advanced concepts? I'm thinking to describe about various issues in managing a monthly income portfolio.

Thanks, Art

Thanks Art for leaving the above comment/question.

Writing a book is a big project and I have no plans for another at this time.

Warning 1:  Despite the hype that you find all over the Internet, a steady income is not guaranteed.  Instant riches are not yours for the taking.  Please don't fall for that nonsense.  But, you can create a portfolio with a high probability of consistently being profitable.  This is not a 'gimmie.'  You must understand how options work and expend some time and effort learning how to manage risk.

Warning 2:  There is no 'magic' strategy.  Most of the hypesters buy iron condors, and if you are looking for an income stream strategy that's at the top of my list.  But other strategies can be used to provide an income stream.  Here is where I differ from those who promise wealth for only $X per month: 

It's not the strategy that delivers the gains.

It's you ability to manage money.

It's you ability to manage risk.

***

If you are interested in managing a portfolio with the objective of earning monthly income, any of the premium-selling strategies can work.  Some methods are riskier than others (covered calls and naked puts) because they have very little protection against a market downturn.  If you have a market bias, you can be bullish (sell put spreads, write covered calls, sell naked puts), bearish (sell call spreads); or neutral (buy iron condors).

To generate those profits, you want to have a good understanding of how these strategies work.  The Rookie's Guide to Options teaches, in detail, how to sue these methods.  There are also many blog posts right here that will get you off to a good start with these methods.  Use the Lijit search above (left) to find appropriate posts.

I've also spend a good deal of time discussing risk management, so if you dig, you can find more than enough to get you off to a good start.  Take the time to learn, you don't have to begin trading tomorrow.