I honestly don't see how anyone could describe playing at Bodog as boring. Terrifying, exhilarating, annoying... but never boring.

I basically feel the same way as you.... and I'm just now really getting used to making no limit moves live that are natural online. On the other hand...... there is something to be said for getting out a days with of live hands in three hours, and not having to help the dealer split a side pot.

Here are 2 examples of possible trades.

#1) Currently I own shares of BUCY. I wrote a June 75 call option on the stock. The stock is at 74.60 as I type this. I have 2 1/2 weeks until expiration. If the stock is over 75 at expiration, it will get called away (assuming I dont roll up or out).

I want to own the stock semi long term. I dont want the stock called away. If it gets called away, I can sell a July put. I bring in more option premium and if the stock drops below the put stirke price, I will be "forced" to buy the stock. This isnt a problem because I want to buy the stock back anyway, but now I buy it back at a discount. Im not taking on enormous risk. Im taking on the same risk that i wouldve have if I had already owned the stock (minus the premium).

#2) I sell an at the money put option on the SP500 index. I take in the put premium. If the index drops more that the amount of the preium, I lose money (on paper) but will now hold 100 shares of the index and as long as the index recovers at some point, I end up making money. The indexes dont move all that much in the short term so this is still a low risk strategy. I also already hold shares of the index that I will hold for years to come, so another batch of shares isnt going to hurt my long term goals. Ill just hold them until the index recovers which normally doesnt take very long at all. If the is a bear market, then just about all investments are going to lose money.