Add training workflow, datasets, and runbook

training_data/curated/text/1f9296388445e17bd32cc12b6c1d17c311f33fcc7a2e0d27ee0ac982dbf16292.txt

@@ -0,0 +1,38 @@
+140 Part II: Call Option Strategies 
+The writer should take great caution in ascertaining that the call does have some time 
+premium in it. He does not want to receive an assignment notice on the written call. 
+It is easiest to find time premium in the more distant expiration series, so the writer 
+would normally be safest from assignment by writing the longest-term deep in-the­
+money call if he wants to make a bearish trade in the stock. 
+Example: An investor thinks that XYZ could fall 3 or 4 points from its current price 
+of 60 in a quick downward move, and wants to capitalize on that move by writing a 
+naked call. If the April 40 were the near-term call, he might have the choice of sell­
+ing the April 40 at 20, the July 40 at 20¼, or the October 40 at 20½. Since all three 
+calls will drop nearly point for point with the stock in a move to 56 or 57, he should 
+write the October 40, as it has the least risk of being assigned. A trader utilizing this 
+strategy should limit his losses in much the same way a short seller would, by cover­
+ing if the stock rallies, perhaps breaking through overhead technical resistance. 
+ROLLING FOR CREDITS 
+Most writers of naked calls prefer to use one of the two strategies described above. 
+The strategy of writing at-the-money calls, when the stock price is initially close to the 
+striking price of the written call, is not widely utilized. This is because the writer who 
+wants to limit risk will write an out-of-the-money call, whereas the writer who wants 
+to make larger, quick trading profits will write an in-the-money call. There is, how­
+ever, a strategy that is designed to utilize the at-the-money call. This strategy offers a 
+high degree of eventual success, although there may be an accumulation of losses 
+before the success point is reached. It is a strategy that requires large collateral back­
+ing, and is therefore only for the largest investors. We call this strategy "rolling for 
+credits." The strategy is described here in full, although it can, at times, resemble a 
+Martingale strategy; that is, one that requires "doubling up" to succeed, and one that 
+can produce ruin if certain physical limits are reached. The classic Martingale strat­
+egy is this: Begin by betting one unit; if you lose, double your bet; if you win that bet, 
+you'll have netted a profit of one unit (you lost one, but won two); if you lost the sec­
+ond bet, double your bet again. No matter how many times you lose, keep doubling 
+your bet each time. When you eventually win, you will profit by the amount of your 
+original bet (one unit). Unfortunately, such a strategy cannot be employed in real life. 
+For example, in a gambling casino, after enough losses, one would bump up against 
+the table limit and would no longer be able to double his bet. Consequently, the strat­
+egy would be ruined just when it was at its worst point. While "rolling for credits" 
+doesn't exactly call for one to double the number of written calls each time, it does 
+require that one keep increasing his risk exposure in order to profit by the amount of 
+that original credit sold. In general, Martingale strategies should be avoided.