Which Options Trading Strategy Works The Best For Me? (Review of Wheel, LEAPS & Vertical Spreads)

My options trading journey started on 26 Feb 2021 and I remembered that my options trade was to sell a PUT on Apple at a strike price of $126.

In the fantastic bull run in 2021, I also used the LEAPS strategy to make massive gains. However, my LEAPS Portfolio crashed spectacularly in 2022 as I lost most of the invested capital.

In 2022, I also tried to use Vertical Spreads as part of my options trading strategies.

In this article, I want to share how much profit (or losses) each strategy brings and which one works best for me (earns me the most money).

As my investing journey started from 16 July 2012, I have conveniently defined one full investing year to be from 16 July onwards to the 15 July of the following year. Thus, my year 1 options trading journey started on 26 Feb 21 and ended on 15 July 21.

In Year 1 of my options trading (26 Feb 21 to 15 July 21), the Wheel strategy of selling Cash Secured PUT and Covered CALL helped me earn SGD$8,522.55:

While the LEAPS Strategy helped me earned S$2,949.75:

In Year 2 of my options trading journey (16 July 21 to 15 July 22), the Wheel Strategy helped me earn S$112,769.50:

While I earned S$167,497.20 from the LEAPS Strategy:

In Year 3 of my options trading journey (16 July 22 till date), the Wheel Strategy helped me earned S$34,358.45.

My Vertical Spread portfolio earned me S$64,693.43:

While my LEAPS Portfolio brings a massive loss of -$423,944.12:

To sum it up, the is a table of all the earnings & losses for the various strategies & portfolios for the respective years:

The Wheel Strategy was a winner in Year 1 when I first got started.

In Year 2, the LEAPS Strategy was a clear winner thanks to the wonderful bull run of 2022. The Wheel Strategy is behind by around 55k.

In Year 3, I gave up all my gains after cutting massive loss in the LEAPS Portfolio. Also, in year 3 (which has yet to be concluded), the Vertical Spread portfolio is leading at the moment. However, there is still a chance for the Wheel portfolio to catch up as I have a large unrealized loss in my Vertical Spread portfolio, due to a disastrous start to 2023.

In total, the Wheel Strategy has helped me earned S$155.65k while the Vertical Spreads brought in S$64,693.43 while I lost $253k in LEAPS Portfolio.

For the capital that I used to do Wheel, you can refer to my portfolio reveal post that I shared previously:
Revealing My Entire 609k Portfolio | Stocks, Options, Bonds | Funds Allocations & Investment Plan for 2023

Concluding Thoughts

I had once thought the Wheel Strategy was too capital intensive (selling Cash Secured PUT) and the returns were too low for my liking, as compared to the massive gains made from LEAPS Strategy. However, it turns out that the Wheel Strategy is my slow and steady winning tortise that has weathered the storm and volatility of the bear market, while the previous high flyer, LEAPS, crashed miserably.

I hope you learn something useful from my experience and avoid the pitfalls of options trading. The instant and high rewards game plan often comes with a higher risk than the good old boring strategies, so choose wisely and always be prepared for the worst case scenario.

<< Subscribe to my blog to have all these articles delivered directly to your email address >>

*** FREE MONEY ***

Sign up for WeBull Securities Brokerage and fund any amount to receive up to USD500 in share value (Apple, Tesla, Microsoft, Google)
Receive Free Money (USD30~USD500) When You Sign Up With WeBull Securities Platform (Fund ANY Amount)

Keen to learn about options trading but do not wish to pay for expensive courses, this newbie guide will help gain the knowledge and fundamentals to understand options better. And it’s totally free!
The Newbie’s Guide To Options Trading

After accumulating more than 600k of unrealized losses on my portfolio, I wrote this article to encourage friends and investors who are also losing a lot of money to the market.
If You Are Feeling Depressed From Losing Lots Of Money In The Stock Market, Here’s An Article For You

In the 10 years of my investing journey, I have made many mistakes but also learned many lessons from these mistakes. I compiled the 10 most valuable lessons that I have learned and may they help you succeed in your investing journey.
Happy 10 Years Of Investing | 348k (Realised) Profit, 635k (Unrealized) Loss & 10 Lessons Learnt

The precious 6 lessons I learnt after cutting more than half a million of losses in the stock market through bad investments and risky trades.
6 Lessons Learnt After Losing 551k In 10 Years Of Investing & Options Trading | What Newbies Should Know They Start Investing/ Trading

How I managed to build a 1M investment/ trading portfolio despite coming from humble beginnings.
How A Poor Kid Got To A 1M Investment Portfolio | Tips & Principles Of Building Wealth

I did these 10 side hustles while holding a full-time job, so I share them here so you can be inspired to grow your wealth through a side hustle that you enjoy.
I Did These 10 Side Hustles While Working Full Time | 10 Side Hustle Ideas To Help You Earn An Extra Income

Struggling with inflation and high cost of living? Try these 10 methods to help you save money and accumulate more savings for investments or rainy days.
10 Ways To Save Money To Help You Fight Inflation & Rising Costs Of Living

Why I am building $120,000 of cash reserves in Singapore Savings Bonds (SSB) & 5 reasons why I think SSB is a worthy low or zero risk investment that you can consider.
Why I Am Building $120,000 Of Cash Reserves In Singapore Savings Bonds (SSB)? | 5 Reasons Why SSB Is A Worthy Low Risk Investment

Sharing why I am doing Dollar Cost Average (DCA) into SPY and QQQ ETF for long term investments and a step-by-step guide to doing it automatically with Interactive Brokers.
Why I Am Doing DCA (Automatically) For SPY & QQQ For My Long Term Investment? (20% ~ 30% Upside Potential) | Step By Step Guide To Activating Automatic Recurring Investment On IBKR


If earning more money from your investment does not excite you anymore, you may be seeking a purpose that brings fulfillment and meaning in life. I have written a motivational book that may be useful to you in some ways. You can also download a free copy here:


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s