quote:I've traded for 4, and went to selling premium just about 2.5 years ago (basically I started when I finally became profitable
How long have you been selling naked puts ?
). After Brexit (an event traders who've been around for decades say is about the biggest overnight move they've seen since the '87 Crash), which again I went into dead wrong and pretty large, and still came out like a champ a few days later, I did amend my strategy to working futures against it to balance deltas and save initial heartburn from the get go when we have decent sized moves.
I entered that morning next morning pretty much flat, amazing considering I carried 500+ Spy weighted deltas into that insane overnight move. But I did so by scalping futures against the position all night playing from behind, then once the day got going and I sold juiced of puts (b/c ramped up volatility) until my hands bled. (Have to take advantage of that opportunity when it strikes.) Since then, I try and keep the weighted deltas pretty neutral. I pick my spots when to remove that hedge and I try and scalp it raising basis so I'm covered "for free" up to a certain level I mark on my chart. My goal with the future hedge isn't too make money (though I welcome any extra cash it provides
), I have no edge with that it's just a 50/50 from entry like a stock, my edge is in the sold puts, the 95% Prob OTM i typically choose, theta decay and volatility crush, any price move in my favor when I'm actually on the right side of direction is just gravy. 
