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Why Selling Out Of Money Naked Puts If You Are A Bullish Investor A Bad Idea

Summary

selling out of money puts is sub-optimal if you are a bullish, long only investor.

As a long only investor, I like to sell at the money puts or in the money puts rather than out of money puts. Why? The strategy of selling out of money puts is sub-optimal for bullish investors.
You would sell these puts if you are actually slightly bearish. If you expect the stock or index to stay flat or move higher, you collect more premium by selling the at the money put or the in the money put.
Only if you are bearish would you sell out of money put.
The effect of volatility and time erosion will average out over the trades (you will sometimes overpay and sometimes underpay for volatility and time premium, the two major variable factors in options pricing)-but seems like if you are selling out of money puts, you are actually somewhat bearish...which is not what you want to do.
Couple this with fat tails on market downdrafts and I think that's why my selling out of money puts has not been as successful as selling in the money puts (or at the money puts).