IE/IWM -- A few thoughts...

It's still early, but the three things I've learned so far in this experiment:

1. Starting out mid-week was a mistake. It meant the starting position needed to be larger than normal to meet the profit goal. This required a larger stake of the starting cash balance.
   
   
2. The $0.02 limit orders are valuable. First, they provide a cheap way out of a position (with low commissions from O/X). Second, they allow the next position to be written early, earning more extrinsic value. Easily worth the cost of not letting them expire. Third, it can allow an early exit because of an intra-day fluctuation in price.
   
   $0.03 or $0.04 might be better exit points. But I'll stick with $0.02 for now.
   
   
3. As the price of the underlying drops, option premiums go up. So a follow-up position may earn $500 on a smaller position -- both in smaller number of shares AND in the price of the underlying.
   
   Since calls are supposed to be written OTM, if the underlying price ever does go back up, there would also be additional profits not included in the weekly income.