It is impossible to lose your shirt selling covered calls because you already have the 100 shares. If the 100 shares hit $0 and get delisted, that would have happened regardless of whether you sold covered calls or not. If you sell *uncovered* calls/puts, then it's possible to lose your shirt.

That's why I only sell covered calls and cash secured puts. I stay far away from uncovered calls and rarely buy options.

Covered calls would have helped during the corona crash as you'd make premiums which would act as a small cushion for the losses. You don't make consistent income with options because the premiums can change based on volatility, the strike price, and other factors.

I looked at current premiums of QQQ for my calculations. If you set further out of the money strike prices, it takes longer to make 6-figures but this is the math behind it based on the set of numbers I used.

Some people make a few hundred each month from options. This isn't a how to hit 6-figures article but rather a this is the math behind it article.

Most people hear options and just think of the high risk strategies but are unaware of utilizing covered calls and cash secured puts to mitigate risk and hedge.

I read Seeking Alpha often as well and see them as a trustworthy source. Here's one of their articles that talks about covered calls for income: https://seekingalpha.com/article/4337990-writing-covered-calls-to-capture-volatility-enhanced-premiums

There are a few Seeking Alpha articles about covered calls that present pros and cons which make for great reads. If you sell a single covered call or cash secured put, you'll have a better understanding how this investing strategy works.