What happens when the market tanks?
Not worried. It has always recovered and always will. If someone is scared then sell. It's only an unrealized loss if you don't sell. I didn't when the market tanked in March 2020, just bought the dip. I'm actually up 850% for the past 12 months.
I do covered calls and puts but other things as well. Have my long term stock like Tesla which I'm in at $89 dollars and do a few swings. I'll buy my options back 2 or 3 times a week and resell. Tesla is selling at 850, up from 818 when I first posted a few days ago. Will be over 1000 by Christmas. More likely 1200.
But worrying about the market tanking is the least of my troubles.
Game changer when you could start trading practically for free via TD Ameritrade, Webull, Robinhood etc. I executed over 5000 trades in 2020. If I had to pay a broker to do that I probably would have been ion the negatives, LOL.
Also the worse thing you can do with your cash is put it in savings. 100 dollars today will be worth 96 dollars or less due to inflation.