From Dr. Fredd on covered calls - I beleive I saved it already

It does stimulate some introspection! I write a lot of covered calls against my portfolio with pretty good results. Almost all in IRAs so tax consideration is not relevant. My rules:
1. keep the time short (weekly or one month usually)
2. check the chart and if strong uptrend go further OOM on strike
3. if this is a stock that I bought strictly as an option play, I just let the stock go. ( I've made what I hoped to already.)
4. if it is a stock that I want and it's close to the money, I will buy it back late on expiration Friday when there is no time value.
5. if the stock I want is way in the money, I let it go, and sell puts to get it back. In this last case I count the money over strike as a loss and adjust this later when I buy it back.
6. no double downs or roll outs allowed.
YTD I have made $40k with this strategy, not counting dividends, on about $400k of my portfolio. ( From the looks of things, I may be giving back some of that today.)