The key lesson is: choosing the right put is more important than simply chasing high premium.
A simple checklist:
Choose a stock you really want to own.
Have a bullish or neutral view.
Check support levels and IV. Higher IV usually means higher premium but also higher risk.
Consider 35–45 days to balance premium and capital usage.
Choose an OTM strike around 10–15% below the current price.
A Delta around -0.20 to -0.30 can indicate roughly a 70–80% estimated probability of expiring out of the money, but it is not a guaranteed win rate.
If the bid-ask spread is wide, use a limit order instead of a market order.
Most important: Never sell a put only because the premium looks attractive. Make sure you are comfortable buying 100 shares at the strike price if assigned.