I believe the only risk in this strategy is that if the markets remain depressed for extended period of time, our patience may run out and we may have to exit at a loss. I believe if we buy Put of say Dec 2021 or March 2021, we will have the comfort of protection after a definite time period and we can safely roll over monthly Puts ( and collect the monthly premium) till such time. Premium paid on buying protection will mean that our overall profit will be lower but it can be said with reasonable certainty that overall we will be making good net profit.
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Please read March 2021 as March 2022