Selling options with a small account can feel limiting. In this interview, Robert McIntosh shares how he approached options trading by focusing on simplicity, defined risk, and a single core strategy built around SPX put credit spreads.
Learn how Robert grew his account 5X with SPX put credit spreads
Robert McIntosh
Robert McIntosh is a retail trader based in Oklahoma, USA, with over 20 years of experience trading stocks, futures, and foreign exchange (forex). He began trading options earlier this year and quickly narrowed his focus to selling put credit spreads on the SPX, employing a structured and disciplined approach tailored for a small account.
Why SPX put credit spreads?
A key theme of the interview is simplicity. Robert explains why he chose to focus on SPX put credit spreads rather than juggling multiple strategies simultaneously.
SPX options are cash-settled, which removes assignment risk and simplifies trade management. This makes SPX especially attractive for newer options traders who want defined risk without the added complexity of managing stock positions.
He also prefers SPX because it tends to be less volatile than individual stocks, making premium selling easier to manage when account size is limited.
- Watch some of our other interviews with retail options traders
- Zohem Noormohamed: Inside the 1-1-1 options strategy
- Doc Severson: 0DTE Iron Fly
- Lee Lowell: Selling far out of the money puts
Trading at the money on purpose
One of the more unconventional aspects of Robert’s approach is that he sells at-the-money put credit spreads instead of trading further out of the money.
By selling at the money, he collects a higher premium, which helps accelerate growth when starting with a small account. While this increases risk compared to lower-delta trades, the maximum loss remains defined due to the spread structure.
Robert emphasizes that this approach requires discipline, careful position sizing, and a clear understanding of worst-case outcomes before entering a trade.
How his SPX put credit spreads are structured
Robert typically trades five to seven days to expiration and uses a 10-point wide spread. Occasionally, he may widen the spread depending on market conditions.
A typical trade consists of selling an at-the-money SPX put and buying a put 10 points lower. This usually results in a credit of around $350 to $380, while keeping hte risk capped and clearly defined.
He explains that most premium decay occurs in the final day or two before expiration, which is why he prefers shorter-duration trades.
Entry rules using pullbacks and EMA
Rather than trading every day, Robert waits for specific market conditions before entering a trade.
He uses a daily chart and relies on the 20-day Exponential Moving Average (EMA) as a visual guideline. When SPX becomes extended above the EMA and then pulls back, he looks for opportunities to sell put credit spreads.
The EMA is not used as a strict signal, but as a reference point to help identify when the market may be temporarily stretched and more likely to stabilize or recover.
Risk management and position sizing
Risk management plays a central role in Robert’s strategy. He explains that his biggest losses occurred when he became overexposed, not because of individual trades going wrong.
His core risk principles include limiting the number of open trades, avoiding multiple positions expiring on the same day, and adjusting aggressiveness as the account grows.
While percentage risk may appear high in a small account, he stresses that consistency and discipline are more important than avoiding all losses.
When and how he exits trades
Whenever possible, Robert prefers to let winning trades expire and collect the full premium, avoiding unnecessary commissions.
If a trade moves against him near expiration, he may give it time to recover. When losses exceed his comfort level, he closes the trade rather than rolling, keeping the process simple and repeatable.
It is important to note that with a spread of only 10 points, Robert’s max loss is typically in around $650, or about double the premium he collects.
How risky is this strategy?
When asked to rate the strategy on a risk scale from one to ten, Robert places it at around three, and potentially lower with experience and discipline.
He explains that the risk is well defined, the strategy only depends on one market direction, and it avoids many of the complexities associated with multi-leg neutral strategies.
Who is this strategy for?
According to Robert, this approach is well-suited for beginners learning option spreads, traders with small accounts under $25,000, and those who prefer defined risk and simple rules.
It is not presented as a get-rich-quick strategy, but as a structured way to grow an account before shifting toward capital preservation.
