This is the most safe and secured way of investing and transacting the trades. I found this method to be most effective and rewarding for the simple reason, I keep on doing trades just to protect my profits in the underlying. It is done with hedging and when this is done properly, there is no pressure in earning anything extra out of the investments.
A Covered Call Option strategy typically involves holding a stock in long position and selling an Out of Money Call Option on the same stock to collect premium. As long as the stock is trending within the strike price range, you keep the whole premium. In my experience this is the best type of strategy which takes away all your emotions and pressure during volatile situations.