This is one of the few options strategies that genuinely improves on owning shares outright. If the stock stays above strike, you keep the premium as pure income. If the stock drops to strike, you buy at a price you already wanted to pay, with the premium effectively reducing your cost basis. Both outcomes are acceptable; that is what makes the strategy psychologically robust.
The setup that works: pick a stock you want to own, sell a 30–45 DTE put at the 0.20–0.30 delta strike, collect the credit, and let it ride. Take profits at 50% of max gain. If assigned, you now own shares — pivot into a covered call against them (the wheel strategy). The single failure mode is selling CSPs on stocks you would not want to own at any price; the premium does not compensate for forced ownership of a falling knife.