I'm still relatively new to trading options, however, I believe that I've learned a lot in the last few months. I believe that being able to articulate what you are doing, and why you are doing it, forms an integral part of learning.
Anyway, these are a couple of positions I've opened on 25/4/14:
Sold naked put on RSX Jun 21 '14 $21 Put for $0.90
* High implied volatility rank of 63 (the higher the IV rank, the higher the premium)
* Neutral/Bullish on RSX - last time RSX was below ~$21 was > 4 years ago (my view/bias)
* Down day for RSX (usually I sell puts on down days, and calls on up days)
* Probability of profit: 65%
Sold iron condor on XLK Jun 21 '14 $34/$33 Put and $37/$38 Call for $0.31
* High implied volatility rank of 58
* POP: 69%
* Neutral on XLK (my view/bias)
Hopefully, I am able to close out on my positions before Jun 21. I'd be aiming to take profits between 25% - 50%. I would be more aggressive in managing RSX as it locks up a lot more capital than the iron condor.