selling naked (meaning unhedged) puts is a very powerful tool that if utilized properly can drive you annualized ROR. however where it goes hay wire, is usually the leverage factor. folks get drawn in by the premium. stock X surely can not drop by this amount by this date. (and i am not saying this is what happened to the OP) - i am talking theory and also real world experience here, as i myself actually blew out an account years ago when i was running a very aggressive naked short selling themed options strategy.

this is the take away here >> i would recommend you sell puts in this fashion, the same way you would utilize a buy limit order. in other words, you actually want to accumulate and/or hold the position, not because the stock is higher beta with juicier premium.

say you want to buy Pfizer in the next 90-120 days, but you do not want to pay current market price. You want to pay a $1 or $2 less. So instead of putting in a buy limit order for 300 shares at said price, sell 3 put contracts (the equivalent of 300 shares) instead.