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I'm no options expert, but since no-one else has replied to you, I'll give it a shot...

"What happens when you write a covered call of a stock that is going down all the time. What is the risk?"
You lose money on the underlying stock, which you are holding. The risk is the call premium you are collecting won't be enough to cover the loss on the stock.

"What happens with a written put in a bull market? the stock is in an upward tendency. Am I winning the premium only for watching the stock to go up?"
Basically, yes. A written put captures a set amount of gain. The underlying stock may move up faster.

"What happens to my funds, am I able to use the entire quantity of my funds?"
On a written put, you get and can use the premium right away (minus trading fees). The amount of cash to settle the put is reserved. In your example, for every put you sold, you would get $100 in cash right away (minus trading fees) but have to reserve $400, so a net $300 is reserved until expiration. So what does reserved mean? In an IRA, for example, you will just get the 0.01% interest that cash earns. In a cash margin account, you can still use it as part of your margin, but you gotta know your broker's margin rules.
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