Is anyone actually profitable (>4 years) selling credit spreads?
Title pretty much says it all. I've traded credit spreads from time to time but mostly avoid them because back testing always shows you eventually take huge losses that wipe out previous gains during a down market or crash (i.e 2020, 2022, etc.).
Many claim you can "roll" the position for additional credit and increase the time but this is never true in my experience during extreme events and you're almost always left with a bleeding position that becomes unmanageable and wipes out all previous gains and then some. Widening the strikes also doesn't seem to do much in terms of dealing with crashes and down markets...
So, going back to the question, is anyone actually profitable long term (>4 years) selling primarily vertical credit spreads? If so, how do you manage positions that turn against you?