How to generate Extra Income against your stock positions

Here is an idea for folks who purchased shares & intend to hold them long term for capital appreciation ....how about generating additional monthly income of 1%-2% while doing so at no additional risk given the risk one already assumed with the purchase of the stocks? One can easily do the covered call strategy which involves selling the out of the money call options against one's stocks. I actually have a friend who owns some HPQ shares purchased through the company's share purchase program.....& who does not mind selling his shares & in fact have a good till cancel (GTC) limit sell order at $50 dollars with his broker for several months already. Since HPQ stock price did not hit $50 in the recent months, his sell order did not get filled. He is still "waiting" for the price to be met. Well, instead of doing only that, he could actually sell the $50 call option at $0.5 - $0.8 every month for the past few months to generate additonal income at no additional risk. If HPQ stock price hits $50, he will get his sell order filled in addition to the premiums he had recieved in the months of waiting. In fact, since HPQ stocks has been trading in a range between $40-$49 in the recent 3 months, the additional income gained with selling call options actually lowered his cost price. Most folks I am aware of don't apply this strategy because they simply are not aware of such a strategy or they are aware but could not be bothered with because it appears complex. On the contrary, its actually very easy to set up this trade & the key thing to recognised here is that it is done so at no additional risk to the seller compared to the risk he/she already has assumed with the purchased of the stocks in the first place. As an analogy, its like owning an apartment & not renting it out while waiting for capital appreciation which may or may not happen (the risk). There are more advance strategy which involves buying a long term put option in addition to selling the short term call options as a form of insurance against steep price declines against one's stocks. This strategy which is known as the Married Put but I won't be talking about them to keep things simple. I like things simple. Are you selling call options against your stock positions positions that you intend to hold for long term capital appreciation? If not, I strongly encourage you to do so.