I don't follow the strategy religiously... most of the time just the call side...

ie, for my stock investment position, i'll sell otm call options, usually 2 to 3 months tenor. basically just to collect around 6 to 12% pa premium while waiting for the underlying to appreciate. This way I also don't need to spend much effort to observe the position.
the beauty of this is if one has say 1 million ringgit exposure to the underlying, this gives me "free" 15K to 30K rm every 3 months for every 1 million exposure.

note: the stocks are originally my investment stocks, ie ones that i hold long term. So far so good, only got called once.

You want high IV, palantir and Nvidia.

But I always follow my rule. Stick with stocks you want to hold long term regardless the premium.

I tried updating my settings on IBKR to enable options trading, but reject. It is likely because my network <USD 50k and income also lowest bracket. On reddit, people say can just simply select higher options and will automatically approve. Is this recommended?

I don't plan to do constant trading, mainly just to sell puts on stocks that I want to own for cheaper.