I’ve never been to Greece.
I have nothing against people from Greece.
I don’t like Greeks, though.
Yeah, I’m an options player.
The Greeks I don’t like are options Greeks, he he he…!
What, you thought I didn’t like actual Greeks?
Come on, I’m sure I’ll love Greece and actual Greeks!
When you don’t like something, you can try to go around it.
I don’t need options Greeks to play options. I’ve found a way around the Greeks.
I’m sure others have discovered this too, because truth is truth.
Let me tell you about it.
You’re buying in the direction of the long-term trend.
You’re buying (calls / puts) after a significant correction / rally level has been hit.
You’re buying post a small move in the direction of the long-term trend, after the correction / rally level has been hit.
You’re buying out of the money to compound the cheapness.
You’re buying with breathing space on your side, so that the trade has enough time to pan out in your favour.
You’re not booking without a very solid reason, once the trade is running in your favour.
You’re trying to book (deep) in the money.
You must, must, must let your profits run as long as you can. This is the toughest part, but also the most essential one.
Just common sense.