I will share a few things from my experience. If you like them, stay tuned.
1. Extend duration when possible
2. Check spreads across strikes and duration to find the best contracts
3. Never get exposed to losses greater than the net premium i.e. be a net buyer not a seller of convexity
4. Always finance one position with another to reduce costs
5. The underlying move is more important than the option greeks
6. Greeks are good as relative measures, never absolute, and they are transient and always wrong
7. The profit is almost never highest at expiration so sell them as soon as you are ok with the return
8. Treat the trades as a diversified basket even if they are based on the same trade set up
9. Most trades should break even or lose a bit, but the winners should more than cover the neutral or losing trades
10. Split the capital across strategies and tickers, and never average down.
Cheers!
Edit: it is now obvious to me that most people commenting are youtube tiktok and chat gpt educated, and take the common talking points as gospel. Once you go through graduate level derivatuves pricing education, and have a couple of decades of trading experience under your belt, you will realize the bottom line from above - options prices are always wrong, and you need to trade the ones which are wrong the most both long and short. Always finance, and be long convexity and never risk blowing up your account. I will no longer comment below, but I wish you all good luck in your education!