Look for underlyings that are liquid (1 to 2 cent spreads)
Trade underlyings with high implied volatility
Be a seller of options premium (not a buyer)
Manage winners early and let losers run a bit (I close my losers at a loss equal to 2 times the initial credit received)
Maintain a daily theta of between 1/10% and 1/2% of your net liq.(net liquidation value的簡寫，也就是「權益總值」，也就是淨值)
Always maintain negative delta
Sell options in the 60 - 30 day to expiration range
Close them out a few weeks prior to expiration regardless of profit or loss
Maintain a delta/vega ratio of about -1 delta to -2 vega
Strive for a theta/vega ratio greater than 0.20
Use a minimum of 35% of my buying power but no more than 50%
As for permissions, I give myself permission to do the following:
Close all positions after a 5% decrease in my net liq
Buy calendar spreads in low volatility
Roll positions (as long as I get a credit of at least 25% of my initial premium)
Now, start a spreadsheet and track EVERY trade you make. This is important. Don't try to wing it. The information you gain will be invaluable. Track your daily net liq, each trade, your daily theta, delta, vega, buying power, etc. Review and refine. What did you do right? What did you do wrong? What did you learn? What can you do better the next time.
Toss the charts and quit trying to guess direction. You know nothing and you won't know anything. Options trading is just math and probabilities. Put the odds in your favor and let the law of large numbers work in your favor. Stay mechanical and stick to your rules! This helps to take the emotion out of your trading. Greed and fear are powerful forces. When you develop your plan, you know exactly what you're going to do when things go against you. You don't panic. When things are really going well, you know when to exit and you won't get greedy.
I am currently batting .780 for the year. 78% of my trades have been profitable. How do I know that? I track every trade.
Best wishes on your trading. You have a lot of work to do and so do I.