Those looking for option trading advice are usually either fairly new to the options market, or are experienced traders having some difficulty with their current trades and are hoping for an answer. If you are among the first category you are probably looking for some advice about how to start options trading, what risks are involved and how to avoid them, how to trade safely and still make consistent profits. If you are among the second category, there are ways to save or at least, salvage, losing trades, but this discussion must be left for other pages on this site.
So what is the best option trading advice for beginners?
The simple answer is, to make sure you first understand all there is to know about options trading, particularly the principle of time decay, before you risk any of your hard earned money. Decide what kind of trader you wish to be. Do you want to be a day-trader, a short term trader or a longer term trader who only needs to check your positions to see if you need to adjust them once a day and has at least a monthly or longer strategy in place.
The next question you should ask is, what underlying financial instruments do you wish to connect your options to? Stocks, commodities or foreign currencies? Whichever one you choose, they each have their own set of characteristics. Stocks can 'gap' overnight. Commodities can become very volatile. Currencies trade around the clock five days per week and are affected by economic news items.
Understand also, that the shorter timeframes you intend to trade, the higher the stress and if you hold your positions overnight, the greater risk of losing trades damaging out your account.