I literally gritted my teeth when I read this.
https://www.google.com/search?q=S%26P&rlz=1C1GCEB_enUS862US8...
https://www.google.com/search?q=S%26P&rlz=1C1GCEB_enUS862US8...
* delta, ie the slide itself,
* vega, ie the increased expectation of volatility for the remaining duration of the option contract,
* skew, which will increase more for index options than for single names due to implied correlation resetting higher.
I have noticed that the market seems to be in a "buy any dip" mentality, so be aware of that. If the market sells off, it may come right back the next day. Look at what happened already with the coronavirus outbreak, as well as Iran's missile launches before that.
Trading options is extremely risky and a lot of people teaching it, teach it because doing it is normally not profitable and they have already lost their money.
Unless you have some huge edge, which no one does, options are the last place to spend your time and blow your money.
It's something like:
1-50: nothing
51-70: a little
70-90: what you would get from a FAANG
90-99: millionaire
100: you're a billionaire
And then goes on to note that there is no 100 on a 99 sided die, seems like options are similar :) I have no belief in my ability to beat the market and treat them like a fun thing to spend some money on, not like an investment.