Are most options traders here trading vol (staying delta neutral) or speculating on market direction?
The more successful tend to trade vol, gamma and directional. Not to start an argument, but DN is a fallacy.
What I do to be successful is to use directional analysis to determine market peaks and troughs. At that time option premiums are generally the highest and so I collect out of the money premium. Surely, with directional analysis , I can just trade the underlying and forget about options, but this allows me more leeway in terms of defensive strategy. I do trade the underlying as well if it makes sense by the way.