I know selling time has given me an edge or, at times has helped to offset losses in my system. The collected time premium is part of a larger more complex strategy though.
i personally believe that there is a certain edge created by the knowing of how to neutralize theta risk... as i've heard many people say.. you can be right but still wrong.. timing is everything.. and if your a net seller of time, volatility your bound to experience the fat tails (black swan) effect.. Complete ruin! I personally think that spreads.. weither it be vertical or horizontal are the way to cut cost in the time presidium of the purchased options.. i personally would like to be very versatile in recognizing which strategies apply to which situations.. does anyone know where there is an application to model more complex strategies?? meaning short calender spreads.. wrangles.. wrangle butterfly combinations... i want a sandbox where i change greeks parameters and see how it effects my profit and loses on these more complex strategies.. focus on position size.... i think most beginning options traders don't understand what your doing if your buying 10 500strike call options on aapl.. you have the leverage as if you owned 500,000 dollars worth of stock... don't get caught in the lie of leverage!